The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-10
c. H. George & Company
liz Trouble.
Endorsement of Paper Was
the Principal Cause
That Forced This Old Established
House to the Wall.

The entire community was shocked this
morning at the announcement that
Charles II. George a. Company had made
a general assignment for the benefit of
creditors. The assignment was precipi-
tated by that of George Il. Barstow, whose
individual paper the firm had endorsed
heavily. The demands for payment came in
too swiftly and in order to find out where
they were at Mr.. G. ii. George says it
wes deemed advisable to assign. The
assignment was made TO Walter II. Barney
as trustee for the creditors, h Snew law
which went into effect Feb. l preventing
the appointment of an assignee by the
embarrassed firm or individual. Upon
Investigation, IL deemed advisable. MIR.
barney will petition the Supreme Court
for permission to register in insolvency
and then IL the court calls a meeting of
the creditors the latter may appoint an
assignee. Otherwise Mr.. Barney will
then proceed In the usual way. The as
signment was made individually and for
the firm by Charles II. and James A..
George. Mr.. Charles H.. Geroge was inter-
viewed regarding the matter. He made
the statement set forth i'm tho beginning
us to the cause OF the assignment. Under
the steps taken, he said, the creditors
will be carefully protected. No attach
ments can DO sprung uDsuspectingly.
The amour of the liabil ties he could
not state, OF course, nor Will he be able
to until after two or three days. The
banks which held the Barstow paper, as
well as his md his brothers., will suffer
most and the Roger Wi liams Bank. Of
which Mr.. G. IL. George is president, is
hardest hit. Nothing could be learned
there of the condition of affairs.
Mr.. George said he naturally supposed
MIR. Barstow to be wealthy and he had no
hesitation to endorse him. There were
close family ties between them, too, Mr..
Barstow's father, Amos c., used to be
his partner, and in other ways they were
drawn closely TO gether. Mr.. Barstow's
assignment was a great shock to him.
The George assets are speculative, too.
There is considerably real estate, includ-
ing dwellings on Broad, Pine Clidoru,
Taylor ana other streets, besides the
stock in trade, which is up-to-date.
The well-known hardware house was
started in n small way by Mr.. G. III.
George I'm 1Se0. who later took as n part
ner a Mr.. Cutler, the firm title being
George q Cutler for several years, Mr.. Cut
Ter being a son-in-law OF Amos G. Bar
stow. Later hir. Cutler retired and the
firm name was changed TO Charles III.
George a. Co, Mr.. James II. George be-
coming a member OF tue firm In 1878. The
business OF the house increased so rapidly
that they were copmelled TO seek larger
quarters, which they secured in the store
recently vacated. Still increasing, 10
reached such magnitude as TO necossitate
another muve in July, 1896, into the more
commodious store which they row occupy
i'm the Studley building. Besides the re-
tail establish tmnt on WeybOsset street,
the firm have a large storehouse ON Hay
street, located over Bray Bros, where Is
kept in stock over five time, the goods
carried ut their retail store. Personally. no
man In the city stands higher or has "A
wider circle OF acquaintance than Mr.. 9.
~. George, the senior Der OF the firm.
lie was appointed postmaster I'm 1887, n
position which he held for more han
eight years. during which time the bus
mess was mainly under the supervision
OF the junior partner. Mr.. j.. a. George.
For 10 years Mr.. g.. IL. George was n mem
Der of Providence school committee and
for the y asst IS years has been president
OF the Roger Williams National Bank.
lie Is an influential mem Der OF the board
OF trade cd was for two years president