The times. [volume] (Richmond, Va.) 1890-1903, 1891-05-21
LIABILITIES ONE MILLION.
Assignment Of the Davis Shoe Company
Operating Here.
SEVERAL ATTACHMENTS BY CREDITORS.
Provisions Of the Deed which Was FILED I'm
Court About Midnight by
Counsel.

There was published yesterday in The
ZINES information Of an attachment suit
brought the previous evening. Lyons, Slater
d Montague, counsel for William Clark doing
business as George A. Clark & Brother, of
Newark. N. j., against the Davis Shoe Com
pany. chartered company trading in this
city and attachments were issued to be served
on Dir. Moses. superintendent of the peniten-
tiary, and Colonel Sheppard, manager Of the
factory. The amount sued for is $500.
Damages were placed at $4,000.
The Davis Shoe Company operate three
tactores-one in Richmond, another in Lynn.
Mass. and another in Kennebunk. Maine.
Inc Richmond factory is at the penitentiaTy
and the work is done entirely by convict
labor
This company has made "a general assign
ment, including all the factories, as they are
under the same management and the deed as
TO the Richmond house was filed yesterday
morning few minutes after midnight in the
Chancery Court. The clerk left his bed to
flle the deed at the request of counsel.
1t was not filed, however before Messrs.
Lyons, Slater d Montague had served their
attachment. 1t is very lengthy document
and conveys to Benjamin +. Spinney and
Moses Williams of Massachusetts all the
State of Virginia. except such as may be
exempt by law.
The deed provides that the property shall
be sold either publicly or privately as soon as
possible but if the trustees think proper
they can continue the business here as long
as in their judgment will be advantageous TO
the creditors.
The deed. after providing for the payment
of the expenses of executing the deed and
reasonable commission TO the trustees, says
the trustees, out of the collections and sales
Of property conveyed, shall make payments
that would have preference or be entitled to
be paid in full in case of proceedings in lnsOl-
vency according TO law. and, in the next place,
distribute the residue of the said money
unto any such creditors Of the debtors as
shall have executed these presents in like
manner as the same would be distributed in
proceedings III insolvency in Massachusetts,
wherein the first publication of notice was
made on the day of the date hereof, and shall
pay the ultimate surplus, if any, to the debt
Ors None of the creditors are named in the
deed.
TALK WITH vIcE-PREsTDENT.
Mr.. w. H. Keene, the ice-president of the
company, is in the city, and a TINES man had
lengthy conversation with him Yesterday.
He says that the company has been
in hard luck for some time. by ,rea-
aon of several losses The fire here
several years ago did them much damage. and
that Mr.. Davis lost heavily in a banking bust
ness in Boston. They were also affected
largely by the Potter-Lovel failure
The entire liabilities of the com;
pany he thinks will in ronnd
numbers amount to about 81 200, 900, but the
assets will more than cover all Liabilities.
The report. he said, that they had been fall
ing behind was without foundation. He
admitted that they had been cramped for
money since their losses. but insisted that
their sales had steadily, increased;
He felt positive that there WOULD would
as they expect to reorganize at once. He did
not think the failure of the concern could
make any difference as TO the contract with
the State for the use of the convicts. The
factory in Richmond employs about 600 hands,
and the other two factories about 400 The
Richmond work is all Of cheap class The
concern is thirty-siI years old, and they have
been turning out about 1000 pairs of shoes
day and doing business of at least $4,000
per annum The publication that they had
stores in various cities is without foundation.
as the three factories constituted the whole
enterprise.
Hardwick tG Mitchell sued out an attach
ment yesterday afternoon against the com
pany and Benjamin +. Spinney and Moses
Williams amounting to S6.lO7.l3 for fire
boxes furnished them.
FROM BOSTON.
A special received at THE TINES Office last
evening from Boston. Mass, contained the
following: Mr.. James HOughton, of the firm
of Houghton d Godfrey. whose embarrass-
ment is caused by the assignment Of the Davis
Shoe Company said to-day that he thought
that the liabilities of his firm would reach
$50 OOO The assets of the firm were chiefly
in the Milton Manufacturing Company,
the plant of which was valued at 100000.
firm of Houghton & Godfrey. The firm
is interested with Mr.. Davis in the
Lynn Milk Company. The latter concern is
solvent institution and has an invested capital
of S25. 900. The Milton Manufacturing Com
pany has not, however, been profitable ven
ture, and the losses sustained through IT has
been one of the causes of the embarrassment
of the firm of Houghton. Godfrey Il Co.