New-York tribune., 1891-05-10
A BIG TEA HOUSE ASSIGNS
THE UNION PACIFIC TEA COMPANY N
DIFFICULTY.
IT HAS A LARGE NUMBER OF BRANCH STORES
scATTEREp OVER THE COUNTRY.

SCATTERED OVER THE COUNTRY.
Robert p. Mcbride, David Mcbride, Leslia
Mcbride and William A. Mcbride, doing business
under the name of Mcbride Brothers & Co. and
the Union Pacific Tea Co., with their principal
place of business at No. 10 Water-st, in this city,
made an assignment yesterday to George ii. Macy.
No preferences
The company has ninety-fve branches, the
principal ones being in Albany, Brooklyn, Buffalo,
Cohoes, Pittsfeld and Boston Others are in Maine,
New-Hampshire, Vermont. Rhode Island, New-Jer
sey, Pennsylvania, Ohio, Indiana, Kansas, Nebras
ka, Minnesota and Missouri.
Mr.. Macy, the assignee, Is member Of the
firm Of Carter & Macy, who are the largest cred.
itors of the suspended firm. He said:
"R. P. Mcbride has been sick for the last sly
weeks with the grip and for some time past the
firm has been slow in it's payments. My firm
being the largest creditor, went to the office Of
the company, and found them willing TO give
full information as to its affairs. l assured
myself that everything disclosed and then
went to East Orange TO see the senior member
Of the firm. He said that of course II he could
not meet his notes. he would make assignment,
and asked me TO accept the Office Of assignee. !
accepted the task, 1t being understood that no
preferences should be given. The firm has money
in its business borrowed from relatives of its
members; but nevertheless, everything has been
assigned for the benefit of creditors equally.
From present appearances it looks as IL the
firm would be able to pay its debts in fall with
interest AS it has nearly one hundred stores
in different parts of the country, / felt that II
was very important that some one should step In
and take charge of its affairs to prevent expensive
litigation. l believe that the company has been
making money, and, If an extension should be
IL .l.o& Ill ho ohl m INA
business"
Mr., Macy attributed the assignment 10 the
inadeouacy of the firms capital TO the extensive
and complicated business which it had conducted
and not large enough credit. The firm has been
doing q business of about 81 100000 year. IL
has been in existence more than ten years, 49,.
At the office of the company In Water-st. one
of the four brothers who compose the firm said
that the company was solvent and only wanted
an extension: II would he said pay loo cents
statement of the company's accounts, he SAID
that, from the complicated character of the bus.
ness, no figures could be, given at present. bus
would he furnished speedily -,
The liabilities, it Is said, will amount to less
than 100000. 1t was also said that the assets
were probably worth at least $500, 900 ,,.p..s.
Tho domestic troubles of Robert L. McBrioe,
who alone built up the business and was its
active manager, eliminating in a suit for divorce
brought by his wife on the ground Of cruelty, have
been in the courts for over year. A decree OF
divorce was awarded to the plaintiff and alimony OF
$4,000 per year was allowed Ty the Court The
defendant contested the suit from it's inception,
and the question is still pending before the
Court of Appeals. A friend of the defendant
said yesterday that certain real estate Of Robert
p. Mcbride had been tied up during these prSl
ceedings through his inability to secure release
of the wife's claim thereto. The costs Of the
litigation have been heavy. He has been greatly
harassed by attention to the details OF the suit
which have necessitated slackening Of attention
to the concerns Of his business, and by some the
failure is traced to these troubles.