St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-07-31
SLUMP IN FOOTWEAR.
Failure Of the Extensive Firm
Of E. & A. n. Bachelor
& Co.
t -
Liabilities Of Over q Million
and Assets About the
Same.
-
Credit Of the House Good Up
to the Last Min
ute.
It Is Expected That Creditors
Will Allow Contracts to
Be Filled.

BOSTON, July 30.-The failure of the
boot and shoe firm of E. & A. Fl. Bach
eller d Co., Boston and North Brook
Held, was announced this morning, with
liabilities of 81. 000. 900 and nominal as
sets of probably about the same amount.
An assignment has been made for the
benefit of creditors to Thomas E. Proc
tor and Robert Bachelor, of North
Brookfeld, and a meeting of creditors
will be called as o as adefinite state
ment OF the firms affairs can be pre-
pared by the expert accountant now
engaged in examining its books. as
considerable of the indebtedness is
held by purchasers of the firms
commercial paper, whose names
are unknown to the debtors, the
trustees request that all creditors will
at once send them a statement of their
claims. The firm is II of the oldest in
its line in the country, the business hav-
ing been established in North Brook
field in 1919. by Tyler Bachelor, the
present firm consisting of A. 81.
Bachelor and his son Francis. The
factory at North Brookfeld is one of
the largest aud best equipped i'll the
country. and gives employment to 1 ,le0
hands. calling for a weekly payroll of
over $4,000. This is the only industry
OF the town, and the failure
WILL BE A HEAVY BLOW.
Until recently the production of the
factory was mainly heavy boots and
shoes, but lighter Styles of goods have
largely taken their place. The product
has always enjoyed a high reputation
for excellence and durability. This was
one of the ten firms in Worcester
county that had a long contest with the
Knights of Labor in 1887, lasting some
five months; and this struggle, which
resulted in favor of the manufacturers.
was very expensive, and has undOubt-
edly contributed directly or Indirectly
to the present embarrassment. The Inn
mediate u of the failure is the large
losses made by A. Ii. Bachelor, out
side of the business, and the fact that
the recent large failures in the leather
trade, followed by the Lewis Bros. fail
ure, added to the ill health of the senior
member of the firm, have rendered it
difficult to obtain money on the firms
commercial paper. 1t is undoubtedly
true that the manufacturing business
of the firm has been profitable, and this
makes it likely that the business will be
re-estabiiShed under SOME arrangement
between the firm and its creditors. A
prominent merchant, whose sentiments
concerning the embarrassed firm seem
to be shared by all members of the shoe
trade in this city. said to-day:
e. & A. H. Bachelor was a frst-class firm.
Its trade has been considered very desirable,
and has been sharply competed for. There
was not a leather merchant in Boston but
would have been glad 10 sell them any
amount of goods they might ask for, and
thiss statement held true up to Yesterday.
Their business was considered the cream of
the trade. I ont believe their failure will
affect the trade to any great extent, for they
usually paid cash. The assignment does not
indicate any trouble in the shoe business, for
1t is supposed that every concern in the
business is manufacturing at a profit, and the
statement that the failure was due TO outside
speculation confirms this view of affairs.
Alfred Bachelor has been sick and | think
he became discouraged toe easily and gave
up When there was no need to do so. Ihaye
no doubt that the firm will pay in full before
it gets through and that it will resume bust
ness on a solid basis. The credit of the
house was good up to the last minute, and 1
think the failure will make a little talk, but
that the trouble will soon blow over. 1t is
too bad that the present state of affairs
should exist, for the firm is composed OF nice
people, who have always been thoroughly
honest and straightforward in all their deal
ings. They ought 10 be helped to get on
their feet again.
1t is believed that some of the heavi-
est creditors are the Thomas E. Proctor
Leather company, Hoyt Bros, T.
Zscetzscha 81 Son, Walker. Oakley &
Co., and Homer Bros. But at the stores
of none of these firms were adverse
criticisms of E. and A. FL. Bachelor &
Co. heard. The firm OWNS its factory
aud machinery, which are estimated to
be worth over 500. 900, and also OWNS
A. D.ohnI1a. hafaI af Norfh DrOaE-EoI1
The firm carries an insurance of nearly
81, 900, 600 on buildings. machinery and
stock. a. II. Bachelor, the head of the
firm. lives in Boston, and is a director
in the Manufacturers bank. His resi-
dence, which is on Commonwealth ave-
nue.. stands in his Wife'S name. Fran
els Bachelor, the junior partner, lives at
North BrOokfield, and has charge of the
manufacturing. The paper is nearly
all held by banks, very little being owed
for merchandise. 1t is expected that
bv the last of the week a statement of
the firms affairs will have been pre-
pared, so that the liabilities and assets
can then be stated with something like
exaetness. The firm has issued a cir
cular stating that the assignment in
eIudes 'all our property and estate. both
partnership and individual, wherever
situated. whether within or without
this commonwealth" 1t is expected
that the creditors will allow the con-
tracts for goods for the present season
to be completed, as otherwise much I'M
necessary loss must enSue.
SURPRISED THE TRADE.
NEW YORK. July 30.-The trade was
surprised to-day whenthey heard of the
failure of E. & a. Ii. Bachelor & Co.,
the Boston shoemakers. The firm is
supposed here to be the largest manu-
f~aeturers OF shoes in the world, and was
estimated to be worth 81, 600, 900. Their
sales were chiefly West and South, and
amounted to $4,000 pairs of shoes a day.
In the New York market they bought
from 80, GEO to 10000 sides of sole leather
att time. One firm here supplied them
with 1000 sides of a certain brand OF
leather each week. They bought gen
orally on ten and thirty days. New
York banks hold a good deal Of the
firms paper.