Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-07-31
SHOE HOUSES FAIL.
ONE IN BOSTON AND ANOTHER IN
SALEM, MASS.
Liabilities Estimated at More than One
and Half Million OF Dollars
Great Surprise.
tBy telegraph 70 tho Disrstch.


n Co.. among the largest boot and shoe
houses in Boston. doing business at l06
Summer street, have assigned. Nothing DEN
mite as 10 the extent Of the liabilities, etc.
can be learned At present. A statement Is
10 be prepared and given out. IL is ex-
pected this afternoon.
Mr.. Bachelor, of the firm. states that
the liabilities AZ near can now be ascertain
ed will reach ~ $50 900. with nominal a.
sets about the same figure. An expert ac-
countaut is now going over the books. and
a report will be made 10 the creditors as
soon as possible. The assignees are Thomas
T.. Proctor, Of Boston, and X. Bachelor,
Of North BrOOkfeld. The leather trade
will not suffer, as the firm paid cash for
most Of lbs leather. The firm IL one Of long
standing and was rated by Bradstreets % G.
A." The failure creates great surprise.
The assignees IN a circular 20 the credl-
tors state that considerable OF the indebt-
eduess Is held bv the firms commercial
paper, whose names are unknown 20 the
debtors, and request all the creditors 10 a1
once send statements Of their claims to
them ~ the Office Of the firm.
The firm was established IN North Brook
field in 1919 by Tyler Bachelor. and later
became L. q T.. Bachelor il Co.. and r.
NAMED 80 until the breaking out of the
war in 1861. The business was reOrgdnlZed
under the frm-name of l.. and \. ILL.,.
Bat hellor q Co., which paid up the debts
Of the failed concern, principal and inter-
est. The factory AZ North BrOOkheld -
one Of the largest and best equipped IN
the country, and gives employment 10
! 100 people, calling for the weekly payroll
Of over 100000 This is the only industry
in the town. The firm was one OF the ten
firms in Worcester county that had long
contest with the Knights Of Labor IN 1881,
lasting some nine months. This struggle
resulted in the success Of the manuiac-
turers, but was very expensive. and doubt
less contributed largely TO the present
embarrassment. The immediate causes
Of failure are the large loans made by
A. II. Bachelor outside of the busl-
ness. and the fact that the recent urge
failures IN the leather trade, followed by
Lewis Brothers X Co.'s failure. added 70
the i'll health Of the senior partner Of the
firm. has made il difficult 20 obtain money
on the firms commercial paper. The
manufacturing business Of the firm has
been profitable. and this fact renders 10
probable the business viii he rCestabhShcd
under an arrangement with tine crcditors.
II is undoubtedly true that the mauuiac-
| turing business of the firm has been pro-
ftalAe and this makes IL likely that tho
business will bc reestabllshed under an ar
rangemcut between the firm and It's credi-
tors A prominent merchant whose sentl-
ments concerning the embarrassed firm
seemed 10 be shared by all the members of
the shoe trade in this city. SAID to-day :
II. d A. H. Bachelor was a iirst-ciass
firm. Its trade has been considered
very desirable and has been sharp
" competed for. There WAS not 3
leather merchant in Boston but would have
been clad 10 sell them any amount of goods
they might ask for and this statement held
true until Yesterday. Their tuyCrs were
considered the cream of the trade. don't
believe their failure viii affect trade TO any
great extent, for they usually paid cash.
The assignment does not indicate any
trouble IN the shoe busuces, for 10 is sup
posed that every concern in tine business
is manufacturing at "a profit. and the
statement that the failure was
due TO outside speculation confirms
this view Of affairs. Alfred Batchcllor
has been sick, and | think lee became
discouraged too easy. and gave up when
there was no need 20 90 so. ! have no
doubt that the firm VIII pay in fun before
it gets through. and that n viii resume
business on "a solid basis. The credit Of
the firm was good mp 10 the last minute.
and / think the failure viii mike httle
talk, but hat the trouble will soon blow
over. II is too bad that the present state
Of affairs should exist. for the firm D.
composed Of people who have always been
thoroughly honest and straightforward
i'm all their dealings. J think such people
ought to have the sympathy Of the CONF
munity when they get into trouble, and
shat they ought to be helped TO get on
their feet again" II is believed thar some
f the heaviest creditors are Thomas e..
Proctor Leather Company, Ioyt Brothers,
Walker Oakley 4 CO.. and Homer Bro
theirs. But at the stores Of none Of
these firms were adverse criticisms Of
T. IL a. II. Bachelor & CO. heard.
The firm owns its factory and ma
chinery, which are estimated o. be
worth over S2,000000, and also owns
Batchellor's Hotel at North Brookhcld.
The firm carries an insurance OF nearly
81 100000 on buildings, machinery, aut
stock A. ". Bachelor. the head OF the
firm, lives in Boston and is director iu
the Manufacturers Bank. Ills resi-
dence, which is on Commonwealth ave-
nue. stands in his Wiie'5 name Irncl5
Bachelor. the junior partner, lives
at North Brookfield and has charge of the
manufacturing. The paper Is nearly all
held by the banks, very little being owed
for merchandise. IL Is expected that by
The last of the week u statement of the
firms affairs will have been prepared, SO
that the liabilities and assets can then be
stated with something like exactucss.
sHoE-DEALERs or SALEM fAu.
BosToN, July 30-McKean d Appleton,
shoe manufacturers at Salem, have assign
ed 60 j. Beebe, Of Boston. The estimated
liabilities are from S65, 600 20 $4,000. Nc
hean Il Appleton did the largest shoe busi-
ness in Salem, their yearly sales reaching
nearly $500 600.
Mexican has been in this line of business
since 1859, failing IN 1869 for about $4,000
and paying but small dividends. The pres
ont firm was formed IN 1855, since which
time they have done a large business. run
ming one ormore jobbing stores III addition
TO the factory. The assets, as near rs can
be determined hastily, are about $4,000.
The collapse was FASTENED by recent losses
through failures aggregating $1,000 or
IS. 600. The factory belongs to 1icKean's
wife.
COf OMFl 1ONFS