The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-11
WA7SON'S ASSIGNMENT.
The Business Goes on Under
the Direction of As
signee Turner.
SPRING BED FACTORY MORTGAGED.
Collectors Make a Scene in Front
Of the Store-Borrowed
His Deposit.

The furniture store of George z. Wat
son 81 Co.. at Nos. 95 and 81 Montgomery
street. and the Domestic Spring Bed
Company's business at Nos. 90 and "a
Railroad avenue. of which Mr.. Watson
is tbs lessee. are doing business today
under the superintendent OF Assignee
William II. Turner, to whom ths assign
ment was made yesterday afternoon.
The Spring Bed Company's business was
included il the assignment. 1t is q cor
porRtiou and has no Liabilities, bus as Mr..
Watson was assigning all his assets. ne
was, as lessee, compelled to surrender
the springfield factory.
Assignee Turner remained in his store,
opposite the Weldon Building, this
Morning He said to ne at eleven
O'Clock; II am unable to say whether
Mr.. Watson is able 10 pay ten cents or
dollar and ten cents to his creditors. |
have big pile OF papers TO go through
and 10 will be two or three days before l
can tell about it
Mr.. Turner evidently wished to i'm
press upon me that he had no informa-
tion TO give.
SAID TO BE NOT A REAL FAILURE.
The statement OF Mr.. Watson, Vester-
day, that his assets were more than
twice his liabilities. Is no doubt an ap-
proximately correct estimate, and is
commonly accepted. Mr.. Watson has
not failed, iu the ordinary meaning OF
the term. be made an assignment To
make sure OF an extension of time in ac-
counts against hun, SO as to obtain a Lift
over hard place. He has between Ave
and SIX thousand outstanding accounts q
goods sold on credit which aggregated
about $S5,00n. The stock on hand is
worth S5000Q and is therefore a close off
set TO the liabilities of $62, 900, or possibly
of $65, ,000. The creditors number about
twenty. The Il. B. Clsflin Company. of
New York, has a bill of S20, ,OQ0
for furniture; the First. she
| Second and the Hudson County National
Banks have discounted notes for small
amounts well secured. The other ere dit
ofs are furniture dealers in New York
and elsewhere. Two Of the creditors gave
| notice last Saturday Of suits in the Su-
preme Court Ahd the assignment was
precipitated By their course.
THE SPRING BED FACTORY.
There was fled In the Registers office
yesterday afternoon, chattel mortgage
given by Gsorgs E. Watson to tue
Dopestic, Spring Bed Company. The
| consideration In the instrument was
an indebtedness of SlT.3443l. Tue items
IN the mortgage are thirty tons OF bed
O.
Of bed steel, Eve eHses Of Jack chairs,
| 1,400 snrinK beds. oae horse harness aud
blankets. And two spring bed wagons at
the factory OF George E. Wstson, No.
192 aud 1874 Railroad avenue. Also
| all book accounts aud other personal
! properly Of she mortgage besides 6s5
| shares Of tne capital stock Of the Do
meSslc Spring Bed Company. The date
of The mortgage ia July 10, 1893, and ID
| expires December l, 1898.
| One hundred employees of the Spring
| Bed Factory have beeu laid off in couse-
| quenee OF the ASST lSnment. Fifty hands
| are still Ut WORK. The full force viii not
| mer.
Charles A. Brush is the silent member
of the frn of George E. Watson & CO,
TIE TROUBLED COLLECTORS
| Twelve or fifteen OF the collectors
recentiy employed by Mr.. WatsoD, as.
sembled in front Of she store this morn.
| ing aud demanded the return OF the $50
| or 800 which they had deposited as SO.
curitY. They olocSsd the sidewalk, and
their angry talk attracted at.
| tention. Nj. Watson was not there,
| and one of the clerks sent for
| the police. Policemen Devlin and Nc
| Mahon ordered the collectors away. TheT
all went except Abrana Davidson Of New
YORK. young man, He refused TO leave
and was arrested. but Justice O'Donnsl
discharged him with caution.
The other collectors asked Justice
O'Dornell to help them, but he gave
| tnem the same advice as Yesterday to
see civil justice. One of the collectors
called on Assignee Turner and was in
formed that the collectors might see him
day or two later if they wished TO. He
could not tell what they would get,
Mr.. Watson informed me yesterday, as
the NEWS related, that all the collectors
would get their money according to
agreement at tns end or ninety days.
BORROWED FROM HIS GIRL.
Louis Gsrb, OF No. 103 Madison street.
New York. borrowed 500 from
Miss Anuie Shapiro, mis- friend
aud neighoor, and deposited ie
lasS week with the understanding that
he should 60 to work today He ap-
peared this morning aud demanded the
500. The collectors said they would see
u lawyer and they went down Moutgom.
cry street toward Exchange place with
{ hat declared purpose.