The sun., 1891-06-24
ALLEY BROS. & PLACE STOP.
THEIR ASSIGNMENT A sURPRIsE TO
THE BOSTON LEATHER TRADE

| Liabilities About SASo, ,0Oo-Has . Miiiio'
| Surpius Two Weeks Ago. According q
Their Ows statenent-Au Unpsid Loan
BosroS. June 2s.-The leather trade wai
surprised TODAY when 1t was announced tha
the old established firm Of Alley Brothers
| Place. which was run by tho Hon. John
Alley until flve years ago, had made rs assign.
ment to President W. A. Rust Of The Freeman'i
| National Bank and W. A. Knowlton.
The firm was supposed TO DO beyond the
reach OF trouble. and had a high rating
in the business world. The liabilities
arc thought to be about ti50,00). oi
which about $425.O00 is to banka There
are also contingent liabilities In tho
shape OF endorsements to the amount OF about
$50. 900. and the makers OF the endorsed notes
are not thought to be financially sound. The
assets are said to be ample to meet all de-
mands Of creditors. and there is little doubt
that the suspension will be but temporary.
Upto lve years ago the business was car
red on by the Hon. John B. Alley. the we'll
known millionaire; then It was turned
over TO John s. Alley. William H. Alley,
aud Griffin Place. Tho cause OF tho
failure 10 inability to raise ready
money. Up to Saturday last Il was
thought the firm would bs able to bridge over
its difficulties, but on that day one OF its notes
wont to protest and then the crash came. The
assignment was made on Saturday. but was
kept secret on account Of the immense vested
interests OF tho firm. which owns large tan
neries In Pennsylvania and other Statos.
The house is very old one having been ss-
tablishsi BY the Hon. John B. Alloy In 1888,
when he was 81 years old. 1t was originally In
tho shoe trade. Mr. Alley has been flfty-thrss
years in business and has acquired great wealth
On retiring from active membsrahip in the
1T% hs Sod gave his sons in cash and property
. This vent into the carital. In addition to
thu 1S Y !: vas added from the profits OF the
,hS While Alley Il said to hays ;.oe ,s go in in
the concern. 1t Is asserted that the firm lent
him $4,000 some time ago taking as security
irm rscenay eslsd tho ho osu fp1M IT, AIey
the moment. he asked for an extension. which
yhereas q misandsrst and !ne arose. 10 the
firms inability to secure the payment OF the
II will be remembered that, the famous
Snow Alley suits have been tried four or i've
oi rs q ana ss sRs ss
deSisiontt ~ which was adverse, to Mr.. Alley.
tailed. i,s This litigation has. II course. been
1t is said that the money advanced BY the
Mr. Alley. when he . went to Europe T some some years years
ago. estimated his wealth at not fnr from
$4,000. 900. OF which S. ION 900 was In cash and
securities an good as cash.
The firm has n sole leather tannery at Cur
wensville. Pa. and an upper leather tannery at
Osceola Mills In the same State. 1t also has q
factory at Aver. this State. and one at Bethel,
these tnnneriss except that at Aver. which is
owned by John u, Alley. The machinery in 1t.
hWyeHer IL 9Tnsd Sos taI BY the sm
Chicago. whore he Is engaged in the railroad
business. and be has not therefore been an
ago the firm made statement OF it's financial
condition. showing q surplus OF $l.20O.0OO
there Is ground for tho firms contention
that there are assets enough to meet all la