The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-03-07
rALMAGE's SONS ASSIGN.
The Firms Liabilities Estimated
Over S2OO,OOO.

New York, March 6.-Dauiel Talmage's 5
Sons, rice merchants of this city. with
branches at Charleston and New Orleans.
assigned to-day TO Joseph Gillet, giving
preferences to sixty-nine creditors for S14. -
547 OF these sixty-seven are to farmers
in Louisiana. Georgia and Mississippi for
rough rice delivered to the firm in amounts
ranging from so to $3.50. The largest
preferences are TO. L. o. Hills of Welsh.
$500; Ravenel q Co. of Charleston s. c..
Sl,SS7, and the National Rice Milling Conn
pany of Wilmington, y. c., $500. The firm
did the principal business in rice in this
city, and its business has been established
forty-six year. The partners are John
+. and Daniel Talmage. The liabilities are
not definitely known, but are currently
reported to be over $780, 900.
No statement has as yet been given out
of the condition of the firms affairs.
The Talmage concern has always been
regarded in financial circles as sound. II
had the reputation of doing the most ex-
tensiye business in the rice trade The
warehouse of the concern Is at No. 50 CO.
lumbia street, Brooklyn.
Besides this place and the Wall street
office, the firm has branches in various
parts of the country and Europe. II also
has agencies in South America, Japan and
China
In the trade it was thought the failure
had been caused by the heavy declines in
rice due to competition and over produce
tion.
JOnn +. IdlfnaRe,a the nei0 OF the nrm,
says of the assignment: "At present II
is absolutely impossible for us to give
accurate statement as to the condition
of the firms affairs. Our assignment has
been brought about by the long prevalent
financial stringency, which has prompted
us to call halt and adjust our affairs
properly. We are working now on sched
ules Tor the assignee'S guidance, and while
we cannot yet make any statement as to
our assets, / feel confident that when our
affairs are all Strengthened out the firm
will continue to do business as formerly
at the old stand"
Strong, Harmon & Matthewson, counsel
for the assignee of the firm, said to a re-
porter to-day: '"rhe assignment was filed
to-day because of the financial embarrass-
ment and inability of the firm to secure
ready money to meet maturing obligations
promptly, so that they were Obliged to
let their paper go to protest. There VIII
be meeting of the creditors in a few
days, and the condition of the firms af-
fairs will be laid before them, and such
preparation as may be made viii be con-
Sidered so that the business of the firm
may be resumed as soon as practicable.
Schedules are now being made up, which,
1t is hoped, will be completed by the first
part of next week. 1t is Impossible to give
even an approximate statement of the liza
bilities."
The officers of the firm at No. Is wall
street were crowded to-day by friends of
the Talmage Bros. all of whom were anx-
ious to be of service to the firm in their
dlflculties. The news OF the assignment
was shock to the trade. and was the di-
rect cause of sharp decline in rice when
the market opened to-day.
Charleston, S. c., March 6.--Daniel Tai
mage, Jr., who is the managing partner
of the firm of Dan Talmage's Sons, the rice
merchants, stated for public ton to-day
that the Charleston firm does not fail with
the parent house in New York. The New
York firm practically owns the Charles
ton branch, and 1t may probably have to
liquidate, but Mr.. Talmage says that his
house has assets amounting to 40 per
cent. more than its liabilities, and is in
perfectly solvent condition. 1t is also
semi-othcially announced here that the old
firm will soon be on it's feet again. Notice
of the assignment of the New York firm
was not made public here until this after
noon, when II caused much interest in
business circles,