New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-28
JOHN b. ALLET'S ASSIGNMENT,
HIS WEALTH ovEREsTIMATED-HhAVY bosSN'
THROUGH UNSUCCESSFUL SPECULATION
r rTrc ,rtON-UIS CAREER.

HIS WEALTH 0VERESTI MAIED-hr''i i
THROUGH UNSUCCESSFUL SPECULATION
AND LITIGATIoN-Hs CAREER
noston. June 81 (speclap.-Relativc to the assign
ment Of John b. Alley. his Sohlh'n"' "'O'n 80
Shorv Is rcported as SAYING in answer to question:
on r,,'I 40, Mr. ,,lcv was solvent swell. 1t is
,a,,,o 20 consIder the parties involved separately
ord I cannot answer your question II IS my opiino"'
nevertheless that he will pay 100 cents on the oo
II the public has believed that the loss vi e''o'O
in whole or in part could be sustained ny ''' amy
without causing his assignment, why, OF course' "i'
not responsible All Of Mr.. Alleys assets VIII appear
IN the statement of his creditors. do not deem IL
proper TO enter into details at this Time res N"1
closely related to Mr.. Alley conducting MS ee"
affairs When he went to Europe he invesep INC
AIlev brothers with power Of attorney ana eit HIS
business entirely in their hands.
~Mr AIleS's wealth has been overestimated' IL Is
,,o that no made money for many years. but he dld
not anti business enough ABOUT ten !e"' "eo
he cot into some mining and other transactions '""'
were not profitable. On the santa Maris do,'o no
lost 5000 900: on mine called the sovereign Similar
o,o,rt. and so on refusing to withdraw from actlVe
bpsness life AT last he broke down under the strain
and went 10 Europe to recuperate. IN spite Oh HIS
heavy losses he had considerable property eit so t
apparently there danger OF sucE hlshhp d.
has now occurred. However in payment OF ooHe1
lions such as the verdict in the Snow case MI eS
was compelled to part with his assets dt j ~" n'
but the properties were not converted Into money fas
enough TO create surplus and notes came due that
coud not be met. As the Alley RrotherS had inc
power TO transact business for their father their AFFAIRS
must be considered together.
"Mr Alley who has been a conspicuous man III
Massachusetts, Is now in his seveny6fth year Inc
foundations of his fortune laid when lie was
vounc man. lie had served his time as apprentice
TO shoe manufacturer in his native town. Lynn, when
IL occurred to him to go TO Cincinnati. then In the
" far West Mr. Alley purchased flatbOat and load
ing il with merchandise. went down the river 10 new
Orleans The enterprise succeeded When he was
twenty-one he began the manufacture OF shoes at
Lynn In five years he the owner Of one OF the
largest establishments in the city. In 1877 he estaD-
Ished a house in Boston for the sale OF hides ana
leather and from that time until his retirement in 1855
he was one Of the leading in that important line OF
trade Mr. Alley, who was original Aboitionst,
has been a member of the Republican party from its
birth In 1857 he was a member OF the Executive
Council having previously served in the senate ana
as a member Of the Constitutional Convention. From
1858 to 1866 he was a member Of Congress and en-
joyed an intimate acquaintance with the great states
men and soldiers in the time For many years he has
been in the habit of passing his winters at the Ma
tOnal Capital an interested attendant OF the debates
OF Congress when Mr. Alley retired from the leather
business he popularity supposed to be worth from
SO 900 900 TO S4 100000. but this fortune. II now
appears, has been absorbed by unlucky speccatlOns
and unsuccessful litigation"