The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-26
PROVISION DEALERS sAIr.
Csssard q Co. of Baltimore Make an
Aesignm emit.

AesiQnm ent.
BALTIMORE, Nd, Nov. &c. Cassard
& Co. big provision and pork dealers.
made an assignment for the benefit OF their
creditors this afternoon. Samuel Snowden,
an attorney was made trustee, and gave
bond in S250,OOO. The firm was one
OF the best known in the south.
IL has been In business in this city
for a number of years and had very
extensive connections with the south and
west Agencies for the sale OF their packed
meats are established in all OF the larger
cities In the south The firm is composed Of
Mrs. Harriet B., J. L., Louis. Jr., L. How
ard and Harry L. Cassard. The founder Of
the firm has been dead number Of years.
A COMPLETE SURPRISE.
The deed was not placed on record until
8 O'Clock, and the announcement created the
greatest astonishment among the court oth-
cials and business men who heard IL. The
firm was supposed to be one of the most
stable in the city. Their brands OF leaf
lard, hams, breakfast bacon and other varie-
ties OF cured pork are known all over the
country. MIR. Snowden, the trustee, would
not make any statement, but memorandum
OF the firm placed the assets at about $780,
600 and the liabilities scarcely any larger.
The assignment was made for the equal
protection of the creditors, who are princi-
pallY Baltimore banks. The firm will ask
for an extension. The failure was due. ao-
cordlDg to a statement Of a member OF the
firm, TO the tightness Of money.
A STEAMBOAT ENTERPRISE.
Some curiosity was manifested on the
street TO know whether or not Howard Cas-
sard's steamboat enterprise had had any.
thing to do with embarrassing the firm.
The novel craft is named after one of its
members, and several of the partners are
said to hold a large portion Of the stock.
1t Is not thought, however. that this alone
could have led to the suspension, as the
Cassards had not expected to reap any
immediate return from their investment
and would not likely have embarrassed
themselves by placing any more money
In the enterprise than under ordinary
circumstances they could have afforded.
Expressions of deep regret were heard on
all sides at the assignment among provision
men and other merchants. 1t was rumored
that several banks and business men had
offered to combine to tide the firm over
their difficulties, but the offer was met by
refusal, as they wished to make a settle~
ment.
CAUSED BY THE BOAT VENTURE.
BALTIMORE, Nov. IS, II P. M.-Members
Of the arm said the assignment was caused
~ Oy the COuu6OLtOu W1ku TIE
Arrow Steamship Company. The steamer
built by the company ia named
the Howard Cassard. Baltimore banks
are our principal creditors" said
one Of the firm, land they became
frightened when the steamship was not an
immediate success. II was thought that we
were largely interested in the enterprise,
when, as a matter Of fact, we have but
small amount invested, and Howard Cas-
sard is not as large a stockholder as some
others.
PRESSED BY THE BANKS.
THE disposition Of the banks to refuse us
accommodation was manifested about
year ago, and has daily become more evil
dent. Our lines of credit have been re-
duced generally and we have paid out be-
tween $40. 900 and $50, 900 to some banks be-
cause of the shrinksGe in this connection.
The immediate cause of the assignment
was the disposition on the part of the banks
to press us. They refused to renew our
notes and we resolved TO make an assign
ment in order to protect all our creditors.
Our assets consist of stock in trade, the
property we occupy and considerable other
real estate, which in the aggregate is worth
much more than the amount of our liabili-
ties. We will ask for an extension from
our creditors and hope to be able to con-
tinue the business