The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-03-14
THE ATKINSON FAILURE.
Well Known Company Assigns for a
Million and a Half.
MANY STOCKHOLDERS IN THIS
CITY AND STATE INTERESTED.

The Story of a Great Business Enterprise
1t Struck Financial ShoaI Saturday
Tho Failure q Bad Blow to Portland.
The assignment of The Atkinson
House Furnishing Company was the SEN
sation of Portland yesterday. Its liabili-
ties are placed at $1,500,00O, and MI.
Atkinson estimates that there are assets
of $4,000, 900. The bulk of the indebted
ness is not in Portland or in Maine, and
is not on account of stock purchased but
for loans made. The assignees are Hon.
Charles F. Libby of Portland, and Mr..
Costello c. Converse, one of the directors
of the National Bank of the Republic, in
Boston.
The Atkinson Company is a stock COM
pany having list of about $50 stock
holders scattered through New England.
There are in Maine about $50 of them,
and in Portland about 25. Except Mr..
Atkinson himself who is q large stock
holder, lit is reported to the extent Of
fifty or sixty thousand dollars) no one in
Portland holds over $4,000 OF the stock,
and most of the holders are for small
accounts. Many women are included in
the lists, generally for small amounts.
The shares are of a par value of $40
each. The regular rate of dividends has
been five per cent semi-annually, or ten
per cent annually. This rate has been
paid for several years.
At the last annual meeting, which was
held in this city on the 10th of last
month the capital stock of company was
increased from 81, ,0oo,0 900 to $1,000, 900,
and vice president, assistant treasurer
and auditor were added to the list of
officers.
The important question of purchasing
the entire business of B. A. Atkinson &
Co., of Boston, which also includes the
Shawmut Furniture Company, was dis
cussed at some length, but was finally
unanimously approved of by all the
stockholders present.
Next followed the election of officers,
and Frank N. Deane of Portland, was
elected treasurer, and George F. Hich-
born of Portland, assistant treasurer, and
the following board of directors: Lewis
J. Bird of Boston; Byron A. Atkinson,
Boston; Charles P. Lyford, Boston;
Isaac G. Atkinson, Portland, and George
G. Wing, Auburn.
The treasurer's report showed that the
company had paid II semi-annual divi-
|. dends of 5 per cent each, which meant to
the first stockholders So per cent returned
in dividends for their investment. 1t
was also announced at that time that
there was surplus over such dividends
of $25, 900.
Besides the dividends on the stock
which he holds. Mr.. Atkinson as presi-
dent and general manager, has received,
it is reported, a salary of $4,000 year.
The business which he has carried on
has been tremendous. Speaking of it in
Boston, where he now is, Mr.. Atkinson
said:
ssOur headquarters are in Portland,
Me-, and we have IA branch establish
ments. In Boston our main house is a.
S27 Washington street, while we lave an
other store at the corner of Shawmut
avenue and Pleasant street, known as
the Shawmut Furnishing Company.
There is one at Manchester, N. H., and
branches in the State of Maine at Bidde-
ford, Lewiston, Bath, Rockland. Gardi-
ner Waterville, Norway and Bangor. Our
other branches are not of Importance,
and, consequently, their mention will net
add to the interest of the report. With
the exception of the main store in Boston
/ established every one of the others, and
as our company stands today it is the
largest Of the kind in the whole world.'
This business was begun in this city in
1885. when Mr.. Isaac G. Atkinson came
here and established branch store to
B. A. AtRinson's in Boston. Two years
later the Atkinson House Furnishing
Company was incorporated with capital
of $5O0,000, which was afterwards in,
creased to million 1t is probable that
nearly this whole amount has been
tloated principally in small amounts, in
New England.
At the last annual meeting the stock
was increased to $5,Ooo,o0o, as has been
stated. Mr.. Atkinson states that last
year the business footed up to S., 000,0 900,
and he thinks that it would have been
better lhis year.
The immediate cause of the failure
was the stringency of the money mar
ket, Saturday the Company had call
loan due in Boston, to meet which it
could not muster the funds in season.
Mr. Atkinson says that he had got the
money, and in an hour more could have
had it at the bank. From other sources
it is learned that such was actually the
case. Mr.. Atkinson thinks that but for
that mishap as to time the company
would have gone along all right; but it
seems probable that continued string
ency in the money market would have