The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-11
BIG SMASH In REAL ESTATE.
THE CHAMBERLAIN INTEs TMENT COM
PANY CONES TO GRIEF.

It Wa. the Largest Real Estate Concern In
the West - Liasilitie. s1,I1e.1ss and
Assets More Than Double that Amount
Impossible 10 Raise Money Fast Enough
on Its Bonds Owing TO the Hard Times.
DENVER. July 10.-The Chamberlain Invest
mcnt Company. tho largest real estate con-
Germ In tho West. closed its doors this morn
ing The liabilities are over S1.1O0.O00. and
assets $3OO0.00o. The failure was brought
about by an attachment sworn out by d. II.
Furgeson. President OF the Denver Savings
Bank. for $4,000. on which he held securities
greatly in excess of tho amount The action
Of the bank is not regarded favornbly by the
people OF Denver. for 1t is known that had It
not been for the universal hard times. the
company would havo been able to pull
through Tho Sheriff served tho papers and
took possession last evening.
The Vice-President Of the company lives in
London. where three. quarters OF the liabilities
will fall. They have other Offices in New York.
Fort Worth and San Antonio. Tex. Denver
people will suffer little. All the personal prop
erty OF the Cham erlain brothers has been
turned into tho assets Col. Lewis c. Ellsworth,
formerly receiver OF the Denver and Rio Grande
Railway. has been appointed assignee.
Mr.. II. b. amberlain. President ofthe COM
pany. says:
Prior to 1890 wo made very large real es-
tate deals Of property in Denver. and also be-
came largely interested in real estate In Pueblo.
Fort Worth. San Antonio. Spokane Falls. Hell
ena. and other cities. We were joined by eli
ents In Denver Eastern cties and Great Bri-
tain. In improving these properties it was
necessary to build electric railroads for rapid
transit In this way we becsme involved in the
construction and maintenance OF electric
- LAT l.
the midst Of these operations came tho Barring
crisis. and from that timo-the fal! Of lS9O-we
have been heavily hnrdened With these, de.
secure financial cooperation from more than a
few OF those interested with us. Therefore
the burden Of and h
lain Investment Company aud the continuous
draft on our financial resources with the c9re
to foster to protect large real estate interests.
has had much TO do with. our present condi-
have adya need in the last three years upward
for ten years at a low rate of interest we com
menced last fall the issuance through the
Franklin Trust Company OF BROOKLYN as trus-
lures, placing with them the collateral OF the
company. independently valued at three times
Something more than half Of these debentures
have been certified and put out. and we were
w s S the ss Snsst
liabilities. The financial condition in the
United States was such that there was almost
no market for those securities. As we had
previously sold other securities in Great Bril-
tain. We naturally looked there for q market.
Tho failures OF Australian banks. involving
upward Of S50O.OOO.O 900 British funds. brought
about dlstrust in every form OF foreign invest
msnt;
abroad being followed go directly by American
difficulties Of unparalleled scope, made it i'm
possible to place our bonds as fast as We
needed the funds to meet our obligations. In
other times OF stringency we have found the
banks OF Denver most willing to make tempo
rary loans. but the present situation in Colo
RADIO has made it impossible for them to rem
der the assistance which otherwise we believe
We would have obtained.
The nominal value Of our assets Is So 940.-
t91. while the direct liabilities are SLIP. 1888
There Ia. however. contingent liability for
mortgages and other securities SIS sold and guar
ties guaranteed IN the latter case would pay
1t Is difficult to Judge what the assignee will
company. Much OF our collateral is in the
hands Of creditors. and therefore beyond his
CONTROL"
:. The following is a statement OF assets and
liabilities
Assets-Property lists. Sal211O: stocks
S1.O5O.281: bills receivable. 1923. 49, ac-
counts receivable. s24D. s57; furnitures. $1,000
Total. S2.94O.,iDl.
Liabilities Debentures. 500. 900: bills paya-
BILE. Sti373Ul accounts payable. S2iO. ID5; GER
tihcates of deposit, Sc,OY3 Total, S1,112,lSS