The daily morning journal and courier., 1906-10-11
FORCED 10 THE WALL
 BY RESPONDING AGENT
CEBALLOs & co, OF NEW YORK AND HAVANA MAKE AS-
 SIGNMENT.

Liabilities Between Three and Four
 Million DoIIars-DefaIcatiOn Said to
 Amount to Million--Firm Estab-
 lished Fifty Years Ago md Has
 Large Interests in Cuba Chiefly fin
 Development of Railroads and Sugar
 Plantations.
 New York. Oct. 1O.-The assignment of J. M. Caballos & Co.,, bankers and merchants, with liabilities at between $3,OOO,OOO and $4,0O0,OOO was announced to-day in a statement by the law firm of Sullivan & Cromwell The state ment declares that the failure was due to the dedication and abscondlng of Mamnel Siiveira of silveira & Co.,, Ha- vana, agents of the New York com- pany Silveira's defaication is alleged to amount to about $1,OO0,0O0 He sail ed from Havana on October 2 ostensl- bly, for New York city to consult with the members of the firm of J. M. Ce- ballos & Go. Counsel for the assignee said to-day that Silveira left on his own steamer, the Cermelina, for parts unknown, accompanied by his wife and children, and that every effort was be- ing made to locate him.
 The members of the firm of J. M. Ce- ballos & Co. are J. M, Ceballos, John s. Fiske and Anderson c. Wilson
 The assignee is William V. Rowe, of the law firm of Sullivan & Cromwell of this city. MT. Rowe said to-day that the assets of the firm were of very substantial character but from a nasty examination it was manifest that they would require careful husbanding. Ac- countants are now at work on the books of the company. It was stated unofficially that there was ground to hope that the assets would be sufficient to cover the losses of the firm and that it would be enabled to resume busi- ness
 J. M. Ceballos & Go. was established about fifty years ago and has large irl- terests in Cuba, chiefly in the develop ment of railroads and sugar planta- tions It operates a line of steamers between New York and Spanish ports and has connections in Spain, Euro pean centers and spanish-American cities.
 The following statement was given out by Sullivan & Cromwell annonnc- ing the assignment:
 ''Messrs. JIM. Ceballos & Co, bank CTS of New York and Havana, have tc> day made general assignment for the benefit of their credits to William ". Rowe, of the law firm of Sullivan & Cromwell, as counsel to the assignee. The suspension is stated by the firm to be due to the dedication of Manuel Silveira of Silveira X Co.,. bankers and merchants of Havana, who for several years have represented the business of Ceballos & Co. His deficiency amounts to nearly a million dollars in money and other property,
 "Silveira departed from Havana on Tuesday, the second inst, in one of his own steamers named the Carmelina, with New York as his ostensible des- tination. In local publications he am n0unced his intention of going to New York for a vacation of several months, and in letters and cables to MT. Ca ballos he declared his purpose of com Ing to New York personally to present his accounts to the firm, and deliver the balance in hand. He was expected in due course to reach New York on Monday of this week, but failed to ap- pear, and it has just developed by ca bles from Havana that, instead of de- parting for New York he left on his own ship for parts unknown, accompa- nied by his wife and children. Every effort is being made to locate the ab- sconder.
 'PSilveira Ss Co. were one of the larg- est and best known firms in Havana; were the largest importers of cattle in Cuba, and were reputed especially to have made q large fortune immediate ly after the war"
 MT. Rowe, the assignee, immediately took charge of the business. William Nelson Cromwell counsel for the as- signee said
 ''Messrs. Ceballos & Co.,, having no premonition of this conduct of their agent and confronted with this large loss, and the deprivation of their cur rent resources, I have, in this emer- gency, deemed it just to all having re- lations with them that they should make a general assignment with pref erences, in order to insure equality to all, and opportunity of examination of their affairs in connection with these unexpected and amazing developments. Under the extraordinary conditions mentioned, and the suddenness of the disaster which has fallen upon the firm of Ceballos & Co.,, it is impracticable at the moment to make an intelligent statement of their assets and liabili- ties. In general way the liabilities arc between three and four million dol