Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-10-19
HARRISON LORING FAILS.
The Great Boston Contractor Forced to
Make an Assignment.

BosToN, Oct. lS.-Harrison Loring
proprietor of the CITY Point ~orks, Soutii
Boston, has made an assignment for the
bereft Of his creditors The failure was
very sudden, aud no to within few day
it was totally unexpected.
Mr.. Loriog was engaged ia work for III
United States government, snd while mi
Is not given as the Cause of hts ewhSrrsss
meDt, 1t is sEsied that Urc'e SANS con
tracts were, in measure responsible for
MIR. LoriDg's insb'iity to meet his dpsrc''
engagements ard for the necessity Of his
Suspension.
Until only few days ago there was a
probability that Mr.. Lorirg would receive
credit fnr the work done on ,he rev vessels
now bpirg constructed for the governms-t.
wbit h would enable him N meet ell pay
rents that were coming due. Eleven ray-
rrer.s have beer made bv tire government
ont o. the 20 that were 10 Re nste upon
the cruiser thar Mr.. Lorpp wss huldinR,
but the 18th did not come soon enough to
relieve the straits to which the c1LtTacter
fonnd bimself.
1t 10 understood that the fim has little
fault tn find with the manner in which i1
has been treated by the government, al
upon the construction Of the contracts,
which provided in effect, that each pay
ment of Ont wentie,h should be msde upon
Of the whole work.
Mr. Loring found that the view Of this
parts Of the contracts taken by tho govern
inert officials superinterdipg the work ~as
such that be could not realize on the ex.
pec'ed payments for soue weeks later than
he had ped, s5d be Immediately deter
mined to fscs the cri,is After consulting
With som. # the lsrges, creditors and
some of the hanks that were carving his
paper be decided. as his mites wtra COM
ing due ct once, inst al assignment WAS the
only thing 10 b. done.
Th9 ssisnment wos ac 'drgly mlde
on last Friday ev niuz TIA sst'enses are
Hon. Charles II Allea o. Ne Central
National Bark Of 'Bcst1r-.ho is we'll
known as The prasidsrt 4 he Home Saw
inqs. and consider d to be enc Of the best
representative bsrk men Of N, city, snd
Hon Go W. QuiDtird Of New York, who
indirectly represents the surety company
of hist city ard is one of the members Of
the firm Of N. Palmer, Jr G. Co con-
Germ ngssed in the same line of manu-,
fac'arins ss Mr.. LJriHg
These two gentle men are TIE b9ndsmen
for Mr.. LorirQ on the bulldog of cruiser
No, IL, sv d the Arm Of q hich Hr. Quintsrd
is member also has contracts for the
machinery. engines and boilers for this
vessel, as well as for other government
vessels in other places, including the battle
ship Msine and the gunbosts Concord and
Bennington.
IL il remarkable fact that Mr.. Q 1intard
vss one Of the assgnees of the estate Of
the late John Roach, Who failed while be,
like Harrison Loring. was engaged in
bulldog ships for the United States navy.
II his good tfiices are - forturstely fu'-
filled in this case as they were in that G
john Rosch, the Issue will vet be . hsppy
one. Mr. R1sch's iisbili,ies we're Yectcns
o. % 500 600, but sitter all the creditors
ware paid in fuil, the estst, rendered q
surplus Of 81, 500 900 to the heirs. Mr.
Roach himself vas then. however, dead.
Mr. L1rirs's liabilities, ~ he estimates
them roughly, are In the vicini.y Of $685.
600, although for some Of this the creditors
have tecr-ity, while the nominal assets. |
based also on Mr. Lorirg's estimate, will |
amount to nes,iy 100000.
The Lorirg works hAve qui e recently |
delivered 10 the government three liaht. |
ships, built for the treasury apartment.
and the vessels upon which they are nor |
engaged are the cruiser No. IL, for which |
the Contract price 10 s674, 900, with 40 sd
diiionsl 800 0c0 for 10 knot speed and
three govern msnt tugs thst are rapidly
approaching completion. Beside this work
there 10 isrse amount being done for pfi-
vste corpors t,ons and individuals.
A favorable sspecs 10 given to Mr.. Lor-
mas sfsirs BY the Connection OF Mr..
QuiLtard with them, for his Arm has ind
mate relations with the navy department,
and wilt make il easier for the sssignees to
complete the government work for the
bere fit Of the creditors.
Before coming to Boston on Friday
right. when he vas tslesrsphed for, Mr.
2 .iht4Ta had IN i.tsr les With Secretary
irscy, ard ara gem ITS ELL b. nisde, in
~ n BAH it,, s,r shs scrk u be con-
'thu ~ tiI- A. nses, az that the c5edi-
.oss my leap TIE benSft 81 far a. possible