The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1893-03-16
"A VERY HEAVY FAILURE.
A BOSTON FIRM GOES no THE
IS WALL. aS
The Atkinson House Furnishing
Company, With Branches in
Fourteen New England
Cities, Is Pushed to
the WALL
Liabilities $1,ooo,ooo.

Boston. March a. The Atkinson
House Furnishing company. with four
teen branches in other New England
cities, has made an assignment to
Charles f. Libbey of Portland and G.
20. Converse of Boston. President Isaac
III. Atkinson says that the liabilities are
$1,5OO,0O0. and the assets are estimated
at $2,OOO,0OO. The trouble was caused
by the strinaency in the money market
and inability to meet call loan on
Saturday. Last year the company did
a business of $3,OOO,OOO.. The Atkinson
House Furnishing company is & Maine
corporation, and has been doing u very
large business with its various branches,
its Headquarters being at Portland. The
assignees have already taken prompt
measures to preserve the property in
tact for the creditors, and have taken
possession of the assets III several states,
and as; soon as necessary statements can
be prepared the creditors will be called
together. Mr., Libbey is u prominent
Portland lawyer and we'll known as
counsel for many banks and financial in
situations and Mr.. Converse is equally
well known as a gentleman of business
experience and ability. Isaac H. Atkin-
son, the president Of the company, has
, made an assignment of his personal
property, valued at $25O,OOO, for the
benefit of the creditors of the corpora
ton. In the opinion of the legal advisers
of the assignees the Indebtedness would
be found to be much more than Sl.5OO,-
900. as at first stated, and may possibly
reach double that amount. 1t IS not prob
able that meeting Of creditors will be
called before ten days or fortnight.
B. A. Atkinson, the founder of the cor
poration, retired from the business some
time ago. and has no interest in it at the
present time. > g
President Atkinson was seen at the
big store of the concern on Washington
street to-day. Mr.. Converse, one of the
asSignees, was also u conspicuous Inquire
In the Office quarters of the concern. In
the ware rooms the clerks were employed
In displaying the goods just the same rs
if no assignment had been made. lii an
interview Mr.. Atkinson said:
''Of course it is big failure. but l
have reason to believe that the assets
will more than cover the liabilities. The
fact that have selected two men of such
high standing and business ability as
assignees is sufficient evidence. l. think
that there has been no attempt on my
10 part TO Go any tIllllS 10 prevent lic SiG"
itors from getting as much as possible
The stringent money market is the
cause of all this. During the last month
I have been standing in the bull ring
aud nave paid out $1SS.0OO without q
dollar of return. Last Saturday they
Knocked me down for $1,000. l had thu
money in the bank but l could not get a
it, ~
DO you think you have overestimatet
or underestimated your liabilities whel
you assert that they are but 81 100000:
was asked. ..4a-
,.5s Il don't think l have underestimated
: certainty Mr.. Atkinson replied. IL
Il fact believe they will fall short %
$1,5oO.00O. When the corporation wa
formed it assumed the liabilities rs wei
as the assets of e. A. Atkinson & CO.
Mr. Converse, one of the aSsignces
told the reporter that he was i'll 10 pos
tion at present to advance any informal
ton 3. A. Atkinson was in conference
with President Isaac Atkinson during tn
morning.