The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-09-06
FAwcETr BROS. FAILED.
The Firms liabilities Estimated at
About sO5 900.

Fawcett Bros, wholesale grocers No.
1s5 Bay street, have failed Their misfor-
tune is attributed to several causes, prin-
cipally to the fact that they were unable
to meet a good deal of paper they had
out, because Of difficulty in making col
lections from truck growers and others
with whom they have been doing bust
ness.
The finn is composed Of Messrs. William
and George Fawcett. They did not make
an assignment, but simply gave deeds to
property belonging to the firm to certain
creditors which have been preferred. 1t
is estimated that in round numbers the
Indebtedness of the firm will foot up about
$65. 600.
To one Of the principal creditors, Maj.
p. w. Meldrim, from whom the firm has
secured good deal Of money in carrying
on the business. they sold for the debt
their stock of goods in the Bay street
store and portion of the open accounts
standing on the books. Mr.. George Faw-
sett has been placed in charge of these
as agent for Maj Meldrim, the purchaser
1t Is not known just exactly what this
Indebtedness amounts to.
The sale was made yesterday morning
and about the same time several deeds to
other property of the firm were given to
secure other obligations q deed to forty
eight acres of land on the Ogeechee road
at the crossing of the Charleston and Sa-
vannah railroad, was given 10 secure the
following obligations Of the firm to the
parties mentioned: f. A. Exley, SO, S78.05;
fraOTDIa In n inc oh Gpfsa
Jr., $500; A. c. Scott, $722SO; II. A. Foun-
tain, Si5l.505 Henry Kolshorn, $2S550; w.
7. Belford, $24515; J. l.. Butler & Bro,
S9S6.22; j. 3. Johnson $569.75; Il. A. Ward,
$500; Moore & Co., $7S3.75; Olivit Bros, ST.
ALA 1t is expressly stated in the deed
that this property is subject to a prior
lien for the sum of $500, an Indebtedness
to the Oglethorpe Savings and Trust Co.
Besides the foregoing, there was a deed
to thirteen acres of land on the S., F. and
w. railway, twelve miles from the city,
given to Mr.. Herman Myers to secure
an Indebtedness of $3.50, a deed to several
pieces of property and two notes aggre-
eating $l,l16 given to the Southern Fer
tilizer Company to secure an indebtedness
of $2,S2l.69, and a deed to a lot on Cuyler
street, and lot on Grapevine avenue,
given to Mrs Mary A. Solte to secure an
Indebtedness of $3.50.
The amount of the indebtedness above
stated IS more than S2O5D and so far
these are the only papers in connection
with the matter that have been filed.
These papers are simply deeds to the
property named and given to secure the
creditors mentioned. They were filed with
the clerk Of the superior court for record.
So far there have been no claims filed by
other creditors, but it is understood there
are some outside of those that have been
preferred. Just what course they will
take If any has not become known.
F'awcett Bros. began business in the ear
ly part of 1898 with the brightest prospects.
Both members of the firm are pushing,
energetic young men, and no longer ago
than last April they made a most cred
liable showing as to the standing of their
business. The tide of business affairs,
however, has recently turned against
them, and, unable to meet their obliga-
tions, they had to provide for them by
turning their property over to their cred
itors.