The Dickinson press. (Dickinson, Stark County, D.T. [i.e. N.D.]) 1883-1927, 1893-03-18
4 VERY HEAVY FAILURE.
A BOSTON FIRM GOES TO THE
WALL.
The Atkinson House Furnishing
Company. With Branches in
Fourteen New England
Cities, Is Pushed to
the Wall
Liabilities 100000.

Boston, March II. - The Atkinson
Hcnse Furnishing company. with four
teen branches in other New Enylan,
cities. has made an assignment I,
Charles +. Lihbey of Portland and {
Z. Converse of Boston. President lsaa,
I'll. Atkinson says that tn. liabilities I'LL,
Sl.5m.0oo. and the assets are estimated
ut S2.Nm.0N. The trouble was cause,
10y the S'rinGcnry in the money hnarkc
and inahi!ity 10 meet Il call loan %,
Salur!aN. Last Year the company did
business of S3.WO,ntM The Atkinson
House Furnishing company is Il Main,
corporation. and has been doing Il vcr,
large busincnS with Its various branches
its headquarters being at Portland. III,
asSlEncrS have already taken proinp,
measures 20 preserve the property iii
tact Tor thr creditors, and have take,
possession nf the assets in several states
and as soon as necessary statements car
he prepared tho creditors will he called
together. Mr.. libhey is prominrn,
Portland lawyer and we'll known as
counsel for many banks and financial in
stituti"ns and MIR. Converse is equally
we'll known as a gentleman of business
experience aml ability. Isaac III. Atkin
son. TIL" president of tho company. has
made an assignment of his personal
property. valued ut S"aO,uuO. for the
benefit of the creditors of the corpora,
ton. In the opinion of the legal advisers
of the aSsignces the indebtedness would
he found In lie much more than $l.5m.
ono. as at first stated. and may possibly
reach double that amount. 1t is not prob
.ll hat l..
called before ten days or fortnight
Il. a. Atkinson, the founder of the cor
poration. retired trom the business some
time ago, and has no interest in it at the
present time.
President Atkinson was seen at tho
hig store of the concern on Washington
street to-day. Mr.. Converse, one of tho
assignecS, was also conspicuous figure
in the Office quarters of the concern. In
the ware rooms the clerks were cnployc,
in displaying the goods just the same as
if no assignment had been made. In ar
interview MIR. Atkinson snil:
"Of course it is Il big failure, but
have reason To believe that the assets
will more 1llln cover the liabilities The
fact that | have scla lied two men of such
high standing and business ability as
aSsis,nrrS is sufficient evidence, ] think,
that there has been no attempt ON my
part To do anything to prevent the cred
itors from getting as much as possible
The stringent money market is tho
cause of all this. pnring the last mnntll
| have been standing in the bull ring
and have paid ont $!SS.uOU without II
dollar OF return. Last Saturday they
Knocked me down for Sl,2OO. had the
money in the bank but | could not get u,
il"
"Do you think You have overcstimatcd
or undcrrstimatcd your liabilities When
yor assert that they are but Sl, 800, ,oOO!'
was asked.
II don't think have un,lercstimatcd
certainly MIR. Atkinson replied. "ln
fact. believe they will fall short of
S1.5no,OOU. When the corporation was
formed ii assumed the liabilities as well
as the assets %! I;. il. Atkinson 4 Co."
Mr.. Converse, one of the asSiYnccs
told the reporter tint lie was in 40 posi-
tion al present tu advance any infornil-
tion y. a. Atkinson was in conference
with President Isaac Atkinson during til.
morning.