Waterbury evening Democrat., 1889-07-31
THE SHOE FAILURE
Liabilities of the Datcheller
 Firm Placed at $1,250,C0O.
A SURPRISE FOR THE TRADE
fonr-ffths of the Indebtedness is to Bank.
 and Individuals.

Heavy Purchases of Leather and Tos
 Liberal Credit Smtd to Have Cau~ed the
 tr.sA-Expert. nt Work on the Hooks
 McKean & Appleton, of Salem, Alse
 Mako un Assignmcnt-How the Trade
 Affected.
 BosToN, July 3l.-The failure of E. & H Batcheller, tho large shoe firm, has caused { great deal of excitement in the trade, al though conservative loather men say they have been expecting the crash, as there has been some difficulty in placing the frmi paper.
 The assignees are Thos Proctor and R Batcheller.
 Mr. Proctor says: "The liabilities will be over one million and the assets will approxi- mate that amount Four-hf of the firm's indebtedness is to banks and individuals. The leather trade will not suffer as the firm paid cash for most of It's leather"
 F. & X. H. Batcheller are firm of long standing and arc rated by Brad streets, Al. That the failure was sur. prise may bo judged from the fact that s bank official is reported to have said that had he been offered paper of tho firm yes terday lie would have taken it withou, question.
 Mr. Batcheller of the firm states that the liabilities as near as now eau be nscertained will reach $l ,250 ,00O with nominal assets about the same figures.
 An expert accountant Is now going owe, the books and report will be mado as soon as possible.
 Tho firm has issued circular to its credi tors, saying:
 "We have made an assignment of all oul property and estate both partnership and individual, wherever situated, to Thomas E. Proctor and Robert Batchellor, for the benefit of our creditors. This assisnmen, provides for the distribution of our prop erty and estate, and the proceeds thereof in conformity with tho provisions of the Massachusetts law concerning insolven debtors.'
 Tho trustees have issued statement t( creditors saying that an account of stocl Is being taken and an export accountant 1! making an examination of the books of the | firm.
 The firms factory at North Brook11elt l gives employment to HOO hands, calling l for a weekly payroll of over $lo,0OO. Unti l recently it's production was mainly heavy | boots and shoes, but hghter styles hav largely taken their places. The product ha l alwaya enjoyed a high reputation for excel l once.
 | Tho firm was one of the ten firms o l Worcester County that had coates with the Knights of Labor in 1887, and tn struggle, which was very expensive, un 1 doubtedly contributed to the en barassmen of tho firm. Tho immediate cause of th trouble is large losses made by Mir. A. H l Batcheller, outside the business of the firm ! n in Nh tn 1ltn N the firms comnlercial paper on account o recent large failures In the leather trade. l In addition to largo losses by A. H. Bach 1 cller outside of tho business, another caus l of the failure Is understood to be that re cent largo failures In tho leather trade m the Lcwis Brother's failure, added to th ill-health of the senior partner. have mnd it dtficuit to obtain money on tho firm paper. Tho fact that the firms manufactu, ing business has been profitable makes likely that the business will be re-estah lished under sonae arrangement between the firm and their creditors prominent merchant said to-day: II d not believe that the failure will affect tn trade to any great extent. for they usuall paid cash. The assignment does not ind cate any trouble h tho shoe business, fort Is supposed that every concorn ln the bus ness is manufacturing as profit, and tn 1 statement that tho failure was due to out side speculation confirms this piew 0 affairs.n
 It Is believed that some of the heavies creditors are the Thomas E. Procto Leather Company, Hoyt Brothers, T. Schetzscha & Son, Walker, Oakley & Co. and Homer Brothers.
 The firm owns it's factory and machinery estimated to be worth over $20O, ,OOO, an also owns the Bachelley Hotel at Mort Brookfield. The firm carries nearly $l ,OOO 900 insurance on buildings, machinery an stock.
 A. H. Bacheller, head of the firm, Is director in the Manufacturers' Bank, Bos ton. His residence On Commonwealth avenue stands in hts wife's namo.
 An exact statement of assets and liabil
 ties is expected by the last of the week ! STANDING OF THE CLUBS.