The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-03-14
j. S. Aborn Out of
Business.
CREDITORS PiNCHED
Insolvency Would Give I'm
pleasant Publicity.

James S. Aborn, stock broker at 40
Main street. has gone out Of business
for good and out of Worcester for a
time. His creditors received a circular
to that effect yesterday morning, and
to most Of them it was not altogether
a matter of news.
Since he announced a. suspension of
payments in the big bull market of sew
eral weeks ago. Mr.. Aborn has been in
very close circumstances financially
His creditors have known this, and at
the time Of the suspension all of them
signed an agreement Of II months
extension on all payments due as profit
takings. 1t was believed that Mr.. AbOrn
might possibly be able to carry on the
business successfully through his cor
respondents, Haight, Frease & Co. Of
New York.
On Saturday Mr.. Aborn's manager,
Mr.. jenkins, who had been given to un-
oerstand by the New York firm that it
would back Mr.. Aborn in whatever
market trading was done, called upon
dalght, treese & Co. for funds and met
with a refusal. This was at u o'clock,
put no notice was given to traders, and
IN the morning papers of Monday Mr..
Jenkins made an emphatic denial of the
rumor that the firm would be obliged
70 cease doing business. This, Mr.
Jenkins states, was made in good faith
upon the assumption that some salts
Factory arrangements could be made
with Haight, Freese & Co. on Monday.
out the New York house gave notice
yesterday of severance of all rela-
tons.
Mr.. Aborn sent a circular to all his
Re.
tnat the firm would cease doing bust
ness, that he did not propose to go into
bankruptcy and mildly suggested that
any proceedings to force him to that
course would involve the publication
OF names and amount of dealings of
each creditor,
This circular is accepted as the clos
ING account by the creditors, and has
peen placed upon the loss side of the
pook, although Mr.. Aborn states that
he VIII use every effort to pay the last
collar of his Indebtedness.
MT jenkins states that he consid-
ereo II necessary for the creditors to.
receive the circulars before giving any
Information TO newspapers, hence his
S aeHial Oh Monday morning. The firm
mas Deen DONG as extensive a trading
pafucularly in margins, as any estab-
nshment between Boston and New
ork. 1t was a matter of agreement
between Mr.. Aborn and Haight, Freese
d Co. that the former should carry on
trading In margin balances while the
latter were to stand good for the pay
ment of all profits and the only rea-
sonable conclusion that can be deduced
from Mr. Aborn's inability to meet his
obligations is that the rumors of per-
sonaI ventures upon his own part were
true.
1t was rumored on the street that
several days prior to his suspension
Mr.. Aborn had been on the short side
of Tobacco. The general bull move
ment carried the stock up higher than
1t had ever reached, and it is more
than probable if these rumors We're
correct, that Mr. AbOrn was a very
heavy loser in the deal.
At the time of the suspension Mr.
Aborn's creditors We're informed that
they would be permitted to trade upon
the credits represented in his own in
debtedneSs to them, and since then
their operations have made up in the
main about the only business that was
transacted at his office. Cash customers
were few and far between, and it was
of course only a question of time when
the New York correspondents would
take the steps that they resolved upon
Saturday.
Mr.. Aborn now asks his creditors to
sign off for 81, promising to pay all of
them in full with interest, and as
matter of fact there seems to be but
little else for them to do. Mr. Aborns
accounts at the banks have been closed,
so that there is nothing that can be
recovered by creditors in that direc-
ton. If he has any real estate it is
not known to the assessors, and he is
only taxed for 5000 in personal proper
ty. He states that he has lost every
dollar that he possessed, and if this is
true no civil action in the courts would
produce any results.
Lawyers state that Mr.. Aborn can
not be charged with anything Grim
inal.
If the money had been paid to him
for a specific purpose, such as the pur-
chase of a certain number of shares of
a certain stock. and the stock had not
been bought nor the money returned
the broker could be held for embezzle-
ment. in the opinion of lawyers. So