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NEW YORK FIRM GOES TO WALL J. M. Ceballos & Co. Make Assignment With Enormous Liabilities. FAILURE CAUSED BY CUBAN STAEMENT GIVEN OUT BY COUN. SEL. New York, Oct. 10.-The assignment of J. M. Ceballos & Co., bankers and merchants, with liabilities between $3.000.000 and $4,000,000. was announced today in a statement which declared that the failure was due to the defalcation and absconding of Manuel Silveira of Silveira & Co., Havana. Silveira's defalcation is alleged to amount to about $1,000,000. He sailed from Havana on Oct. ostensibly for New York City to consult with the members of J. M. Ceballos & Co., but has not reached this city. Counsel for the assignee said today that Silveira has left on his own steamer, the Carmelina, for parts unknown, accompanied by his wife and children, and that every effort was being made to locate him. The members of the firm of J. M. Ceballos & Co. are J. M. Ceballos, John S. Fiske and Anderson C. Wilson. Firm May Be Saved. The assignee is William V. Rowe of the law firm of Sullivan & Cromwell of this city. Mr. Rowe said today that the assets of the firm were of a very substantial character, but from a hasty examination it was manifest that they would require careful husbanding. Accountants are now at work on the books of the company. It was stated unofficially that there was ground to hope that the assets would be sufficient to cover the losses of the firm and that it would be enabled to resume business. J. M. Ceballos & Co. was established about fifty years ago. and has large interests in Cuba, chiefly in the development of railroads and sugar plantations. It operates a line of steamers between New York and Spanish ports, and has connections in Spain, European and Spanish American cities. Statement of Counsel. The following statement was given out by Sullivan & Cromwell announcing the assignment: "Messrs. J. M. Ceballos & Co., bankers of New York and Havana, have today made a general assignment for the benefit of their creditors to William V. Rowe, of the law firm of Sullivan & Cromwell, with William Nelson Cromwell as counsel to the assignee. The suspension is stated by the firm to be due to the defalcation of Manuel Silveira of Silveira & Co., bankers and merchants of Havana, who for several years have represented the business of Ceballos & Co. His deficiency amounts to nearly $1,000,000 in money and other property. Defaulter Disappears. "Silveira departed from Havana on Tuesday. the 2d instant, in one of his own steamers named the Carmelina, with New York as his ostensible destination. In local publications he announced his intention of going to New York for a vacation of several months, and in letters and cables to Mr. Ceballos he declared his purpose of coming to New York to personally present this accounts to the firm and deliver the balances in hand. He was expected in a due course, to reach New York on day of this week. but failed to appear, and it has just developed by cable from Havana that instead of departing for New York he had left on his own ship for parts unknown, accompanied by his ife and children. Every effort is being made to locate the absconder. 'Silveira & Co. were one of the largest and best known firms in Havana: were the largest importers of cattle in Cuba, and were reputed especially to have made a large fortune immediately after the war." Mr. Rowe, the assignee. immediately took charge of the business. Has Many Interests. Juan M. Ceballos, the senior member of the firm, is connected as president, vice president or direct with the following companies: Cardenas City Waterworks company of vestment company Porto Commercial Rico, Cour- Intin & Golden company, development company of Cuba; Horn Silver company, India: Wharf Brewing Mining company, International Banking corporation, Iron Steamboat company, oil fields of Mexico Porto Rico York & Telephone company, company, New Porto Rico Steamship company, Rosario Sugar company, St. Nicholas Skating is 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 & Co., is J. M. Ceballos connected with the following companies: Cardenas City Waterworks company, Commercial Investment of of Rico, Fiske Development Fruit company Company Cuba. Porto company of Cuba, John D. Gordan company, Jucaro Realty pany, York Manchester Porto Rico Citrus Steamshin Groves, com- New & company, Newfoundland Syndicate, Porto Rico Telephone company. Seville Packing company of New York, Silveira Sugar company United States & Porto Rico Navigation company, Universal Motor Car company, Varona Land & Investment company, Courtin & Golden company. Anderson C. Wilson, partner of the firm of J. M. Ceballos & Co., is associated dia Wharf with the Brewing following company, companies: Monu- Inmental Trading company, Seville Packing company.