The San Francisco call., 1895-12-13
The Bacon Printing Company
Turns Everything Over to
Its Creditors.
ENOUGH TO SATISFY THEM.
A Pioneer Printing Firm Is Unsuc.
cessful and Assigns to Cancel
$4,000.


years has gone to the wall.
The firm has finally decided to abandon
an uphill fight and to turn its affairs over
for an assignee to handle for the benefit of
the creditors, whose claims amount to
SIG, 900, which, it is believed is amply COW
cred by the value of the plant.
l. Zellerbach assumed control of the
business yesterday as a result of meeting
of the creditors held Wednesday, when the
stockholders decided to turn over every
thing to make complete settlement. The
principal creditors are Blake, Moffit &
Towne; Zellerbach & Sons and Bonestell &
Co., local paper dealers; Mrs. Bacon and
James E. Agar, the stockholders, for per-
sonal loans made the firm, and some East
ern Indebtedness.
ALI the contracts on hand will be full
filled by the assignee, but at meeting of
the creditors, to be held to-day, measures
will be taken to sell the business outright,
as the creditors have no intention or de-
sire to continue the enterprise.
James q. Agar, president of the COM
pany, when seen yesterday said:
''rhe business was established in 1854,
and the firm had long and honorable
record. Naturally, | feel sorry to see the
old business abandoned, for it is just
thirty years ago this week since | entered
it as boy in the employ of Bacon & Co.
But the stockholders thought it better
to let everything go to satisfy our cred
itors. Though the Indebtedness is about
$16, 900, the assets nominally very greatly
exceed that. Mr.. Bacon and l used TO
think the business worth SAC .000 but it
would not sell for so much as that. Mrs.
Bacon and are the only stockholders.
About eight months ago Mr.. Bacon
died and l became tine president of the
corporation. There was quite a large in
debtedness upon the business at that time,
and perhaps it would have been better if
we had had meeting of the creditors
then; but we were deslrous of maintain
ing tne integrity of the business and Of
keeping our obligations as in the past.
II put considerable amount of money
into the business shortly after taking
charge eight months ago, for l hoped
times would be better and that business
would be more prosperous, and that we
would be able to work out OF our difficulty.
For several months business was prosper
Gus and then it became greatly depressed.
about year and half ago several of
the larger creditors granted an extension
on the am cunts due them, with the under
standing that payment was to be made in
monthly installments of $500 on their
united claims. This payment, in addition
has had to be left unpaid.
'The pressure in business, the falling off
in the volume of our work and the keen
competition that has prevailed have COM
bined to make the business improbable.
"The firm printed the first number of
the Overland Monthly and the first issue
of the Bulletin. In the early days it was
was the original firm. Mr.. Ba con being the
silent partner. In the later SOS Whetton
retired and the firm became Towne & Ba-
con. Then in 1867 Towne retired and en-
tered the paper business as mem ber of
the present firm of Blake, Moffitt & Towne.
In 1868 Mr.. Bacon associated with himself
Robert T.. G. Sterns, at one time secretary
of the Board of Regents of the State Uni
versity, under the firm name of Bacon &
Co., and three years ago it became cor
poration with its present name"
The senior member of the firm of Zeller
bach IL Sons, one OF the creditors, said
that the affairs of the Bacon Printing
Company had been in dubious state for
several years, and that latterly the firm
the business. One reason, he thought, for
the unprosperous decline was setback
given the business by a boycott imposed
by the Typographical Union about five
years ago because this firm had neglected
to comply with its demands. At meet
ing OF the larger creditors year and half
ago. he explained, the stockholders agreed
never to mortgage the property, but to
leave it free as security against their
claims.
This has been done, as the present ar
rangement shows.
l. Zellerbach, the assignee, explained
that his appointment was the result of a
desire to avoid the necessary expense at
tached to insolvency proceedings and to
secure the full amount of each creditor s
claim