The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-11
PETITIONlNBANKRUPTCY
Filed BY ". D. Cleveland { Go. Of This
City.
SCHEDULE OF RESOURCES AND LIABILITIES
resources, s702, 1923; Liabilities.
0s5.s4-some of the Causes
that Led to the Failure.

No failure occurring in Houston since
that of the Houston City bank has occa-
stoned more general concern in this city
than the failure of w. d. Cleveland G.
Co., which was first made known yestcr-
day morning, though the petition in bank
ruptcy was filed the night before with
the Federal court at Galveston.
This is one OF the Oldest mercantile
house, not only in Houston, but In the
State. being a succession OF the well known
grocery house OF Alex Sessums. which,
during and Immediately succeeding the
civil war did the leading business in
Texas.
Alex Sessums conducted business In
Houston at the corner of Main street and
Franklin avenue, in the building now oc-
cupied by the First National bank. This
was In the sixties, some thirty odd years
ago. and Mr.. w. ID. Cleveland was Mt.
Sessums' chief clerk. After the death OF
MIR. sessums Mr.. Cleveland. in 1867, sue
ceeded to the business and has conducted
1t from that time to this, building up one
of Ahe most substantial business houses
in Texas
In 1871 Mr. C. lombard entered Mr..
Cleveland's store as clerk and In 1856
was admitted as a partner in the firm, the
firm name becoming w. d. Cleveland d
Co. In 1850 Mr.. Cleveland moved from
Main and Franklin to Main and Commerce
and in 1898 into the building which the
store now occupies, the move being caused
by fire which destroyed the business
house on Main and Commerce.
MIR. lombard retired from the Arm on
the LIST of last January aud MI y. S.
Cleveland, con OF w. D. Cleveland WIS
taken in as a partner. the style of the Arm
being unchanged.
From conversation with members c. the
firm it is learned that the failure was pre-
cipitated by the recent disastrous floods
throughout the BRACES bottom. They had
advanced to hundreds of planters in that
section, as we'll as supplying a number of
country merchants. The planters lost
everything and there was little or no pros
pect of anything being gained from hat
1t was that the cotton. upon the prospects
of which the advances were made would
not be forthcoming, nearly the entire crop
OF the bottoms having been destroyed.
Even this great loss might not have
brought about the crash. however, had not
such large proportion of the firm as
sets consisted OF real estate This land
or a large part thereof, Is what has beer
accumulated in foreclosures and in pay
ment OF Indebtedness by planters ant
creditors for many years past. The entire
value of the real estate is placed at $780,
900, but what could be realized shereupoi
at forced sale is different matter
Outside of advances TO cotton planters
the outstanding accounts OF the firm ar
said to be very valuable. In fact, tn
grocery department of w, ID. Cleveland d
Co. has been doing good. conservative
business for many years and the accounts
have mostly been OF the shirty and siXt!
day order.
The sentiment in business circles in con
sequence of the failure was one of ami
versal regret and sympathy.
The following expressions from a few o
Houstons prominent business men bu
voice the sentiment of all with whom th
subject was discussed
Mr.. j. E. McAshan. cashier of the
South Texas National bank, remarked tha
he regarded the failure as a public caam
ity, but hoped and believed that the fna
adjustment would give a healthier tone t
business affairs of Houston. Mr.. Cleve
land" said he, certainly has the sym
patty OF the entire community and he do
serves it. | know of no man in this com
munlty who exercised a greater iniuenc
for good than did w. ID. Cleveland"
Captain william Christian in charg
OF the cotton business for T w House
regards the failure az very unfortunate
"Mr Cleveland's business had ramifcal.on
all over the State aud his failure will nat
urally have more than local effect. Their
was no more public spirited citizen tina
W. d. Cleveland and the entire com
munity feels the deepest sympathy 70
him"
Captain o. c. Drew, cashier of tn
Planters and Mechanics bank, remarked
In discussing the failure; "Mr. clevelan
has my keenest sympathy. ! have know
him since he was a clerk and no man ha
been more thoroughly Identified with tn
building up Of the city than he. He hu
always been at the head and front of ever
enterprise having for its object the ac
vancement OF Houstons interest"
Mr., Henry S. Fox, president of IN
Houston National bank, SAID, In Speaklu
OF the matter: THE failure Is in th
nature OF decided misfortune TO the cit,
trust sincerely that the firm will 500
be enabled to retrieve Its losses and be
come re-established on the old footing"
~
On the Houston Cotton Exchange moth
ing but words OF sympathy and regr'
could be heard when the bankruptcy pet
ton OF W. d. Cleveland Co. was al
nounced. Mr.. Cleveland was the secon
president OF that institution. serving fo
tho year 1876. and was again president fc
the six years from 1884 to 1890. He wa
thoroughly identified with the exchang
and Is today one of its directors.
Mr.. H. w. Garrow. president OF the ex
change. In speaking OF the failure, said
Nothing but the greatest confidence
expressed In connection with this bank
ruptcy petition. Every business man
Houston realizes that Mr.. Cleveland hi
done what he knew to be for the best au
they feel sure that his creditors have bee
treated with perfect fairness This is OF
failure about which not one word OF doul
or suspicion has been uttered. ! have hear
only expressions Of regret We all hoI
that the members OF the Arm will SOC
recover from this temporary embarrasl
ment. and be placed on firm footing ont