The midland journal., 1906-08-17
HARTFORD COUNTY GAMER FAILS
j. Finney Wells Involved In Canned
Goods Deal-Mdny Packers are
Heavy Losers BY Failure OF
T0rn Cnorr,Iaf;0n

| HcdNy LOSOI > Dy FoHuIO vi
Tomato Speculation.
John Finney Wells of Hartford
county has made an assignment for
the benefit of his creditors and his
trustees have given bond in the
sum of $4,000.
Mr.. Wells is treasurer of the
county and also one of many can,
ners who are heavily involved by
reason of the recent slump in toma-
toes and the failure of the syndi-
cate managed by Smith, Rouse &
Webster of Bel Air. 1t is under
stood that between so and 80 pack
ers in the county are heavily in.
volved.
Incidental to the drop in the
price of tomatoes and the failure of
the syndicate to market the goods
at a profit, says the Baltimore
News, a number of Hartford county
packers who placed their goods in
the syndicate's hands now find
themselves heavily indebted to
banks on notes given for advances
made during the packing season,
with the money to pay which notes
locked up in tomatoes which are in
the hands of the bankers canned
goods committee. This committee
has taken over all the tomatoes
which had been carried for the
syndicate by Messrs. Smith, Rouse
& Webster. The committee has
established a selling agency in Bal
timore and is now disposing of the
goods as rapidly as the market will
absorb them.
A portion of the packers notes
are held by the Hartford county
banks, but by far the greater part
of these obligations are in the
hands of banks outside of Hartford
county, Baltimore city and else
where. A great number of the
banks which hold packers notes,
in view of the manifest inability of
the packers to meet their obligation
in full if pressed at this time, have
selected a committee, known as the
packers creditors committee, to
take charge of the settlement of
these notes. The committee con-
sists of Mr.. James D. Ferguson.
president Of the First National
Bank Of Baltimore, Mr.. Edward
FL. Thomson, president of the Mary,
land National Bank of Baltimore,
Mr.. James r. Wheeler, president
of the Commonwealth Bank of
Baltimore, Mr.. VIM. Fl. Harlan of
Bel Air, Mr.. Richard Dallam of
Bel Air. Mr.. Edwin Fl. Thomson
is secretary and treasurer.
1t is understood that about three
fourths of all the claims against
packers held by banks have already
been placed in the hands OF the
committee, ard the other holders
of packers notes are expected to
co operate. 1t is the plan of this
committee as the holder of large
majority of the claims against pack
ers to be able TO grant to packers
such extensions and terms of settle.
ment as will enable the latter much
more nearly to meet their obligations
than if immediate settlement were
demanded. Through the assistance
of this committee many of these
packers have been able to arrange
for conducting their canning opera
tions of this season, and arrange
ments which would have been i'm
possible but for the assurances
given by the committee that i'm.
mediate settlement of obligation
would not be demanded, but that
every opportunity would be given
to packers to operate their factories
without interference.
1t is understood to be the policy
of this committee, iI cases where
packers are and will be wholly un-
able to meet their obligations in
full, so to scale down the indebted
ness and grant such extensions as
will render it wholly unnecessary
for packers to make assignments.
This plan of cooperation between
the holders of packers notes has
been devised for the purpose of
working to the mutual advantages
of the holders and the packers. 1t
is believed that this plan, if carried
out, will prove to be valuable aid
towards the solution of difficult
problems. These notes are falling
due every day now, having been
discounted in Baltimore and in
many of the county banks in the
State, in Virginia, in the banks at
Greencastle, Pa, Delta, Pa, and
| in Soma Of tho ha anES in TonnncSao