The San Francisco call., 1896-08-29
Startling Developments Ex-
pected in the 0'Farrell
Failure.
Assets Estimated at 100000, or
About One Third of the
Indebtedness,
MEETING OF THE CREDITORS.
G. 81 Umbsen Appointed Temporary
Receiver-Will at Once Prepare
Statement.

There promise to be some unusual de-
velopments in connection with the failure
of the real-estate firm of OFarrell d. Co.
II will even have something of romantic
phase.
About FIVE or six years ago O'Farrell was
presented with the entire business and
good will of the real-estate firm of f. s.
Wensinger, his uncle, who at that time
retired from the business, having accumu-
lated byhis financial acumen and energetic
business methods fortune estimated to ex-
ceed q million dollars. When O'Farrell
came into the business it was returning,
it is said, net monthly income of $500.
Shortly after Lang entered the business,
and the firm name was changed to O'Far-
rell & Lang. Lang, however, did not re-
main long with the firm, and from the
date of his withdrawal, few years ago, is
reported to date the retrogression of the
business, which eliminated In the assign
ment OF several days ago.
Some idea of the rapid manner in which
affairs followed a tide of misfortune is
indicated by the fact that the estimated
liabilities of the firm are nearly 100000
while the assets are not likely to exceed a
third that amount.
The liabilities are said to consist of
about $45, 900 due to people with whom
and for whom the firm did business, and
in the neighborhood of $4,000, moneys
borrowed from Wensinger and other rela-
tives.
The assets comprise about S10, 900 in bills
receivable and about $4,000 worth OF prop
erty, mostly in Oakland.
Just how the great discrepancy IN the
firms assets and liabilities occurred, and
into what channel the great losses thereby
indicated flowed, is as yet mystery, and
before the matter is thoroughly investi-
gated one or more sensations are likely to
evolve.
1t was expected that at the meeting of
the creditors called for yesterday, and
which was held in the Office of the insol1
vent firm, prompt measures would be
adopted to settle affairs, but things were
found in such a condition that only pre-
iminary steps could be taken.
John T. Doyle, the confidential adviser
of Annie Donahue, representing the larg-
est creditor, called the meeting of the
creditors to order, and on his suggestion a
committee of five members was appointed
to determine upon the best mode of inYes-
tigating the affairs of O'Farrell & Co. and
ascertaining the reason of the failure.
This committee consists of J. D. Sulli-
van, J. ]. Rauer, John T. Doyle, J. Ma
honey and W, B. Zeigler. 1t was decided
to hold the next meeting at IL A. NJ. Mon
day, in the assembly room of the Mills
building. AT this meeting the committee
of five will report the result of their labors
ana will also recommend what in their
opinion is the most advantageous way of
disposing of the business of the involved
firm.
G. II. Umbsen was chosen receiver pro
tenn, and when asked if he would serve
assured the creditors that he would and
would give the affairs placed in his charge
the very best of his attention until he was
relieved OF the responsibility. In view of
Mr.. Umbsen's peculiar knowledge of such
matters it was conceded that no better
choice could have been made for receiver
He will probably serve until an authentic
and accurate statement can be presented
of the firms business. Mr.. Umbsen has
placed his bookkeepers at work in con-
junction with those of O'Farrell in pre-
panng such a statement, but does not
expect to have it ready until Monday.