The Wichita daily eagle., 1893-07-11

DENVER July 10-The Chamberlain
Investment company, the Iaf gest real
estate firm in the west, closed its doors
this morning. The liabilities, dirsca aud
contingent. are s., 262. .l1S and the assets
are So, 900, 900. The failure was brought
about by an attachment sworn out by ID.
Ill. turgeson, president OF the Dsuver
Savings bank for s., GEO, on which he held
securities greatly in exl IS of this amount.
The action of the bank is not rega. de
favorably by the people o. Denver, for it is
known that had it not been for the uLivAI-
sal hard times the company would have
been able to pull through. The sheriff
served the papers and took possession yes
terday afternoon. The vice PRESIDENT of
the company resides in London, where
three fourths of the liabilities will fall
The company has other Offices in New
York, Fort Worth and San Antonio, Tex
Denver people suffer but little. ALI t1e
personal property of the Chamberlain
brothers has been turned into the assets.
q. w. Ellsworth, formerly receiver for the
Denver and Rio Grande railway, has been
appointed assignee. President Chamber
lain made the following statement:
prior to 1850 we became largely inter
ested IN real estate in Pueblo, Fort WORTH
San Antonio, Spokane Falls, Helepa and
other cities We were joined by clients in
Denver and eastern cities aud in Great
Britain. In the process Of improving these
properties it became ne cessary is build
electric railroads for rapid transit to and
through them. In this way we became in
yolyed III the maintenance OF the roads in
the cities. In the midst Of these opera
tions came The Barring crisis, and from
that time we have been heavily burien d
with these dependent interests We found
it impossible to secure financial co-opera-
tlou from more than few of those inter.
ested. The continuous draft on the re-
sources of the Chamberlain Investment
company caused thereby. with the care of
OF her enterprises, has had much to do
with our present condition. We also en-
couraged the purchase of large properties
by individual customers, frequently on
part payment, and then, because they
were either unwilling or unable to pay the
interest and mortgage at maturity, we
have taken up and held their real estate
notes to prevent foreclosure and conse-
quenU loss TO customers, l fear beyond the
limits of prudence
TO protect our customers we have ad-
vanced in the last three years upwards of
$500 coo. To fund the direct liabilities of
tie company for ten years at a low rate of
interest. we commenced last fall the issu-
ance of $500, 600 of per cent ten year de-
bentures, placing with them collateral of
the company independently valued at
three times tue amount OF tue UeDeHture
certificates. More than half the dcben-
lures have been certified and put out, and
we were in good way to place the
balance, which would have deferred the
company's direct Liabilities. The extreme
financial disturbance abroad, being follow
ed so directly by the American difficulties, d
made it impossible 60 place our bonds tass
enough, and the present condition made III
impossible for the Colorado banks to help
Us. hope and believe that eventually we
shall pay ali claims. 1t is difiicult to
judge what the assignee will he able to
accomplish with the assets. While our
assets should meet every liability outside
of the common stock, this cousummation
cannot be realized il the securities are
sacrificed, and, if thrown on the market
now, they will be sold at a great loss
CLEVELAND, O., July 10-The kennard
House, one OF the leading hotels of this
city, has assigned. Tie liabilities and
assets are about s25 go each.
New YORK, July 10. George Watson s,
Co., house furnishing goods, of Jersey
City. have failed The liabilities are sa ID
to exceed SIPS, 600.