The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-11-26
BUSINESS FAILURES.
Uols French, Of Boston, Assigns--Sar
Francisco wheat Shippers Embarrassed.

EfAnc1scO wheat shippers EN- ba raised.
BosToN, Nov. 25--Colonel J. II. French has
aasigned. A prominent banker says he owed
The Maverick bank $500 900, and held s25s. 600 of
stock, which is valueless His liabilities
amount to at least 100000 The assets are large,
but not sufficient.
BAN Francisco. Nov. 2h-The high prices bid
bor charters for wheat carrying vessels some
months ago, when the prospects for an abund-
ant export of wheat were greater than the events
have since justified have caused trouble to sew
oral well known shipping firms, and various
methods have been resorted to to overcome tho
6ifnculty. When William Dresbach had no " heat
a hand to fulfill his engagements and the prices
quoted precluded him from loading the ships
~ had chartered, he instituted plan of giving
each vessel, as its turn came to load a written
acknowledgment of Indebtedness for the diff
1erence between the figure 1t might be able to
procure cargo at and the price mentioned In
his charter. He arranged with all for time to
clear OF his Indebtedness, and a. lawsuits could
only confirm the Judgement of which he had
acknowledged the liability by written state
ments, the shipowners accepted the inevitable
and are doing the best they can under the
circumstances. The firm OF Lowenthal. Living
ston 4 Co. 10 in difficulties of the same charac-
tsr % Dresbach, and q meeting of the firms
prospective creditors was held on Monday to
hear what was proposed to be done In connec-
tion with the ships chartered by the firm to
carry wheat across the Atlantic. gentleman
well known on change. speaking OF the matter,
said yesterday;
The Arm acknowledge that 1t could not load
vessels under the existing circumstances, and
made the following proposal: Taking 80 shiil-
fngs ~ the present basis OF freights they agreed
Il allowed TO. to relinquish the charters.
- acknowledge themselves indebted to the
ship owners for the difference between
! those figures and the prices they chartered
et originally. or course they stipulated for
time TO meet their engagements, and there is no
teason for believing that owners will be inclined
~ deal more harshly with this Arm than they
I'D with Dresbach. The terms proposed have
been submitted TO several ship owners by cable
Eond answers should arrive tomorrow.
81 Wilmington. N. c., Nov. 25.-The First Ma
#jional bank of this city suspended payment
this morning. Owing to the stringency in
luaneial affairs the bank unable to meet
further demands. 1t is impossible now to get
any statement of the condition of affairs. The
capital stock of tho bank is s25e00o, The pub
lished statement shows deposits of 100000. An
omployc of the bank who is familiar with its
affairs expressed the opinion to a reporter that
che deposiiors would suffer loss Largo
orowds have gathered around the institution,
but everything Is quiet.
WAsnlSGToN CITY, Nov. 25-Lacey. comp
tsoIier of the currency, was informed this morn
ing OF the suspension of the First National
bank of Wilmington, n. c. lie instructed Bank
Examiner Alder to proceed from Washington
City at once TO take charge of the bank.
BALrtAoRg, Nov. 25.--G. Cassard & Co., tho
biz provision and pork dealers, made an assign
ment for the benefit OF their creditors this after
noon. Samuel Suowden was made trustee and
save bonds OF s150.0o0. This is Just double the
assets Of the firm. The liabilities have not vet
been made public, but 1t is said on good author
lty that they will be equal to the assets.