The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-13
Liabilities Scheduled at $f,150,90s
with Only S2J i'm Money to Di-
vide Among Creditors.
FINANCIAL CRASH RECALLED
FAILURE IN WHICH INDIANA CITIES
WERE MUCH INTERESTED.
Firm Did n Large Business i'm Bonds
and StOcks-BrOker Who In
tends to Pay Back $6OO,OOO.

NEW YORK, April 12.-William Z. Co..
fin. of this city, who was a former partner
in the banking house of Coffin & Stanton
which made a general assignment in 1894
fled a petition in bankruptcy in the United
States District Court to-day. He scheduled
his liabilities at 81, ,150907 and assets at s25,
which is cash in bank The secured claims
amount to 81 9s6,172 The debts are all old
ones, having been contracted by the firm
in it's usual transactions of banking house
prior to the assignment in 1894. Mr.. Cof
fin. the petitioner. is liable on all claims
named in the petition under the laws gov
erning partnership liabilities. In October.
1894. the house made general assignment
for the benefit of creditors TO Newman
Erb. Later. by an order of court, Thomas
p. Wicke was made receiver of all the
assets of the firm.
The petition names hundreds of creditors
whose claims range in amount from hun
dreds of thousands 10 a few dollars. The
largest of the creditors who held no Sc
curity are the city of Santa Cruz. $685., 900.
and the city of Ironwood, Mich, for
$4,000, these being due the
spective municipalities on contracts for
bonds purchased. The petition states that
payable to Russell Sage for $4,000. Many
of the creditors have long since placed
their claims in the form of judgments and
have realized a certain percentage on the
securities held by them.
The petition is filed by Mr.. Coffin through
his counsel. Boardman. Platt & soley. c. ].
Kingsley, of this firm, said to-day that the
liabilities were all from the Coffin & Stan-
Ifols ;&;o Io1
been contracted by William Edward Cof-
fin since then. Mr.. Kingsley explained
that is was simply an action on the part
of Mr.. Coffin to take advantage of the new
bankruptcy law and thus clear himself Of
the enormous liabilities from the defunct
firm. Mr. Coffin is now employed by Rob
erts & Co., bankers in this city.
Coffin & Stanton were bankers and pro-
moters, with offices at No. ~ Broadway.
On Oct. 6. 1893. Walter Stanton. the junior
member of the firm. applied to Judge La
combe, of the United States Circuit Court,
to have receiver appointed, with view
to winding up the firms affairs. At that
time it was alleged that Mr.. Stanton's dis
satisfaction with Mr.. Coffin's management
of the business of the firm brought about
this movement. The real and immediate
cause, however, or the tallure OF the nrm
was said to have been the refusal of the
bank of the Manhattan Company 10 extend
further credit to the banking house AS a
result of the application, and after the as
signment, Judge Lacombe appointed New
man Erb receiver, succeeding Thomas p.
Wicke The firm, it was said. was in the
habit of making loans with Western and
New England banks by putting up as par
tial security first-class bonds and stocks
and hypothecatng as balance of security
bonds and stocks Of companies the firm
had promoted and were practically un-
marketable. In furthering their numerous
plans the partners became practically the
fiscal agents for a number of Western
cities. such as Duluth, Mimi, Des Moines
Ia. Hastings ard Nebraska City, Neb,
Muncie, Ind, Seattle, Wash, and many
others.
AT the time the application of Mr.. STAN
ton was made the liabilities of the firm
were placed at sS,6OO,OOO. with assets suffi-
cient Ito pay the debts of the firm if judi
ciously managed