New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-14
ERASTUS WIMAN GIVES IN.
TO MAKE A GENERAL ASSIGNMENT.
HIS AFFAIRS IN SUCH SHAPE THAT NO OTHER
COURSE Is LEFT HIM.

HIS AFFAIRS IN SUCH SHAPE THAT NO OTHER
COURSE Is LEFT HIM.
Erastus wiman IS about to make n general assign
ment Of his property for the benefit Of his creditors
t. David Bennett King, the lawyer, No. Al Pinest
some day this week. The decision was reached as
natural sequence OF the appointment Of receiver
for the Electric Power Company of Livingston, s. l..
Of which Mr.. Wlman Is pre sident. 1t will be remem
bered that two weeks ago it became known that Mr.
Wlman had conveyed part Of his property on Staten
Island to Mr. King trustee, with the view Of
securing liabilities Of several hundred thousand dollars
Uut he denied at the time that this step could be
considered in the nature Of assignment. II Mr..
wiman could have raised sum OF about 100000,
he thinks that the present general assignment would
not have been necessary. When seen at his home
in staten Island by Tribune reporter last evening
Mr.. Wiman said that he had decided TO make gen
eral assignment without preferences.
swhat is the immediate OF your failure ?,
ne asked.
i"I am forced to this STEP he replied. "by the
continued stringent condition Of the money market
and the impossbility of carrying through negotiations
for completing one OF the principal projects which
has absorbed much OF my active captnl.'
VIII you state what this project Is ?"
Certainly, am speaking Of the Electric Power
Company at Livingston. The business OF electric
lighting has grown rapidly and the demand for electric
power for manufacturing purposes and for street
railways induced me and some associates from Boston
TO begin the erection OF this plant at Livingston.
Tie plans much comprehensive than the
present necessities required. and the amount OF
money needed to finish the work was greater than
was expected. All this. however. would have been
overcome by successful negotiations for the pur-
chase OF bonds the proceeds Of which were to be ap
piled TO the liquidation Of an indebtedness OF which
I was an indorser, and the completion and equip
in afinns 1-
~ the preparation and signing of the contract and
the deposit In trust of fourifths OF the stock of the
company and the election Of three out OF five direc'
tors as part OF the agreement. The financial pane
Of last week. however prevented the success ol
this arrangement"
What did the failure leave you liable for! MI
Wlman asked.
The failure Of these negotiations he sain re
suits I'm the possible enforcement OF haDh'"S
on,ountnr to about $4,000 which have good
reason 70 believe will be entirely eNtinguiscd ana
the locking up Of assets in the hands OF receiver
TO the amount OF rcarly 100000, making Durueis
OF $3.50 600 under which find 1t Just now Impossible
TO hold ont Under these circumstances, ana VIII"
the view OF protecting all my creditors alike con
ludcd that It would be best 10 make general assgI-
ment'
Did the publication OF your conveyance OF the
property to Mr. King have anything to do with the
failure TO negotiate the bonds of the Power company
81 do not know said Mr. wiman.
How much are your liabilities ~
81 do not know what they will be. but they nave
been grossly exaggerated, will say that
"When will the figures be made public!'
THE statement will be prepared" said Mr. Wimah
within the time allowed by law, about twenty DAYS
after the assignment
Has the property which you conveyed TWO weeks
ago TO Mr. King been sodl'
Nothing has been done with that property yet, ne
said 1t is all In the hands of Mr.. King
How much do you expect will be realized rom IL
That depends said Mr.. Wiman, "entrely upon
tbe manner IN which 1t Is handled with adequate
time and the use OF capital and the development OF
real estate II will be sufficient to pay every dollar OF
Indebtedness against which 1t has been set opposite
obligcs YOU TO make assignment ~
No one is pressing me-" Mr.. Wiman sad " tnefc
ore n number Of claims coming against th" directors
~ the Light Company my own creditors VIII give M
VI, the time want. About Sl50,O0O has been ex
pcndrd on IN. work Of the Electrical Company ana
Austin y. Fletcher. who Is counsci ior large
number Of Mr. Wmans creditors. said 10 tha re.
porter that he knew that MIR. Wiman had made OF
wns about to make a general assignment. lie said
:. lie consulted me about II. and advised MN tpa.
Il was the only course open to him, as nad
already begun several suits against him. ana Knew
thai several others would rapidly follow. Mr.
do everything In his power to ass s' his creditors
We recognize I'm him a man Of business ability, anu
expect doubt yet to see him regain his former