Evening journal., 1890-04-07


Firm Of PIummer s Co. aud Alone
Knows why the Crash came--He Has
Been Missing Nearly Fortnight.
New YoRK, April 7.-Partner w. S.
Darling, Of John f. Plummer g. Co, did not
come to town yesterday, and the creditors
Of the firm would now be very much sur
prised to see him in New York The news
that Mr.. Darling has been missing for over
g week furnishes the key TO the mystery Of
this remarkable failure. Furthermore, It
relieves Mr.. Plummcr Of some of the impu-
tations which had been made against him
But the question, "where has the money
goneF' has not been answered yet All
that is definitely known is that a big house,
doing profitable business, with a supposed
surplus Of at least s50O000 has suddenly
collapsed, and that the $5e0,0j0 is ON tho
other side Of the ledger A million has dis
appeared. and the only man who can toll
where it has gone, has gone, too
How the Partners Worked.
This situation was made possible by very
peculiar arrangement in the management Of
the affairs OF John f. Plummer & Co. There
was an arbitrary division Of duties among
the partners John +. Plummer and his
brother attended solely to what may be
termed the outside end OF the business Mr.
Plummer gave his special attention to de-
signing and selecting designs for goods to
be made at the mills. Mr.. Darling had
charge Of the books and of the whole finan-
cial department as absolutely as if he had
been the sole member OF the firm There
was not even an auditing Of his accounts.
He gave his partners to understand that
they were doing most profitable business,
with earnings at the rate OF about $4,000 a
year.
The volume Of the business fully war
ranted this statement and for that matter
it hasn't yet been shown to be untrue. The
partners did.not draw all their profits. 1t is
said that the senior partner drew enough to
enable him to live at the rate Of about S40,-
GOO annually.
MIR. PIummer Was Amazed.
The crash came when some Of the mills de-
manded security or payment toward the
great advances they had made the firm. In
the case OF one mill the amount was s400,-
00Q This brought to light the real state Of
affairs, and no one was more amazed than
MIR, Piummer himself. The mills asked for
preference on their claims Mr.. Plummer
consulted counsel and Mr. Choateis advice
was: III you can't meet your liabilities
fail like man, without partiality to any
creditor" Then Mr.. Plummer made an as
alignment and berSn to inspect the ruins
week before = supposed himself to be
. comparatively wealthy man, butit needed
only a brief investigation TO show that lie
couldn't pay so cents on the 81 of his liabili-
ties. Before the situation had been fully
disclosed Partner Darling had disappeared.
Is Darling Ia Canadaf
Darling, said Mr. w l. Strong yesterday,
but ! haven't much doubt that he is il
Canada. The examination Of the books has
not been finished yet, and we have no clew
70 what has been done with the money
hope the books will show, but they may not
There are all sorts Of rumors, but none Of
them has been verified Yes this develop.
ment relieves Mr.. Piummer OF all suspicious
refecting on his integrity, but il does not
free him from responsibility in the eyes Of
business men. IL was a duty he owed his
creditors, il not to himself, TO know more
about his busiiiess than he did SO his busi-
ness reputation viii suffer in the light Of
these latest facts
Politics Did Not Interfere.
ibid his interest in politics contribute 10
1his Ignorance Of his financial atfairsq
a think not His duties under the ar.
rangement among the partners were fully
attended TO- He had plenty Of leisure lee
had designs all made and orders given
ahead 70 the mills TO the amount of fully
$1,000, COO and enough TO keep them busy
until next September. Still Mr.. Plummer
had good reason for placing confidence in
Mr.. Darling. Years ago Mr.. Plummer was
an Mr.. Dariing's employ, and he had been
associated with him for nearly twenty-five
years. Mr.. Darling was Mr. Plummer's
senior, and had apparently led an exemplary
life
"Will there be legal proceedings against
Darling this weekf'
~ don't know. What would be the usei
The bird has hown.n
What John #. Plummer Says
John r. Plummer said TO a reporter yes
ferday that he had heard nothing from his
partner, and had no information Of his
whereabouts. II trusted everything to Mr..
Darling said Mr.. Piummer II had been
associated with him for nearly twenty years,
and If that is too soon to trust man when
should confidence beginf He was the finan-
cial man Of the firm Of Stoney a. Darling as
well as Of our firm, and Mr. Stoney can tell
you nothing more about the real situation
than can The examination Of the books
will be finished in few days, and then per
haps we shall know more about it For my
part, haven't the slightest idea where the
money has gone.n
AZ Mr.. Darling's apartments at the Greno-
BILE IL was said yesterday that he had not
returned, and that nothing had been heard
from him.
Where did the Money Cor
There are various rumors about the al 600.
OOO which apparently has disappeared from
she assets OF the firm. First, it is said that
Mr. Darling has speculated in stocka A
Hnan who ought to know says that Darling
lest something less than $50, 900 some time
ago In Wall street, but that the big defici-
eAcy has not gone there Another report il
that he has lost heavily on real estate held
In his wifes name In the upper part Of the
city The fact about this is that three wears
ago Mr.. Darling bought forty-three lots ON
One Hundred and Eighty-ffth street, which
stand in his wife's name, and which cost
8Sl, 600 Today they are worth fully S7O.-
QUO. Phe creditors do not know yet whether
this property can be added TO the assets Of
the 6rm
Mr.. Darling, it was said by one OF his
friends yesterday, owns one-sixth Of a valu-
able Arizona mine, which may possibly
figure among the assets of the failed firm
before settlement is finally reached
He Was a High Liver.
Mr.. Darling is not without defenders. Hii
friends profess 70 believe that he will return
and explain everything. Mr.. Darling is
about 50 years old, and is what would be
chilled high lfvar- He bas , ,.,;ea .,,,3 +,.,.