The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1886-12-05
BIG FAILURE.
The Firm of A. P. Martin &
Co., Boston, Goes Uuder.
CASE OF BURGLARY AND ARSON
Formation OF the Patriots league,
to COurte act the IEAutues OF
the Socialtsts-Eic.
Failure OF a Prominent Firm.

BO-roS, December 1.-The dfm Of A.
P Martin & Co., Boston. Las failed
The senior member OF the arin is Geu.
Augustus p Martin ex-Mayor OF Bos-
ton. who, during the war. commanded
4 Urigade Of light artillery. aud who is
one OF the most prominent business
men in New England The firm car
ried on a wholesale and commission
boot snd shoe business, and their
establishment and business was proba-
BIZ the most extensive OF its kind in
New England. The meaibers Of the
firm refuse 10 make any statement
as 70 their assets or liabiliG 5,
or the cause OF failure. The liablluies
Will not exceed 500 COZ, with assets
considerably less. The firm made the
assignment for the beneii, of the cred
itors, to Edward l.. fickard, Of the firm
OF y. w. Eic, & Co. The annli nee
meat vi the failure has created a great
sensation throughout the city. although
the assignment was made so late in the
day thar IL had TO effect upon general
business. After the failure became
known. General Ma.tin received mum
erOus oilers OF assistance from busi-
Fess friends. but declined them
al. SAYING he preferred turning
everything over to his creditors
withou reserve and have the bu in SIS
wound up. There has been cepres-
sion in the boot and shoe trade. for
over three years. he said, notwithstand-
ing which the firm kept its factories
running 10 their full capacity. prefer
ring 20 acc lmuiale it, presen o.mOus
stock rather than susps' q operations
aad curtail production by throwing a
large amount OF operatives cat Of en-
p oyment. During these three years
although business mad been carried on
az an actual loss, wages had been in
creased al various times, as demanded, ,
the firm entertaining the hope that the
revival Of trade would enable them
to recover from the effects of unproht-
able seasons. List spring the firm ha,l
q contract 10 furnish :, COZ eases Of shoes
10 a western house AT n certain price.
While the order was being hlied, the
Knights of Labor demanded a radical
advance in wages for tie operatives,
which, If granted, would compel the
firm TO ill the contract at = serious loss
On the other hand strike would cause
the firm 10 break its contract. The de-
mand was granted and the contract
filed. Since then the business has be-
come even more depressed, and the
| firm decided IL was better to stop
now than go on and become
more deeply involved. General Martin
says that the assets VIII pay tine Ci,I-
dend TO the creditors. bur. how IN .cn
be would not say. He depiUred tine
necessity for the assignment aud hoped
that the firm might be able to resume
busineSSYhen il could be carried on
without interference aud dictat:on.
The failure, he said, wolid not involve
any other firm. There was no dis
honesty OF any kind connected with it,
and /; was the result OF unreasonable de
mands by the employees aud continued
depressions in trad. The factories.
which had acapacity of producing 800
pairs of shoes per day, will be closed
at once. thus throwing out Of emplo' =
ment 700 persons. In busint SIS circles
the failure IS regarded as ominous. II
is known that depression has been
felt by the trade, and il is agreed that
If so wise and conservative a firm conld
not stand the pressure, the outlook for
others in the trade Is not encouraging.