New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-07
TWO OLD HOUSES GO UNDER.
r. H. ADAMS ASSIGN. WITH HEAVY
LIABILITIES.
MANY MILLS INVOLVED IN THE MISFORTUNE
FAILURE OF LOUIS scHIELE. A PIONEER
CORSET MANUFACTURER.

R. & H. Adams manufacturers OF cotton GOODS
at No. 1s Greene-st. failed yesterday, and Robert
Adams, the only partner in the firm, made an a..
sgnment to Charles f. Shade. an insurance agent
at No. IS Cedar-st., without preference. The firm
Is the largest manufacturer of mosquito netting IN
the United States and also manufactures dress and
millinery Innings. crnoline. buckrams and tarlatan
The mills are at Paterson n. j. Shelton Conn.,. and
North Scituate. r. !. The mills at Paterson are
known as the Harmony Essex and Industry Mills;
Shelton they the Derby Cotton NILS, and az
North Sctuate the Mosewansicut Manufacturing
Company Mr. Adams is president OF the last
named company. which he organized In 1883.
The house 10 a very old one. having been estab-
ilshed In 1929 by the father OF Robert Adams After
the founder of the house died. twenty-five years
ago. the business carried on By his two sons.
Robert and Henry Adams. under the style of r. &
Fl. Adams The brothers dissolved partnership IN
1879. and Henry Adams continued the business I'M
der the same firm style with Peter Horne as .
partner They became embarrassed in August.
1852 made an assignment with liabilities OF $oooo
and compromised at IS cents the dollar In pay
ments extending over several years. In January
1856. Robert and Henry Adams again became part
ners, continuing together until the death OF Henry
in June 1890. since which time Robert Adams has
carried the business alone under the old firm
style. Mr.. Adams has heretofore valued his several
mis- about si.l5o,V0. those in Paterson having
cost. it is said. s5o0oO and he is reported to have
Card0zo q Nathan. the attorneys who drew up tho
assignment. said they represented Mr.. Shade. the
assignee They could give no idea of the assets or
liabilities present. Men had been sent to the
various States in which Mr.. Adams's mills are stu
ated take possession OF the property behalf Of
assignee. At the Office OF X. & II. Adams In
quirers referred TO Mr.. Shade for information
regarding the assignment, but 1t intmated that
the whole trouble was brought about by inability
10 get loans or discounts, and that dull business
II.
doing a very large business.
of the details Of the assignment, it had been
made very suddenly. He supposed 1t was caused Dy
inability to raise money to meet obligations becom-
ing due. Mr.. Adams did a very extensive business.
which required a large amount OF ready money to
dozen mills some Of them owned by himself aud
others run by stock companies. controlled by him
amounted TO. In the trade they estimated to
be about $4,000 Asked If the trade estimates were
correct Mr. Shade said he did not think the Ia
b.ities would reach figure, but he did not care
to venture an estimate. The value Of the assets
will also be difficult to determine as the greater
part is in mill property. which cost large sum.
but would not bring anywhere its real value at .
Lewis scniee. doing business as Lewis schiele &
Co. manufacturer or corsets, at Nos OI ana o9
Broadway. and also under the style OF the Amer
lean Corset Works, at New,Haven, Conn., made an
assignment yesterday 10 Henry biatt. without
preference Mr.. Schiele is OF the pioneers IN
this line Of business, having begun In 1880 as an I'M
porter OF corsets. He discontinued importing In
1874. and went into manufacturing with sensnai
Ciutman as a partner. They dissolved on May l.
1874 and Mr. Schiee continued the business alone.
He was generally reputed 10 be worth s2Woo IN
business and real estate. Myers & Anable. his at
torneys said that Mr.. Schiele one OF the Oldest
corset manufacturers in the United states, nad
been IN business forty years and mad never oeiore
had 10 ask any extension from his creditors FOR
some time business had been running behind ex,
penses were out OF ali proportion to the safes, ana
at last Mr. Schele got TO such a point that ne
could 20 further. -, -,
Creditors are friendly disposed, as they have been
aware OF his situation for some time. Myers g
Anabe estimate the business liabilities at siSv.
exclusive MORTGAGES on real estate Ihey link
the assets will realize enough to pay the creditors
in full The assets consist OF stock, accounts ana
real estate Mr. Schiee the northeast corner
of Broadway and For5yfth,s;, valued s at se
nIvn,nis He also OWLS the factory property at
New Haven, in which the equity is from $1,000 70