The times. [volume] (Richmond, Va.) 1890-1903, 1891-08-08
MORE UNFAVORADLE REPORTS.
The Terminal Treasury Holdings SAID 10
Have Largely DEPRECATED.
THE CAUSE, ABRAHAM BACEERSFAllURE
4, Avpeers That "a Was Not an Honest One
The White Squadron 20 sAil TOT "'''
ton--Nsw York Matters
Nxv yonx BUREAU. RICHMOND TINES
Avn" @"''N Aurnat 1891

stated
Richmond Terminal treasury ho'uinEs n"'o
largely deprecated in value during the year
aud that the future. on account Of the traInc
possibilities in the South, il somewhat as
,ra,;,g There Is also lack OF. harmony
-, The principal stockholders. 10 has
e,is,ed since the beginning of the present
MANAGEMENT, and is likely TO continue until
reconstruction In the board Of directors Is
shade The Wsllstreot journal this evening
ouoted an authority as saying: The COM
ranv,s indebtedness was incurred prin-
c;ualv on account Of rolling stock
nurebased for Georgia Central and
Richmond and Danviile. The company in;
tended 70 issue equipment bonds but could
not sell them at satisfactory price. and is
now waiting for better bond market.
WILL SHOW A FAIR SURPLUS.
The Terminal Company will show fair
snrDlus for tho year ended June 30th. AS long
as East Tennessee can pay diviucndS on its
first preferred stock. Terminal collateral trust
lives are in DO danger. Even If dividends
should fail for year OF two. the company
eonld provide for its interest charges
Inv the sale of securities not needed
for control. Of course, If East Iennes-
see should for any reason permanently
suspend dividends on the preferred stock 1t
worsd be bad for Richmond Terminal So,
but this is hardly suppossblo case There
has been rumOr that q reorganization OF
the properties controlled by the Terminal
company would be undertaken, but insiders
call the rumor o freak of somebody's lmagl-
nation.
NOT AN HONEST FAILURE.
A new element has appeared in the dsas
trous failure of Abraham Backer. dealer In
commercial paper of 2S5 Broadway. IL is
now charged that the failure was not as honest
as previously supposed, and that number OF
merchants ia New York and in the South are
victims Of Backer. Out-of-town busi-
ness men have been accustomed t.
sometimes with and sometimes without col
lateral. as he was highly regarded by the
banks. II is now alleged that he used the
proceeds OF both the notes and colIaterals to
speculate with in Southern railroads.
N. Myers + Brothers. Of Savannah, Ca,
were to-day granted injunctons against the
Merchants National Bank, Central National
Bank, Abraham Backer and hls assignee Ben
jamin T. Einstein, preventing the DISPOSE
ton of certain bonds note and stocks
formerly held by Bscker. The Messrs.
Myers are now in the position OF having 70
paw S72, 600. which they expressed their readl
ness 10 do but are not able to get back their
collateral without paying Backer's debt un-
less they shall succeed III this suit.
THE REPORT CONFIRMED.
Mr.. Russell Sage confirms the report that
syndicate to take care of the Union Pacihc's
floating obligations Is IN process OF formation;
and will be completed by the beginning OF
General Nathan Golf. Of West Virginia
one OF the prominent speakers Of the state
League convention, was at the Fitth-ayenue
Hotel today He said. West Virginia is no
longer doubtful state, and its electoral vote
will be for the Republican presidential
nominee in 1892"
THE WHITE SQUADRON
Word was received at the navy-yard this
morning chat the white squadron would sail
for Boston on the 10th instant The Benning
ton and Nesuvius may not get away with the
souRdrop however az both had to DO taken
out Of tho dry-dock to-day before their re-
pairs were finished in order to make way for
the Boston aud Yorktown, both Of which are
10 be painted. the former in addition having
some repairs made 10 her machinery, which
was recently injured on the trip from Boston.
HANLEY RELEASED ON BOND.
James Hanley, the walking delegate #
Bricklayer's Union. No. 4. who was charged
with conspiracy by Builder Daniel j. Sullivan
for ordering strike Of the bricklayers en-
plOyed on buildings in course OF erection,
was released on $1,000 bond to-day. Presi-
dent Thomas p. Quinn. of Bricklayers' Union.
No 4, whom Mr.. Sullivan includes IN the
conspiracy charge has as yet not been ar
rested
BACKER SOLD THEIR PAPER.
IL was heard among the banks yesterday
that the failure Of Abraham Backer the note
broker, was likely 10 be followed by unpieas-
ant disclosures backer failed early III the
week. and his liabilities were put at $4,000
0O0 largely contingent liabilities on good com
merciAl paper Endorsed by him. lie had been
note broker and q dealer in commercial
paper generally. besides being the capitalist
of cotton goods mill and commission
house. lie had gained the confidence Of mer-
chants particularly in the dry goods district.
and the confidence Of the banks IS well. His
failure WAS surprise. Now that the condi-
ton of his Affairs has been looked into some
of the merchants for whom he handled paper
lave been TO their banks and have expressed
alarm about the outcome of their dealings
with Backer Some of Backer's customers
were J. Pollock. of Mobile and New York: v
Henry Rothschild d Co.. shirt manufacturers
Hyman Lichtenstein & Co. Of New Orleans
aud New York; Rice, StiX Co. ,tof st Louis
and New York, and Hornthar Whitehead
Weissman & Co., the clothers of Bond street
and Broadway. Some of these firms, and, it
is said, other firms also, have been making
inquiries at the banks about paper of theirs
handled by Backer, and have reported that
they themselves did not receive the proceeds
of the paper.
PUBLIsHER DILLINGHAM FAILS.
Charles It. Dillingham;, bookseller and
DuDLSioI az NUS 10 SsiN Nv AiDdtNdf,
made an assignment yesterday 10 John fl.
Kitchen Preferences were given to the
National Park Bank and the American TX
change National Bank for 500 1876 as holders
of notes Of Lee y Shepard, Of Boston in
dorsed by Mr.. Dillingham;.
Mr. Dillingham; has been in business about
twenty years, succeeding Lee, Shepard a
Dillingham; in 1875. when Lee d Shepard. of
Boston became involved. lie bought ont
their interest in the New York business at
that time.
In addition 10 his regular business. Nj
Dillingham; has been interested in baseball
for the past eight years. and was a stock
holder in the New York Amusement Com
pauy, which controls the New York Baseball
Club.
WITH MRS. sTRYRFB iYET.
Mr. George y. Carroll late Of Dempsey q
Carroll. is still within the thral Of the spirit
rsllstic medium alleged TO have brought Inn
90 poverty
When he accepted the position of inspector
at the custom-house at 81 per day the story of
his peculiar fascination for Mrs. Fanny
Stryker. the 'priestess." was revived, but IL
was not supposed that he stiil remained under
her influence