The Birmingham age-herald., 1908-01-16
SELMA FIRM GOES
 INTO BANKRUPTCY
Old Cotton Factors Fail for
 Sum of $25O,OOO
COTTON ACCOUNTS GOOD
Business of the Bankrupt Merchants Extends Into Several Counties. Other Firms and indvld-
 uaIs Lose Heavily.

Selma, January 15.--(Special) )-Another serious business disaster is recorded to- day for Selma, the third within the past 63 days. Two of the three have been of large magnitude, the other aggregating about $l5,OO0
 This morning R. H. Mabry, as receiver. appointed by Judge Toulmin of the United States court, took charge of the affairs of the firm of N. Waller & Co.,. doing a large advancing. cotton brokerage and insurance business. Shortly before the telegram was received Hon. H. S. D. Nal lory, acting for Benish & Meyer, the Schwarz Commission company and Mrs Carrie Hull petitioners, secured an order rom the judge throwing the firm into vol untary bankruptcy. The amounts due by the firm to these three were merely nonli- nal compared with the large amount of liabilities which will be shown when the schedule is filed. To Benish & Never S11 .45 was owed to Mrs. Hull, $67O was owed. and to the Schwarz Commission company. SS4 was owed
 All day yesterday the report was abroad that N. Waller & Co were In distress. MT. Mallory left at 4:25 D. m. for Mo 1 bile and had the Southern train not been a half hour late the papers would likely have been filed last night To the sur rounding country, where extensive bus- ness was done by the firm, the news flew yesterday by noon, and last nights and this mornings trains brought possibly 100 merchants to the city for the purpose of protecting their interests The larger part of the business done by the firm was in Wilcox, Bibb and Chiffon counties. From these merchants and from other sources Is made up approximately the amount of liabilities of the concern, and the most conservative estimate places the figures at s25o,0o0
 To one individual, a prominent capital
 ist of Bbb county residing at Ran dolph, the firm is due s42 900 according to
 his own statement. To another concern
 in Randolph Is due ssooO.
 Cotton Accounts Covered. | As disastrous as is the failure of this | firm, established since 1S73 there is ap- parently grain of comfort in the fact 1 that the large number of cotton accounts are in the main provided for. It is stated that before the crash came every nerve was strained and every available asset | Including all personal effects, were real
 ized upon to cover these accounts. l No statement has been given out by | MT. Waller or any one connected with the
 firm today. but 1t is known that several
 merchants and farmers who had cotton 1 purely on consignment with the firm have 1 been given their cotton receipts today and | yesterday. One firm just over the line in Wilcox county, on the Southern rail- way, secured receipts for 200 bales of cot ton. Another firm at Stafford, who had sent the now bankrupt concern 65 bales of cotton, was returned four receipts to- day, the remainder of the cotton having been sold.
 Far-Reaching Effect. The disaster has far-reaching effect in that it extends not only to the mer- chants in the country places, but through them to their customers, many of whom had been promised advances for the crop year just beginning upon arrangements made with N Waller & Go. Again, there are country merchants who have sent lots l of from four to six bales of cotton to | N. Waller x Co. that was consigned to | them It Is not thought there will be a l great deal of trouble over these ac- | counts, however but there is plenty of l anxiety.
 Firm an Old One. NThe firm was established by N. Waller. grandfather of the present head of the concern the latter succeeding his father, G. L. Waller. The cause of the disaster is undoubtedly the inability of the firm to realize on the securities held. The f1nan- cialy panic crippled theim more than month ago. and the end came e,pday Wlth a crash that has stirred commerGlai CIT cles to the very depths.
 Selma Unfortunate.
 Within 10 months four crashes in com mercial circles have come to Selma and confidence in the stability of many insti- tutions has, of course, been shaken Two of the failures were wholesale grocers one a retail grocery concern and the last N. Waller & Co., Three of the four have occurred since November IA, 1907 and the l uneasiness felt is perfectly natural How ever, this people have weathered many a gale and many reverses, and they will push on, picking up the threads where they were left off.
 Liabilities and Assets.
 The assets. which can be converted into | money are put at about $150,000 by the | conservative estimators. These figures | are little more than guesses however. as | are the figures for the liabilities. It is | certain however. that the liabilities are | not less than s250,c00 and the assets not | more than s200,000.