The times. [volume] (Richmond, Va.) 1890-1903, 1902-11-07
S(YINPATHY0NlY FOR
Leon S'TRA |.
His Sudden Bankruptcy Generally
Discussed Yesterday.
The BANKS ARE ALL SAFE
American, the Greatest Loser Here, VIII
Stand the Strain All Right; Others
viii Scarcely Fee; it-Result of
Accidental Turn of Things.

IN tobacco circles yesterday the sole
topic of conversation was the surprising
announcement of the failure OF Mr. Leon
L. Strause the well known exporter, who.
has long occupied prominent position
is the trade In other business circles, also,
the matter was fruitful theme for discus
sion, and many were the opinions ven
tured as to the cause for the disaster
and the effects of it on the different
concerns with which the bankrupt was
more or less prominently connected
At the same time the liveliest regret is
expressed by the many friends of Mr.
Strause at the catastrophe which over
took him at time when, to the out
side. his business affairs appeared in q
.rourishing condition. The announce
1rent came like a bolt from a clear sky
and took all by surprise. While no ex-
element appears to have been created
in any quarter, even among the creditors.
the shock was none the less distinctly felt.
Quite a stir was created on the tobacco
market where everyone had a word to
say in connection with the matter
PLANS FOR THE FUTURE.
What Mr.. Strause's plans for the future
are it is impossible now to say. Several
efforts were made yesterday to reach him,
but without effect, and 1t IS hardly pos
sbIe tina he would atrhls time have any
statement to make. t is generally felt,
zhowever. that he will weather the storm
and regain his feet after a little. With
wealthy and influential friends and rela-
tivcs behind him, it can hardly be doubt
ed that he will be able to appear on
deck again.
Likewise. it is Impossible to get any
definite statement concerning the PROB
able causes of the failure Among the
tobacco men many are utterly at q loss
to understand how it happened. Mr.:
Strause appeared to be getting along ex-
cellently WELL and there was no warning
Of the coming crash. Shrnke.se of stocks
may have been the cause. though that It
is can only be given as the opinion &ot
outsiders. Ono thing certainly helped to
bring about the failure. About two weeks
aG., the Seaboard Knitting Mills, a t Ileli-
der son, N. c.. were placed in the hands OF
= receiver Mr.. Strause is said - have
had about $4,000 in this concern. This IS
believed to have brought the creditors of
Mr.. Strause down on him, and he was
thus forced to the wall.
RECEIVERS QUALIFY.
While#the discussion of the situation IS
proceeding. the affairs of Mr.. Strausa are
being wound up with al possible eNpe-
d1tion. Mr. Henry S. Hutzler and Mr..
IA NJ Cannon qualified yesterday as re-
ceivers and at once got to Work For the
present the only basis upon which, they
can operate are the figures furnished he
court. They will probably submit a re-
port within a few days. On the 18th OF
the present month a meetins@of the cred
itors will be held in the office of Mr..
Robert II. Talley. referee in Jankrllptcy,
when a trustee will be appointed to take
the place of the receivers
1t is learned upon excellent authority
that the assets of Mr.. Strause will be
found to be not more than 100000 and
probably under $4,000. They We're sched-
uied at S455,543.9 go and the liabiAles at
s3cG 500 95 At SIC. 900 the assets Swou,tiS give
tie creditors a fraction over twenty-three
per cent.
SO farsas &can6be judged, the chiefly no.
stioeable effect here Of the failure VIII
be the stoppage of work on the building
being erected at Sixth and Main Streets
by the Richmond Realty and Development
Company Mr. Strause was president of
This concern and owned $50 shares of the
stock. The interruption to the work here,
however is expected to be only temporary
Others behind the company will in all
probability put up sufficient money and
carry on the business.
WILL Not AFFECT THE BANKS.
1t was stated at the American National
Bank yesterday evening that the failure
would not affect that institution. 1.
would weather the loss. if there We're any.
and the people had confidence in 1t and
were not Withdrawing their money. This
bank was much the heaviest loser. The
First National and Planters banks are
creditors of Mr.. Strause to the amount
of nearly 10000 each, but several times
that sum would not affect these insti-
tutons. which are as strong as any in
the entire land. No greater embarrass-
ment anywhere is expected from the
bankruptcy of Mr.. Strause.
Kaiser Visits Uncle Edward.
tBy Associated Press.l