A Big Failure

DIUVKX TO THE WALL. New York, Aug. 4. - Abraham Backer, of the dry-goods commission house of A. Backer & Co., No. 285 Broadway, a heavy dealer iu commercial paper, assigned Monday. His habilities are estimated at about 84,000,000, of whioh 2,500,000 are direct and 1,500,000 contingent. The principal creditore are banks in this and other cities. There are also some individual creditors. It is understood that over a third of the liabilities eonsists of notes indorsed by Mr. Backer, which will be taken care of by their makers, and Mr. Backer believes that if his assets are properly handled they will more than cover the remaining two thirds. His friende believe that the creditors will all be paid in full. Mr. Backer was very popular in financial and mercantile circles, had the confidence of banks and bankers in this city and elsewhere, was a director in city banks and in several southern banks. He had a mimber of bank accounts where he got his paper discounted. Mr. Backer's assignment, it is said, is principal) due to the condition of the monpy inarket, which made it very difficult for him to float the quantity of commercial paper which he g-enerally handled and also to the decline in certain southern railroad bonds in which he was a large holder. His trouble, it is stated, in relation to southern railroad bonds' was the result of his connection with the Macon Construction Company, of Macon, (a. The assi'ts. according to one who is familiar with Mr. Backer's afïairs, include about 81,500,000 of the bonds of the Georgia Southern fc Florida railroad and the Macon & Birmingham railroad, about 750,000 Alabama state bonds and a large amount of other securitics, a valuable mili plant at Glastonbury, Conn., and $150,000 to 8200,000 worth of real estáte in Nev York city. The trouble, he said, was entirely due to tight money and losses in connection with the Macon Construction Company and the decline in the securities of the southern railroads which he had invested in.