The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1893-03-18
! VERY A 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.
Llabnltles

Boston, March ii. 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 c.
G. Converse of Boston. President Isaac
H. Atkinson says that the liabilities are
$l,5OO,OOO, and the assets are estimated
ut $2,OOO,OOO. The trouble was caused
by the stringency in the money market
and inability to meet a call loan on
Saturday. Last year the company did
a business of $3,OO0,OOO. The Atkinson
House Furnishing company is a Maine
corporation, and has been doing a very
large business with It's 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 in several states,
be prepared the creditors will be called
together. Mr.. Libbey is a prominent
Portland lawyer and we'll known MS
situations and Mr.. Converse is equally
we'll 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,0OO, 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 $780,
600, as at first stated, and may possibly
reach double that amount. 1t is not prob
able that a meeting of creditors will be
called before ten days or a 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.
President Atkinson was seen at the
big store of the concern on Washington
street to-day. Mr.. Converse, one of the
a%ssignees, was also a conspicuous figure
in the Office quarters Of the concern. In
the ware rooms the clerks were employed
in displaying the goods just the same as
if no assignment had been made. In an
interview Mr.. Atkinson said:
"Of curse it is a big failure, but l
have reason to believe that the assets
will more thar cover the liabilities. The
fact that 1 have sela :ted two men of such
high standing and business ability as
a%ssignees is sufficient evidence, l 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 the
cause of all this. During the last month
I have been standing in the bull ring,
and nave paid out $1SS.0OO without a
dollar of return. Last Saturday they
knocked me down for $1,000. l had the
money in the bank but I could not get at
it."
"Do you think you have overestimated
or underestimate your liabilities when
you assert that they are but $1,5OO,OOO?'
was asked.
II don't think I have underestimate,
certainly" Mr.. Atkinson replied. I'm
fact, 1 believe they will fall short of
81, 100000. When the corporation was
formed it assumed the liabilities as we'll
as the assets of 3. A. Atkinson 4 Co."
Mr.. Converse, one of the %assignees,
told the reporter that he vas in no posi-
ton ut present to advance any inforlna-
ton. b. A.. Atkinson was in conference
with President Isaac Atkinson during the
morning.