The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-10
G. I. WATSON ASSIGNS
His Assets Double His
Debts But Money Is Too
Tight.
THE BUSINESS TO GO ON
He Took the Step to Protect Every
one Concerned-SlOw Coll
lections.

IL was announced this morning that
the firm OF George E. Watson & Co.,
furniture dealers. at Nos. o5 and 81 Mont
gomery street, was insolvent and would
make an assignment today to William
H. Turner. The liabilities were reported
to be as high as sos, 900, and the assets
TO be $4,000. Mr.. Watson was not at the
store when l called at ten o'clock and at
noon. It was said he was consulting
with his lawyer and drawing up assign
ment papers in the Weldon bui lding.
Mr.. Turner, the assignee, is the well
known Montgomery street grocer.
The creditors are said to be nearly all
wholesale furniture dealers.
Mr.. WATSON STATEMENT.
Mr. Watson was in the Office of BlaiE
& Grouse In the Weldon Building. with
Mr. Turner for several hours, today. He
said TO me, there, tnIs afternoons
u bave concluded That it WAS best to
protect all my creditors and myself by
putting the business in the HANDS of Mr.
Turner as assignee. He has taken charge.
Inc step was made necessary ny the
'sloWneSs of collections and the
stringency of the money market.
have enough to pay all my creditors in
full My assets are St35 600, of which
$50, ,000is in stock, aud SSS.000 is in ac-
counts which are as good as the
average of accounts. Ny liza
bilities all told are $62, 600,
The store will not be closed. There is no
necessity for closing it, and such a course
would occasiok unnecessary loss. I have
been in business for over year at this
stand and in Jersey City since 1867
my present place of over
100000 year. The business is
au right but the slow collections
make it necessary for me to get an
extension of time. If had
asked nv creditors for the extension they
would only have crowded me the harder.
B5 this movement shall get Ghe exten-
sion of time, and the business can go ON
all right"
ANGRY COLLECTORS.
Mr. Watson discharged about weuty
of his salesmen, agents aud collectors
last evening. This was an economical
measure.
Twelve men who were collectors for
| Watson & Co.. and were discharged last
| Saturday night, went before Police JUS
| tice O'Donnell this morning aud wanted
| to make charges against Mr.. Watson.
| Max Bernstein, ,Abram Felderman and f.
| Kubesky were among the complaiuanss.
| They said they had all deposited $50 in
cash and given bonds for $50 to AIrs
/
! or give up the bouds when he discharged
them. Justice O'DonnelI told them to
| see a civil Justice. the discharged col
| lectors went to Mr.. Watson's store, and
| seating themselves on the chairs aud
! Uen ches displayed iu front of II, declared
| they would wall for Mr.. Watson and
''jnmp on him"
| The store was open during the fore
noon. The complaining collectors said
! that new collectsrs were hired Saturday
night aud this mornlpg. Tney admitted
! that Mr.. Watson agreed to return 5heir
money at tbs end OF ntnesy days, accord
| ing to contract.
Mr.. Watson informed :me that tHe col
| lectors would get all their money. The
collectors have signed an agreenen sDecl-
flying that the $50 advanced rs security
was 70 be returned ninety days after they
stopped collecting. rais gave him an
opportunity to verify their accounts. Hi
dealing with mis- collectors would be en-:
tirely square and they would get all that
lie ouged TO tnauI.
MIR. Watson began business in Jersey
Cisy in 1867. selling sewing machines at
Nc. 40 Montgomery strest. Over ten
years ago ne started in the furniturs
business ut No. 81 MONTGOMERY street.
The large ana handsome brick store
occupied by Mr.. Watson, at Nos. % and
05 MeutEp!n street. was built for him
William W. Farrier, the owner, at a cost
of S65 03C, l. is OF five stories and
basement and Is one of the largest furn-
tnre establishments in the Stats. Its high
massive white 'front.' makes i6 Que of the
conspicuous buildings in the city.