The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-10-11
new YORK FIRM
GOES TO WALL
J. NJ. CebaIIoS & Co. Make As
SIgnment With Enormous
Liabilities.
FAILURE CAUSED BY CUBAN
STATEMENT GIVEN OUT BY CoUN.
Sci.

New York, Oct. 10.-The assignment
of j. NJ. Ceballos & Co, bankers and
merchants, with Liabilities between So
100000 and $4,000. 900, was announced to-
day in statement which declared that
the failure was due to the defalcation
and absconding of Manuel Silveira of
Sllveira & Co, Havana Silveira's
defalcation is alleged to amount to
about $1,000, 600. He sailed from Ha-
vana on Oct. 2, Ostensibly for New York
CITY to consult with the members of
d. M Ceballos &c Co., but has not
reached this city. Counsel for the as
signee said today that Silveira has left
on his own steamer, the Carmelina, for
parts unknown, accompanied by his
Wl1e ana children, and that every eff
fort was being made to locate him.
The members of the firm of ]. NJ.
Ceballos & Co. are ]. NJ. Ceballos John
5. Fiske and Anderson G. Wilson.
Firm May Be Saved.
The assignee is William ". Rowe of
the law firm of Sullivan & Cromwell
of this city. Mr.. Rowe said today that
the assets Of the firm were of q very
substantial character, but from hasty
examination II was manifest that they
would require careful outstanding Ac-
countants are now at work on the
books of the company. 1t was stated
unofficially that there was ground to
hope that the assets would be sufficient
to cover the losses of the firm and that
il would be enabled to resume business
j. M Ceballos & Co. was established
about fifty years ago. and has large in
terests in Cuba, chiefly in the develop
ment of railroads and sugar planta-
tons. 1t operates a line of steamers
between New York and Spanish ports
and has connections in
pean and Spanish American cities.
Statement of Counsel.
The following statement was given
out by Sullivan & Cromwell announce
ing the assignment:
''Messrs. ]. NJ. Ceballos & Co, bank
ers of New York and Havana have to-
day made a general assignment for the
benefit of their creditors to William V.
Rowe, of the law firm of Sullivan &
Cromwell, with WilliaW Nelson Crom-
well as counsel to the assignee. The
suspension is stated by the firm to be
due to the defalcation of Manuel Sill
veira of Silveira e. Co. bankers and
merchants of Havana. who for several
years have represented the business of
Ceballos & Co. His deficiency amounts
to nearly $1,000000 i'm money and other
property.
DefauIter Disappears.
"Silveira departed from Havana on
Tuesday. the Cd instant. in one of his
own steamers named the Carmelna
with New York as his ostensible des-
tinatiOn. In local publica tons he an
nounced his intention of going to New
York for a vacation of several months,
and in letters and cables to Mr.. Cebal-
los he declared his purpose of coming
TO New York to personally present his
accounts TO the firm and deliver the
balances in hand. He was expected in
due course. to reach New York on
day of this week. but failed 10 appear
and it has just developed by cable from
Havana that instead of departing for
New York he had left on his own ship
Tor parts unknown, accompanied by his
ife and children. Every effort is be
ing made to locate the absconder
''Silveira & 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 a large fortune Immediate
~ after the war"
Mr.. Rowe, the assignee. Immediately
took charge of the business.
Has Many Interests.
Juan NJ Ceballos, the senior member
of the firm, is connected as president
vice president or direct with the fol-
lowing companies: Cardenas City
Waterworks company. Commercial In
vestment company of Porto Rico, Cour-
tin & Golden company, development
company of Cuba; Horn Silver Mining
company, India: Wharf Brewing COM
pany, International Banking corpora
ton, Iron Steamboat company, oil
fields of Mexico company, Porto Rico
Telephone company, New York & Porto
Rico Steamship company, Rosario Su-
gar company, st. Nicholas Skating &
Ice company, Silveira Sugar company,
Tacon Realty company, United States
& Porto Rico Navigation company and
Universal Motor Car company.
Fiske Well Fixed.
John S Fiske. partner in the firm of
]. NJ. Ceballos & Co, is connected with
the following companies: Cardenas
City Waterworks company, CONNER
cial Investment company of Porto
Rico, Development Company of Cuba,
Fiske Fruit company of Cuba, John d.
Gordan company, Jucaro Realty COM
pany, Manchester Citrus Groves. New
York & Porto Rico Steamship compa-
ny. Newfoundland Syndicate, Porto
Rico Telephone company. Seville Pack
ing company of New York, Silveira
Sugar company. United States e. Porto
Rico Navigation company. Universal
Motor Car company, Varona Land &
Investment company. Courtin & Golden
company.
Anderson G. Wilson, partner of the
firm of ]. NJ CeballOs q Co. is associ-
eted with the following companies: In
dia Wharf Brewing company Monu-
mental Trading company, Seville Pack
ing company.