The Providence news. (Providence [R.I.]) 1891-1906, 1893-09-20
New En6lani Interested In tho Dsa-
Vor Assignment
THE FIRM HAD A HIGH RATING.
Enforcement or Notes Led to the Pros
ent Trouble Caught In the Act
Fatal Accident 1T Lypn-Nsws From
All kbout New England.

CONCORD, N. H.. Sept 20.-Great sur
prise was caused here by the announce
ment Of the suspension in Colorado of the
well-known drm of Crippen, Lawrence 81
Co. For long time the headquarters OF
the firm was In Saliua, Kan, but was re-
Gently removed into Colorado, where the
prm had branch Office previously estab'
lished
The most prominent member Of the firm
was Henry j. Crippen of this city, where the
concern had large Office. He was gradu-
ated from Dartmouth college In 1851, and
for number of years was cashier of the
National State Capital Bank Of Concord,
of which he Is now director.
George f. Lawrence died some years
ago, but it is understood that his widow
has an interest In the firm. Another
member Is Joseph J. Crippen. brother of
Mr.. Crippen already named. Joseph has
passed most of his time in the west, per-
sonally looking after the affairs Of the
firm.
Concerning Mr. Putnam, the remaining
member, but little Is known. A COM
mercial agency rates the firm at
From o4O0, 900 to $780, 900.
and it's eastern correspondent is said to be
the Bank OF Redemption of Boston.
1t is but Just to say that from the estab-
lishment of the firm until its assignment
It enjoyed very high reputation among
bankers and other financiers in New
Hampshire They have been regarded as
very conservative In the placing Of loans
on Western farms. They have always done
business as firm. never having been In
corporated as company.
The total amount Of the loans, bonds
and securities which the firm now have
outstanding Is very large, and in this
state they are widely scattered among
banks aud individuals The holdings Of
New Hampshire savings banks would
show a large aggregate, but it Is not
thought that any single bank holds an
amount sufficient to affect it's business.
In issuing debentures the firm put 800
600 worth for every s105,000 of mortgage
securities. The latter are now held by
Hon. John Kimball and Hon. William NJ.
Chase OF Concord as trustees 1t is said
that these gentlemen have recently been
west and made careful examination of
nearly every piece of real estate upon
which loan has been made, and that
they are satisfied that the securities, as
whole, are excellent. A prominent bank
president OF Concord says that he thinks
the firm has been
Very Conservative and Careful
In the placing Of loans, and he thinks that
there will not be great loss on the de-
bentures
An intimatcfriend of Mr.. Crippen says
that the cause of the suspending was not
losses on farm mortgage bonds or debent-
ures, but that the losses have resulted
from the firm endorsing notes for two
parties, one residing In Lowell, Mass, and
one in New York city.
Henry j. Crippen, the head Of the con-
Germ, and who has been remarked as lay
Ing out the policy which has controlled it.
Is popular citizen Of Concord and bears
unblemishcd reputation. He is under
stood to have made money very fast in the
Western loan business, and has been esti-
mated as worth at least el50.000. As a
citizen, he has boen generous and public
spirited.