The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-05-28
ATLANTA'S BIG FAILURE.
A oRY OF FRAUD AND AN ATTACK
ON TIE MORTGAGES.

A Cincinnati Firm Files a Bill Brist-
ling With Sensational Charges--At-
lanta Merchants Less Sympathetlo
Than They Would Have Been Eat
for the Big Cuts IN Prices.
ATLANTA, Ga, May 2T.-steve RyAn's
failure still occupies public attention here,
to the exclusion of less sensational subjects.
the public is still in the dark, aud no figures
more reliable than mere estimates
can be obtained. The great houss
stands chuck full of goods, but
nobody. not even Mr.. Ryan, can form any
definite idea Of their value without taking
stock. which, the sheriff being in possession,
is impraoticable. The cry OF fraud has
been raised and the mortgages attacked.
The most noteworthy development of the
day vas the filing OF an application
by NJ. III. Marks a. Co.
OF Cincinnati TO enjoin the sheriff or Mr..
Ryan from creating lions upon or dispos-
Ing OF any of the property. The bill also
asks for a receiver. Marks e. Co. claim
only 81 300 for merchandise purchased Of
them, but they file sensational bill.
SERIOUS cHARdEa
They charge that 1850. coo OF mortgages
have been given to secure imaginary debts,
and that 8. A. Ryan, John Ryan, John 4.
and colluslon, have thus conspired to
def.aud, delay and hinder creditors in col
Letting their bills.
Marks e. Co. insinuate that the establish
ment may belong TO John Ryan,
that his gift OF the concern to his sons, and
that the sale alleged to have been made by
John II. to Stephen A. Ryan were not bona
aft
that the mortgages should be held as void,
as there was no consideration. Concerning
MIR. Ryans indebtedness TO them they say
that II originated In fraud, the merchandise
they furnished having been shipped on the
strength OF statements made by 8. A. Ryan
20 newspaper man, to whom he said, for
publication, that he had $500, 900 in goods
and 1900, 600 in real estate. and TO the Dun
mercantile agency people, who reported him
as being worth $780, 900 In excess Of all liza
bilities.
FALSELY MADE.
These statements, the petitioners allege,
we're falsely made 70 sustain and extend the
merchants falling credit. In conclusion
Marks a. Go. call attention 10 the fact that
Mr.. Ryan has been selling large quantities
OF goods much below actual cost, which
proceeding they allege to have been a fraud
upon themselves and other creditors.
The cut made by Mr. Ryan
in shoes, hats and other merchandise
has injured certain local dealers to such an
extent that he is receiving little sympathy
in his trouble from mauy OF his brother
merchants Thess dealers stiIl look with
some uneasiusss upon che tremendous stock
looked up In the Ryan building, which they
fear will be thrown upon the town at prices
still more damaging to them.
A STATEMENT FROM THE BOOKS.
In view Of the big figures quoted in all
the estimates which have yet been given to
the public In connection with the failure the
following statement from the books may
prove OF interest: The recodrs give Mr. Ry-
ans property, personal and real, at $S5, ,020;
tho store building at $780, 900; Stephen A.
Ryans personal property at $40, 900. The
stock OF goods Is included in the return Of
Stephen A. Ryan's personality.