The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-08-04
OWES FOUR MILLIONS.
Abraham Backer, a Big New
York Capitalist, Assigns.
SOUTHERN STOCKS sHRUNK.
Massachusetts Real Estate Dealer In
Further Tribute to Pullman.

NKw YoRK, Aug. 3-Abraham Backer,
dealer in commercial paper at 2S5 Broad
way, made an assignment today without
preference, to BENJAMIN f. Einstein, of
Townsend, Dick & Einstein, lawyers.
Backer was a heavy dealer in COM
mercial paper and also the capi-
talist Of the firm of A. Backer 81
Co., dry goods commission merchants
at 2S5 Broadway. He also manufactured
goods at Glastonbury, Conn, where he has
tine mill. These goods were principally
for the Southern trade. Backer was a
merchant In the South for many years,
coming to New York twenty-seven years
ago. His original business in the South
was principally in groceries and liquors.
Then he got into the collar business later,
then into commercial paper. For some
years Backer manufactured collar goods
in Philadelphia, but sold out about five
years ago, and went TO glastonbury, Conn,
where he purchased mill cheap, and i'm
proved it. He sold the goods which he
manufactured through his own firm, A.
Backer 81 Co. His assignment, it is said,
does not affect the firm, although he was
the principal partner and capitalist. His
son, n. c. Backer, was the company.
Backer's principal business was dealing
in commercial paper. His large connec-
tons in the South enabled him to handle
great deal of commercial paper, either as
a broker or purchaser He was very
popular in financial and mercantile cir
cles, had the confidence Of the banks and
bankers in this city and elsewhere. and
was q director in city banks and
in several Southern banks. de
had number of bank accounts
where he got his paper discounted. The
assignment, it is said, is principally due
to the condition of the money market,
which made 1t very difficult for him to
float quantity of paper which he gener-
ally handled, and also to the decline In GER
tain Southern railroad bonds OF which ne
was a large holder. His trouble, 1t Is
said, in relation to Southern rail-
road bonds was the result OF his
connection with the Macon Construction
Company, of Macon, Ga. His Liabilities
are said to be about 100000, of which
81, 100000 is direct and 81 SOC, 900 is contin-
gent. The latter is said to be all right,
aud no loss is anticipated. The contin-
gent liabilities are mainly endorsements
on papers discounted by the banks. The
liabilities are principally to banks in this
CITY and some elsewhere to individuals.
1t is generally understood that Backer will
not be called upon to pay the full amount
of the liabilities. Over one-third are notes
which he had endorsed, but which will
be taken care of by the makers.
The assets, if properly taken cafe of,
will, it is said, more than cover the liabil-
tiles and all the creditors will probably be
eventually paid in full. Among other
entries the real estate records show that in
January last Backer took title to property
in One Hundred and Twenty-first
street, near Manhattan avenue, the con-
sideration being $4,000, and two weeks
later he sold it to Abraham Schneider, the
being S115,000. The assets
are to a large extent bonds of Southern
and other corporations.
BosToN, Aug. 3.-Samuel Hano, real
estate operator at Allston, Mass. has as
signed. His liabilities are 1000; assets,
100000 Inability to obtain ready cash
was the chief cause of the assignment.