The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-04-18
A MILLION-D0LLAR FAILURE.
ME. A. @. YATES OF ROCHESTER, MAKES
An ASSIGNMENT.

IlG ATTRIBUTES HIS Efuunrrnssmcnt TO H.
II. Warner, whose Notes. He Says. He
Endorsed and Had to Meet - Paper
Amounting TO 100000 Outstanding.
About stoO. 900 OF which IL In Rochester
Banks-warne- Said to bo Able TO Meet
Al His Obligations II Time IL Giver Him.
ROCHESTER,. April 1L.-At 4 o'clock this
| afternoon Arthur @. Yates. President OF the
Buffalo. Rochester. and Pittsburgh Railroad
Company. and until last Saturday o member
OF the wholesale coal firm OF Bell. Lewis Il
Yates. filed In the office Of the County Clerk q
general assignment for the benefit OF his
creditors. with no preferences except two
small debts OF a confidential nature. Mr..
Yates says that his failure Is due to the hnan-
cial embarrassmen mi Of II. II. Warner. the
patent medicine maenats OF this city. as a
result OF which, he has. since March l. been
compelled to pny q large number OF Warmers
notes upon which he was an endorser. As
Warmers finances did not improve. Mr.. Yates
| concluded that justice to his creditors COM
pclled him to make an assignment. Mr.. War
ner told Mr.. Yates some days ago. 80 Mr.. Yates
says. that he expected q large amount OF
money from Europe tomorrow. and that II 1t
arrived he might be able to tide over the emer-
gency. Things have for several days been
pointing In q different direction. Last week
the paper Of Yates and Warner began to go to
protest both In Rochester and elsewhere.
There Is no knowing the amount OF these obli-
cations. Mr.. Yates endorsed for Mr.. Warner
and Mr.. Warner Is endorser on the greater
portion OF MI. Ystes's paper.
Mr.. Yates said to a business man this morn
ing that he would have had no difficulty in
caring for his own paper. bu: that to have to
carry Warmers was too heavy o load.
Two mortgages wero recorded in the County
Clerks office this morning. They are both
held by the Bank Of Monroe. They are dated
in 1889. The first covers the house and East
avenue property OF Fl. H.. Warner. to the
amount OF S100. 300. Tho second is
n blanket mortgage on tho Rochester
property OF A. G.. Yates for 100000.
They are security for the line Of dis
count carried by those gentlemen. They
give no idea Of the liability to tho bank. as
that may be below or above the face Of the
mortgages The officials OF the bank declined
to state tho amount Of the liability Of Yates i
Warner to the bank.
On Saturday one OF the largest concerns in
the country was changed by the retirement Of
A. G. Yates. 1t was the firm OF Bell. Lewis Il
Yates. It Is understood that the firm Ia IN no
way liable Tor the individual liabilities Of Mr..
Yates. and that he retired so that the credit Of
the great firm Of which he had been q mem
Der might in no way be affected.
Tho greater portion OF the paper held against
Messrs. Yates and Warner is understood to be
in New York and Boston banks. It Is there
fore impossible to mako any estimate OF the
liabilities. AS for tho assets. Dir. Warner has
always been reputed to be q millionaire. He
has been believed by many who have had. or
supposed they have had. special sources OF in
formation to be worth several millions. but
owing to the peculiar nature OF his business
his assets have never boon " In sight" save
4 the East avenue property. the block on NORTH
st. Paul street. tho Warner Island In the 81.
s assnsS yacht 1 sIs.ta. Tie eonmsssi:l sxsneIss
have mover been able to say what his
t sss'nee G. W" rs m sHns a9s' Many b vas vl ssSsi:s
hay %orn shaker sea ,ra their h ssas he S SSsf on n;
years they have prophesied In vain. Mr. War
nsr not lO5S ago sold a I portion n q b MS BUSINESS mH1s 8
vast fortune. BY a stock transaction In London.
Tho cause Of his present smb.rrassment L. as
There seems to be no reason. as far as tho
I Eus,ic w hsyf H. hid ID wy sn.n Should III f bS now a .nS
= Win 4 G. Ysies IT, case + aSits dinorsn.:
ira Sran SGs ofi Sesss at Il IS III Hi f' stpset s AND as w "as
business. selling.t TO dealers ali over this part
of.the State. and no has done as large l not
in Rochester. Mr.. Yates said to q reporter this
"Ii Mni MsFn mak nSS any lS'S astHils %e s tsts "ssD'yii
Is sT 81 Nom # & 'I Resn. ! say XII, had %c s4IIs IrY RRs a
one has offered me financial assistance. In
t pSslt,on they 70 d hnns h Rifinii sss money 4 dis IN
not take a cent from any m 9,, - 1 wish this i
t thas e asan NIT S sad GlsaRs a siass me af- oo 1l!d0 S.s sS
been made. but | suppose. Of course. when the
stSn m ss ;s NOT co. eon fnane fSsi flr@p Of Bill pf 1--WE (
ar nos S ,ns HsI t. flsSs: ( s Yst.. a III %y T comD.ny
sSs I %issiS + 4 Il ! ; sS5ay?s::Se It /! e.. n i, ss sSs
fsa;SS srs % ss; sssa "a NJ NV $a i s% . .'sss iss;
week Tuesday. He was then In New
YIN city: ,I hs 1t ,h p. s Fsys si me- I n; M fs%s
from Europe IN few days EelyinE upon
cannot state the s%oSnt Oi my iisSiil,y"u n
t $s,n sfssIS SS;; 'nssfR4 #; $s! sa,9 i i n 9 fssSsilfis
Ss,s;.n 5y #. IL; ws Wssnsrs s sss d Ensll0 Du ":
nsss That i ine g ! Tnsr' !; a Ds sS%,
S% Ss' snS L M sRs Z M : i; i: % y; 1S:t iS C; ] i'm
Mr. warner owns a44ii.VOo. Representing, Il,
round numbsrs S229oo09. fntirely az.
this city: known as IN. II. w samn. 4 :
? Mr. Warner owns only the one share emitting
him to hold position. in the Board Of Df-
f rec, ]. r. ;b,1 T ais1 e0s1nssf: hfy'PEE W " nssd S co
ncorporatsd"--wlll 90 on. with Its business az
usual II is not affected by Mr.. Warmers en-
MIR atcs's paper" continued Mr.. Palmer,
went first to protest. thus affecting the coal
dealers credit, and. as q result. embarrassing
Mr.. Warner. The latter has IN ade no assign
mont, and does not intend to do 80. II given
mining and industrial Stoke are In the mil
lions. and his Liabilities are small In prop2T-
feet. and no changes will be made in the bust.
ness enterprises with which he 10 connected
The amount Of Yates paper now out VII az;