The Donaldsonville chief., 1908-01-04
The Wreckers Wrecked.

The sens atf0nai UfgDb Ol w A41AdAh
Adler and Moses Schwartz from Ne"
Orleans because of the financial and
business complications in which they
b ad become involved has had stlll
more sens atfonal climax. The steam
ship Alps in which they surrep-
titfousIy sailed away from home and
friends with s26, ,o00 cargo OF grecer
les and provisions that should have
formed part OF the assets to which the
Adler creditors are entitled, struck
reef in Glover's Inlet, about htty
miles from Puerto Cortez, Spanish
Honduras, for which port the vessel
had cleared, and steamship and cargo
became total loss. No lives were
sacrificed, however, everybody on
board reaching the adjacent port OF
Belize in safety. The Alps carried no
passengers except the two abscondlng
Hnanciers and MIR. Adler's son, lrV-
ing Adler, in whose name the cargo
had been insured for S26, 600 through
well-known New Orleans agency. Mr..
Schwartz Is said to be on his way
back home and due to reach there
Monday, but it is believed that Mr..
Adler intends to remain in Central
America to. give personal atten-
tion to productive gold mines he owns
there and make determined effort to
retrieve his fallen business fortunes.
1t is due to Messrs. Adler and
Schwartz to say that neither seems to
have been guilty of any absolutely
criminal act in legal sense what
ever may be said of their conduct
from q moral point of view, and
that their difficulties appear to
have resulted from unfortunate in
vestments and shrinkage of values
such as are apt to be encountered by
investors and spectators everywhere.
Unless future developments bring to
light crooked transactions of which
the public has no present information,
one of the severest criticisms to which
Mr.. Adler will be subject Is that he
ran away from misfortune instead of
facing it like man, and deprived
those affected by his financial failure
of his personal presence and aid in
strengthening out his affairs and max
ing all possible saving from the
wreck.
It transpires also that the steamship
Alps was the personal property OF Mr..
Adler, and that Mr.. Schwartz was not
her principal owner as stated in these
columns last week.
There is some probability that the
State National Bank, OF which Mr..
Adler was president up to q day or
two before he took French leave, may
be reorganized and continue In bust.
ness instead Of going into liquid alton.
The new president, Chas. Il. Culbert-
son, stands high in business and f.
nancial circles, as do all or nearly all
the directors of the institution,
snd it is thought their combined
iGhuence could put the institu-
tion on its feet and gradually
secure restoration of the public con-
fdence that has been temporarily
shaken by the Adler incident, The
bank was established in 1918 and is
therefore one of the Oldest in the city.
1t has always maintained an enviable
reputation heretofore, and 1t seems a
pity that such an institution should be
permitted to go out Of existence under
a cloud that might be soon dispelled
by proper effort.
The Adler wholesale grocery and
Schwartz foundry have been placed in
the hands of receivers, and under ex-
perienced and competent management
1t is hoped to minimize the losses with
which the creditors of both concerns
are threatened.