Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-05-21
and had to pay out bis ready cash when II
was most hard 10 obtain il

Notwithstanding this series of disasters
hr. DAVIS might have pulled through but
for the sudden collapse az the most inoppor-
tune moment Of the southern and western
trade beginning on March 1st. On that
day there was q sudden cutting off in the
goods sent out to those sections. All the
trade felt il. and IL was terrible blow TO
the industry. The immediate cause of the
failure was Mr.. Dayis's inability 10 secure
sufficient money TO carry on his business.
His large factory in Richmond. w., where
he has the prison contract. required ready
money. Had the usual southern and west
ern trade which has always been brisk at
this time Of the year. not failed him be
could have pulled through. 1t meant from
$5O,0O0 10 $500. 600. With one year of the
prosperity ordinarily enjoyed and no other
disasters to drag him down the business
would have been en- az good footing az 1t
ever was. The estimates which one hears
on the streets as to the liabilities of the
Davis Shoe Company range oil the way
from 100000 and S1.OOOOO0.
Cause Of the Embarrassment.
A Lynn special in Yesterdays New York
Times, after speaking of the assignment
and the CONSERVATION caused in that city
when the first intelligence of the failure
was received, says: "Mr. Davis has been
State executive councillor, was formerly
a president of the Lincoln National Bank
of Boston, and Is a director IN the First
National Bank of Salem. He has always
been publlc-spirited man, generous and
hOspitable, beloved and respected by every
body. He was seen at his home this eve
ming and gave the following brief state
ment:
his FIRsT Loss.
"The trouble which eliminated in the
assignment to-day began as far back as
1885. Up to that time he had been very
| prosperous in q business career of over
thirty years He was special partner in
| 1885 to the amount of S35 900 IN the firm OF
T.. III. Corey IL Co. of Boston, note
| brokers and dealers in commercial paper.
| He was in Europe that year and was called
| home by the failure of that concern. Ac-
| cording 10 law no was only liable for the
| S35, 900 interest he had, but on finding that
many of his friends had had dealings with
| the firm, presumably on account OF their
| knowledge that he (Alr. Dayis) was part
ner, he preferred 10 lose more, and dropped
| S225 600, paying everybody.
| During the settlement of affairs he
| found that the firm had been carrying men
who were friends of his and needed help,
and he stood by them and put most of them
! ont heir feet Last winter when the panic
came he had TO advance more money, and
| finally the load had become too heavy and
/ tine assignment II l0e result. quite u Huui-
| Der Of failures would no doubt result from
the assignment. One firm in Lynn, ii is
| known, will be obliged TO assign. Mr..
Davis feels confident that il the creditors
will work with him he can pay everybody
| almost, If not quite, in full. He has not
| saved dollar, he SAYS, and means 10 deal
honestly and manfully with all, bucklin9
on the harness again after few days OF
4 needed rest.
| PBoFTERs oP ASSISTANCE.
| Much sympathy is expressed for Mr.
Davis, and already proffers of assistance
| have been made. He lost quite heavily by
| The Potter-Lovell failure and also by the
| failure of the Simpkinson Shoe Company
| Of Cincinnati. The Davis Shoe Company
was a creditor of that house for over $60,-
| 900, but have preferred mortgage claim,
which is no doubt good, although at pres
ent in litigation. The Davis Shoe Compa-
nv has been obliged. however, TO take up
the Simpkinson Shoe Company's paper as
| il came due.
THE assgnees are B. F. Spinney, Of
Lynn. and Moses Williams, of Brookline,
| president of the Third National Bank OF
| Boston. Mr. DAVIS would give no figures,
and no estimate of the liabilities and assets
can be made tonight. The Davis Shoe
| Company has always been rated high, but
within the last few months failure to meet
It's bills promptly has had the effect TO scale
| its rating down. Mr. Davis's wealth was
J estimated at from $3.50. 600 inward