New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-25
A CRASH IN NEW-BEDFORD.
THREE MORE BIG COTTON MILLS IN
SERIOUS TROUBLE.

THEY ARE THE ROWLAND. NEW-BEDFoRD AND
RorcH CORPORATIONS WILLIAM D. HOW
LAND. THEIR TREASURER. MISSING.
Naw-Bedford. April 24.-Much alarm is fet
here over the continued absence from TINS city
of William d. Rowland treasurer OF the New
Bedford Manufacturing Corporation, the Rotch
Spinning Company and the Howland cotton
Mills, which, as announced last night, are IN
financial difficulties, due principally to the piac-
ing OF the Bennett and Columbia corporations
in the hands of receivers At meeting OF the
directors OF the Howland. New-Bedford ana
Rotch corporations yesterday 1t was decided
to make a full examination Of the accounts OF
these mills in order that creditors might he IN
formed Of their exact standing.
Mr. Howland was seen here early yesterday
morning. but not since that time HIS famlly
stated to all callers at his house that they did
not know where he was Garry Pierce. a booK-
keeper for one of the corporations of which Mr..
Howland was treasurer. says that the latter re-
ported to him his failure to raise money to avert
the trouble. and threatened to drown himself.
James II. Taman. cashier Of the National
Bank Of Commerce. which institution. 1t is re-
ported is heavily Interested in the paper of the
Howland concern stated to a reporter this morn
ing that although the bank had a good deal Of
aggregate enough to embarrass the institution
for a moment.
At noon a man prominent In financial circles
said that at the worst the stockholders would
probably lose not over % to 40 per cent OF their
property.
A quantity OF cotton at the Hcwland Mills be-
longing TO Richmond & Tiffany, or at least still
unpaid for was replevincd to-day. Another writ
was served in the interest OF Herman Capell q
Co on 600 bales OF Egyptian cotton.
This morning Edward Knburn. who has been
specially engaged for the purpose. began 10 make
an exper. Appraisal OF the assets Of the mills.
Twenty personal creditors OF Frank r. Hadley
who was treasurer Of the Bennett and Columbia
Mills, held meeting at the rooms or the boaru
Of Trade this noon. Mr.. Hadley's assignee A. j.
Selfridge OF Boston said that. to the best or MS
heI,er there we're personal liabilities In notes Sc
cured and unsecured amounting to sZ'o'"oo.
There were probably some other debts, but not OF
any consequence He said that the total assets
might reach SSS2,60', including the hiiii '''O"
held at its face value
Roston April o4-The Boston bank holdings or
the paper Of the Howland Mills. Of New-Bedford:
are estimated at about 100000. Their trouble
was not entirely unexpected in this city. some
banks have been fighting shy OF this paper, oW-
ing 10 the fact that the mills were thousht 10 oe
floating too much security
Providence April 24.-Considerable consterna-
ton has been caused In local financial circles ny
the announcement Of the trouble In the How
land Rotch and New Bedford corporations. Inc
New- -Radford mills have been regarded as SOUND
Inv the local banks, and their paper has peen
taken freely AS a result they were nit naIu ~, py
the Columbia and Bennett Mills, about SZooVoo
of this paper having been in their vaults, ana II
is believed that they have as much more ol ..e
nsner OF the other three corporations Inc
paper is well distributed however, and it Is be-
lleved that the local banks are strong enough ~
meet the strain without any Ill effect. So"le VI
the smaller banks will feel the blow severely
Fall River Mass. April 24.-Ths latest dls-
| closures relative 10 the condition OF the New
| Redford cotton mills do not cause so much or
| sensation in this city might have been ex-
| pected 1t Will be recollected that "heh o'hei
| Neu-rnrIand mills found It wise to curtail pro
| auction the New-Bedford corporations were un-
| willing to join n movement OF that sort per.
| hitting il to be understood that they "ele
| rushed with orders for their product. IL was
stated nositively in this city at the time that tne
| only vav in which New Bedford mills were ape
| IN sell their goods by cutting under tne
| market and dealers here say that gooqs mas = q
| been sold at a positive loss by New-Bediord
| r,onufacturers lately in wild endeaVOrs 70
| secure money to cover rapidly maturing oo'eA
| tions ,,, hut the
| Locag manufacturers, In talking arr. ,.aad
affact of the New-Bedford difficulties, are u.s. as.
that the outcome will be beneficial TO , the - 80
cloth Industry. so far as can be & detl' nor,ora
tbon 5000 ONj of the paper of the fve colPoi COZ
lions now involved in difficulties IN New , "a u
| is hold in this city, and none ol .he poi.n ",
| ecriousIv burdened Very little OF the STOCK Vi
| the corporations, If any Is heiu mere