Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-09-01
THE MOSES FAILURE.
Many Large institutions and
Companies Are Involved.
Mr.. Moses Says that Assignment Cow
ers Over 100000 Of Property.
Which Will Be More than Enough to
Satisfy All Liabilities.

Bath, Me-, Aug. 3l.-The Bath Times,
tonight. published the following:
The failure of Galen c. Moses which
yesterdays Times has been the chief
topic of conversation in this city. to-
day.
The assignment of one of Maine 5
prominent business men as well as the
Bath Gas & Electric Co. and the
Richards Paper Co. of Gardiner, caus-
ed crash in business circles that
many keenly felt.
Early last evening a Times reporter
interviewed Mr. Moses at his beautiful
home on Washington street, regarding
the cause of the assignment.
Said Mr.. Moses: My assets show
a considerable excess above my liabili-
ties but under the assignment may
come short of realization.
THE Bath Gas & Electric Co. was
compelled to assign en- account of its
financial difficulties caused by an in
crease of business coming more rapidly
than the company could take care OF
it, requiring many changes and large
expenses Which the company expected
to meet by the sale of bonds. / have
no doubt if the war had not broken out
that these bonds could have been sol 1
Il was an endorser on paper for the
Richards Paper Co, which has for the
past year felt the depression in bust
nesla.
'''fie failure of these companies in
wolves no other companies with which
l am connected.
Il hope to work through and have
some of my property left but l cannot
tell" n
Mr.. Moses and Fritz II. Twitchell.
who has for many yeafs been in bust
ness enterprises with Mr.. Moses. re-
Gently sold their tenth part in the
Lewiston. Bath & Brunswick Electric
Road for 100000. During the many
years that Mr. Moses has been in
active business life he has been recog-
niZed as q shrewd financier and care
full business man. .usn
He was president offithe Bath street
Railway until the roaIde was recently
sold, was president of the First Ma
tionh Bank, and is president of the
Bath Gas and Electric Co., treasurer
of the richards Paper Co. of Gardiner,
president of the New England Ship
Building Co, president of the Andres
coggin Water Power Co, which sup
plies power for the Lisbon Falls Mills.
| Of tho ca dbl o.
tate Association and Worumbo Manu-
featuring Co, president of the Athol,
Mass, Gas & Electric Co., treasurer
of the Bennington, VT. Water Power
and Light Co. and of Hoosick Falls
Water Power & Light Co.. president of
Rumford Falls and Rangeley Lakes
Railroad. He is also interested in the
Popham Beach Hotel & Real estate
Association.
Several years ago he gave $4,000 for
a public library building for Bath and
gave $4,000 towards the Bath Y. NJ. C.
A. building costing $4,000. the re-
mainder of the amount being covered
by mortgage of $4,000 and $4,000
given by Miss Moody. He is president
of the Y. M. C. A. as well as president
of the Patten Library Association.
In making out their assignments it
is reported that internal revenue
stamps to the amount of 1920 We're
used which represent 100000 The
stamps We're obtained direct from the
office at Portsmouth. N. H., and We're
of $40 dollar denominations.
The assignment of Mr. Moses and
the Bath Gas 6. Electric Light Co., has
been recorded at the register Of deeds
Office and in the chattel mortgage
books in City hall.
At meeting of the directors of the
First National Bank, this morning,
Capt: j. r.. Kelley was elected pres-
dent and Galen c. Moses resigned, Mil
ton G. Shaw. vice president and oliver
Moses director to fill a vacancy
w. d. Mussenden. cashier Of the
First National Bank, was seen by the
Times this morning and in answer to
the inquiry as to whether the bank
would be effected by the assignment,
answered Not a particle The bank
is secured beyond any doubt and the
trouble will not effect us whatever"
The officials of the Bath, Marine and
Sagadaaloc National Banks said this
morning that the trouble would in no
way effect their institutions. One of
the officials said I'm the course OF
business we probably have some of the
business papers of the different con-
Germs but it is all well. endorsed
The Lewiston Journal publishes the
following authorized interviews with
Mr.. Moses:
1T is in no wise a crash" said Mr..
Galen c. Moses to the Journal, this
morning, pushing aside for a moment
the mass of documents that were
heaped upon his desk.
a week ago / did not dream that
should be compelled to take such a
step as assignment Outside of two
companies, the Richards Paper Co.,
and the Bath Gas and Electric Co., all
of the concerns in which am interest
ed are prosperous and profitable.
have made the move that you an
nornced yesterday and have assigned
simply because l believe after certain
complications had arisen that my
property should be handled with saga
city, unhampered by any scramble by
or by panic-stricken creditors.
First of all wish to express my
belief thai when my affairs
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