The Democratic Leader

The Roach Assignment.
New York, July 18.—John Roach, the ship builder, who built the despatch boat Dolphin, and who has been doing business under the name of John Roach & Son, made an assignment to-day to George W. Quintard, of this city, and George L. Weed, of Stanford, Conn.
The assignor first directs that the wages and salaries of all employes be paid, and then he prefers Wm. Rowland, of New Brunswick, N. J., for money loaned, work and labor done, and material furnished, $62,217, for a part of which he holds four promissory notes made by Mr. Roach. A promissory note made by the assignor, bearing date of June 10, 1885, and payable in three months, for $20,000, which was discounted by the Mechanics and Traders bank, of Brooklyn, is also preferred. P. W. Golludgel & Co., for money loaned and advanced, are also preferred to the extent of $20,000, which was loaned about June 27, last, $10,000 July 2, and $10,000 on the 11th instant.
The assignment then directs the payment of all other debts and liabilities due or to become due, together with all interest on money due, including all lawful claims against Roach by W. R. Pitney, Thos. F. Rowland, James E. Ward, George W. Quintard and William Rowland for indemnity against expenses and liability incurred by them by reason of their having become securities and having executed bonds at the instance of the assignor and for his benefit upon certain contracts entered into by the assignor on or about the month of July, 1883, with the United States, represented by the secretary of the navy, for the construction of three steel cruisers, known respectively as the Boston, Atlanta and Chicago, and the dispatch boat Dolphin, and the lawful claims of the estate of Levi Kerr against the assignor by Kerr, now deceased, on certain of the bonds and contracts.
The assignment was the chief topic of conversation in the clubs and theatres to-night. Lightning out of a clear sky could not have been more unexpected than was the announcement of John Roach, who was considered one of the richest ship builders in the world, had failed. A club man whose knowledge of, and interest in public affairs has given him a wide acquaintance with the leading business men of the country, expressed himself thus while talking to a reporter:
"The announcement of the failure is indeed startling to me, as it undoubtedly will be to thousands of people, but if you stop and think a moment you will come to the same conclusion as myself, namely, it is nothing more than could be expected under the circumstances. Secretary Whitney's action in regard to the Dolphin was the entering wedge which has torn Roach from his financial moorings. The repeated trial trips of the Dolphin, the adverse decision of the examining board, and finally the decision of the attorney general that the contracts held by Roach authorizing him to build the four steel cruisers now nearly complete in his yard at Chester are null and void, were enough to ruin any man. Roach has expended in the construction of these four vessels $1,500,000 or $2,000,000. Now he has on his hands more $3,000,000 worth of iron clads which the government will not buy. Roach has undoubtedly made large loans on the strength of his contract with the government which he cannot now meet."
This evening Mr. Roach and his two sons, Garrett and Stephen, went to Flushing, L. I., where the family reside during the summer. Roach refused himself to callers but Garrett Roach said in his father's behalf. "Father has nothing to say.
His physical health is such that he is crushed beneath the blow which has fallen upon him. He will not see or talk with anyone. Of one thing you may rest assured, no one will ever lose a dollar by him, but in complications which have arisen in his business and the claim of the attorney general that there are no contracts for the building of these vessels, he has been compelled to place his property in the hands of trustees. Whatever may be the outcome of this trouble, you may rest assured justice will be meted to all whom my father is in any way indebted."