Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-09-21
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CONCORD. n. H.. Sept A-rhs report
VI the assignment in Denver OF Crippen,
i.swrenc- & Co. causes great surprise TO
she citizens Of Concord. where the eastern
,ffiee Of the firm is located. and where
The concern has done a vast amount Of
business aud received unlimited conf
dencs in financial circles The company
has clients all over New Hampshire and
adjoining states, and undoubtedly did the
largest volume Of western loan business Of
any concern In northern New England.
Henry j. Crippen. resident manager and
member Of the firm. declined to make any
statement when seen. but from his coun-
sci, Hon. Frank S. Streeter, the following
is learned as to the cause of the firms
action and ths extent of the failure:
A large amount of paper upon which the
firm Of Crippen. Lawrencs s. Co. is liable,
as maker or endorser. became due Mon
day, and other like paper for large
amounts would become due In the next
few days. la view Of the condition of the
money market il became evident that the
firm could not meet all its obligations
without
Sarf1nctbS Valuable SeCufttlenS
and it WAS deemed best to make an as
signment for the benefit OF their creditors
aud then submit the question of making
extensions Or continuing business TO the
creditors The immediate cause Of the
suspension is not the failure Of western
debtors to pay ON their loans. but the
firms endorsement of eastern paper.
The asst signment was made In Denver and
not in Concord, because the firms principal
office is in the former city, and because,
under the law of Colorado, where large
percentage OF the firms property Is situ-
ated, an assignment in other than that
state would not prevent attachments on
property there.
There will be no assignment Of the firm
here, but Henry j. Crippen, one Of the
partners (the other two being his brother.
jose ph j., and Mrs. Putnam, both of Den
ver), will make personal assignments for
the benefit of his creditors, and the as
signee OF the firm, Stephen II. Stout of
Denver, has appointed Edison j. Hill his
agent to take possession and charge OF the
assets of the firm here for him.
The firm has no assets OF any account
in the east, except in this city. Until
counsel is further advised from Denver
he is
Unable to State the Exact Amount
of the assets or liabilities, but the assets.
he says, will exceed 1855, 900. and the
liabilities, including all contingent liabil-
tiles as endorsers, will probably not ex-
coed s900, 900. Included in the liabilities
are s530, 800 debenture bonds. secured by
about s55s. 900 loans held by Hon. John
Hon. William NJ. Chase and
Samuel S. kimball, all Of this city. as
trustees to provide for the payment of the
debentures.
A careful examination has been made of
the securities behind these debenture
bonds, and it is believed that the bonds
are fully protected and that no loss will
accrue TO any holder Of them, although
the interest on the October coupons,
to 5000 or $1,000. may not be
paid. Ii the assets Of the firm
are properly managed and forced liquids.
tion not pressed by the creditors, it is be-
lieved that they can be converted into cash
so as to pay the entire liabilities and have
a surplus Of AZ least $500
II the assets are forced upon the market
in its present condition no one can tell
what the sbrinkage would he. There is no
doubt that wheu the creditors examine the
affairs, such arrangements for
extension of :ime as will anable the firm to
continue its business may be made, be-
cause such course will best protect the
interests of creditors