The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1893-04-29
FAILURE IN MOSCOW.
Governor oConnelrs Mercantile Com
pany Goes to the Wall

THulVU6 ~ WOOUOWs
Governor MeConnell's Mercantile Com
pany Goes to the Wall
A special to the Spokane Review
from Moscow, under date of April
Oath says: A tremendous sensation
was caused in this city to-day at
noon by the sheriff levying an at
tachment on the big corporation of
the ACKNOWLEDGEMENTS Company,
the largest mercantile house in
Idaho, in behalf of the First Ma
tional Bank of Moscow for about
$50, 600, and the subsequent closing
of its doors. This attachment pre-
cipitated others and by evening diff
ferent creditors ran the attachments
up to about 100000.
Inasmuch as the firm is so widely
known, and as Governor Mcconnell
was the founder and is still at the
head of the house, and as for years
the name of the Mcconnell d Ma
guire company has been symbolic
Of Moscow's prosperity and growth,
the news of the failure spread like
wildfre; and an important special
election, being held for floating
bonds for city improvements, be-
came merely a subject of COMPARE
tive interest.
Governor Mcconnell is not in the
city, being absent at Boise attend
ing to his gubernatorial duties, but
messages Of sympathy were show
cred on him from friends here, as
also upon members of the firm here
by all residents.
Just how the firm will pull out
of the difficulty is not known, but it
is thought the Indebtedness will be
paid 100 cents on the dollar. The
liabilities are considerably more
than 100000 but the stock will
invoice more than $4,000. This,
with the book accounts and the
firms business, it is thought will
cover everything.
Governor Mcconnell years ago
started a small mercantile estab-
lishment in the then village of Mos
cow and by unremitting attention
to business built his establishment
up to great trade center.
About two years ago the firm was
incorporated under the name of the
ACKNOWLEDGEMENTS Company, with
a paid up capital stock of 100000.
At the time of the failure the stock
was distributed as follows among
local residents: Governor Neon
nell, $500; Frank. A. Davids,
$4,000; J. G. Haskell, $4,000;
William Chambers, 81 600; Mayor
J. H. Mcguire, $1,000.
An enormous business has been
carried on, and until recently the
firm was supposed to be on a sound
financial basis.
In the meantime a branch house
had been started at Pullman, known
as Mcconnell, Chambers & Co.,
with Governor Mcconnell at the
head, which did the leading bust
ness of that section, owning, in adj
dition to the stock, the buildings in
which the business was carried on.
About Is months ago a splendid
brick block was erected in this city,
valued at $50, 600, on which Gilbert
Bros, of Salem, Or, now have a
mortgage for $4,000.
Last week r. S. Brown and J. H.
Mcguire, of Moscow, purchased Il 9
business at Pullman and it was an
nounced that William Chambers,
part owner and manager, would
come to this city and manage the
house. The announcement was
scarcely made, however, when the
attachment was served to-day, and
the big store was closed.
Following the First National
Banks attachment for some $2O,-
600 came the Moscow National for
about $4,000; Murphy, Grant &
Co., San Francisco, 1872, 900, and
several others with varying amounts
and more to hear from.
The management Of the firm feels
sanguine of meeting the obligations
if the assignee expenses are not too
high, but at best the failure will
sadly cripple all the stockholders
and leave Idaho's chief executive
in about the same condition as Gov.
ernor Mckinley found himself.
Late tonight the firm made a
g. neral assignment to protect all
creditors. The failure does not in
the least affect the First National
or the Moscow National banks, they
having got the first attachments
thereby saving themselves.
A later dispatch says that the
figures given out by the firm place
the total assets at $277 900 and the
liabilities at $4,000. The com.
pany claims, if allowed to continue
business, that everything will work
out to advantage and in the end
the crditors will be paid in full and