Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-05
A BREAK AT BOSTON.
A Big Shoe Firm Forced to Make an
Assignment.

A Big Shoe Firm Forced to Make an
Assignment.
BOSTON, Dec. 4.-The firm OF A. P.
Martin & Co. has failed. The senior
member of the firm is Gen. Augustus Z .
Martin, ex-Mayor, who during the war
commanded brigade of light artillery
and who is one of the most prominent
business men in New England. The firm
carried on wholesale and commission
boot and shoe business at No. IA High
street, and their establishment and bust
ness was probably the most extensive of
it's kind in New England. In addition to
Its wholesale and commission business
the firm operated large boot and shoe
mandatory at Hudson, Mass. The
members of the firm refuse to make any
statement as to their liabilities.
100000 IN LIABILITIES.
The liabilities will not exceed $500, 900
and the assets are considerably less. The
firm made an assignment for the benefit
of their creditors to Edward l.. Picard. of
the firm Of N. W. Rice & Co. The an
nOuncement of the failure created great
sensation throughout the city, although
the assignment was made so late in the
day that it had no effect upoG General bus
mess. On all sides were heard express
siOns of astonisbmeni among bus
mess men. The firm practically stood
at the head of the business houses
in the city. and enjoyed unlimited credit.
After the failure mad become kaown Gen.
Martin received numerous offers of assist
ance from business friends, but declined
them all, saying he preferred turning
everything over to the creditors without
reserve and have the business wound up.
Gen. Martin feels bis position very keenly
and is nearly pIOstTated.
RUINED BY KNIGHTS.
In an interview tonight he stated that
the primary cause of the failure was the
demand of the employees In the factories
at Hudson, of which the firm operated
| three, one employing 800 hands and the
| others 100 hands each. The employees are
members of the Knights of Labor, and
| had demanded more wages than the firm
could afford to pay. There had been de-
| preston in the boot and shoe trade for
over three years, he said, notwithstand-
| ing which the firm had kept its factories
| running to their iull capacity, preferring
| to accumulate lts present enormous
stock rather than to suspend operations
and curtail the production by throwing
| a large number of operatives out of en-
| ployment. During these three years, al
| though the business had been carried on
| at an actual loss, wages had been in-
creased at various times as demanded,
| the firm entertaining hope that revival
| in trade would enable them to recover
| from the effects OF improbable seasons.
| Last spring the firm had a con-
tract to furnish 5000 cases
OF shoes to Western house
at certain price. While the order was
| being filed the knights of Labor de-
manded radical advance in wages for
| the operatives, which if granted would
compel the firm to I'LL the contract at a
| serious loss. On the other hand the strike
would cause the firm TO break It's con-
tract. The demand was granted and
the contract was filed. Since then
! business has become even more de-
] pressed, and the firm decided that 1T
was better to stop now than to go on and
become more deeply involved. Gen.
Martin says that the assets will pay a
| dividend 10 the creditors but how much
| be would not say, preferrlng to make his
| statement first TO he creditors them
selves. He deplOred the necessity for the
| assignment and hoped they might be able
| to resume business when il could be car
| ried on without outside interference and
dictation. 1t could not be carried on
otherwise.
NO OTHER FIRM INVOLVED.
The failure, he SAID, would not involve
any other firm. His house had done a
cash business and neither mad any amount
of paper, nor was there any Endorsed by
the firm outstanding. 1t was pure and
simple failure. There was no dishonesty
OF any kind connected with ii and it was
the result OF unreasonable demands by
employees and continued depression in
the trade. The factories, which had
capacity OF production of 1900
pairs of shoes per day, will be closed at
once, thus causing loss OF employment
TO some 700 persons. In business circles
the failure is regarded as Ominous. 1t is
known tina, the depression has been seri-
| ousiy felt by the trade. and 1t rs argued
that il so wise and conservative firm
could not stand the pressure the outlook
for the rest of the trade is not encouraging.
GEN. MARTINS RECORD.
Gen. Martin served throughout the war
with great distinction, winning many
laurels as commander OF a brigade OF
light artillery. He went INTO the shoe
manufacturing business after the close OF
the war and In 1870 became senior mem.
Der OF the firm Of Martin & skinner. A
few years later the firm OF Martin, Skin
ner " Fay was formed, and subse-
/ quently that OF A. =. Martin Il Co. Two
years ago Gen. Martin was a successful
| Republican candidate for Mayor, be.
| ing defeated in the next election
by the present incumbent, Mayor o. Brien.
Gen. Martin personally is universally
respected, and his failure Is universally
deplored. He Is one OF the most widely
known business men in New England
| and occupies a number Of positions as
trustee or director of various local
J charffn hta nd ofnar fuatffutfnua