New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-12
Alfred DOLCE & SON FAIL.
,,cr1yER FOR THE FIRM AND AN
ASSIGNEE of PERSONAL PROP
zRTY APPOINTED.


MILLION MR. DoLGE's
LARGE INTEREsTs-sUR-
PRISE IN THIS CITY.
,,.., \ Y. April IL (SpeciaD .--Albert NJ
an. y, Little Falls to-day was appointed
~ 1,stice Hiscock as receiver of the firm of
.,,-as Dodge & Son Of Dolgeve. and Walter
:. x.rnan son Of Senator Herman. OF this city.
made the assignee of the personal property
=, Mfr Dodge The liabilities are said 10 be
a. oy0nOO The assets are estimated at SoooUo.
The news Of the failure Of Dodge & Son came
ysa a tnunder-clap TO Central New-forK. FOR
.,o last two years Dolgeville has been one OF
,,e busiest mill towns. and it was thought
,,o. the finances OF the firm were In the best
ossble shape Nothing in regard to the failure
los known In Dolgeville until the receiver had
hoo, appointed. The frst shock from the firms
husness reversals was experienced at IL O'CLOCK.
w., the cutters In the shoe factory were laid
~ Intense excitement prevails in the place
Mr. DOLCE was largely interested in nearly
.vs-v manufacturing concern in the town
Anon. two hundred men were employed in the
,elt mandatory and in the Daniel Green shoe
tactorv employment was given 10 over three
hundred men and women. In the autoharp fac
,orv about seventy-fve skilled workmen were
nnloved and several dozen worked in the
American glove factory. Mr.. Dodge was also
,,s largest stakeholder in the company which
bos recently developed the excellent water ia
cfttiss In the East Canada Creek. Nearly one
half the village property was owned by MT
Dodge
Mr.. DOLCE said: IT have been compelled TO
make a general assignment individually. ana
70 consent that a receiver be appointed FOR the
firm to protect all of our creditors and to pre-
vent an unnecessary sacrifice OF the company
and my individual assets The present dis
turbed and uncertain condition or the money
market has made il impossible for us promptly
70 meet maturing obligations or 10 renew por-
lions thereof as usual. Capital to-day refuses
10 discount new paper or renew that maturing
our large investments in plants ana machinery
az Dolgeville have always necessitated our De-
inc large borrowers and since the present con-
ditions prevent the extension OF credlt 10 us OF
realization from customers paper or accounts ol
which we have TO carry large amount, we AIe
compelled TO stop business at time when our
business in all departments Is large anu pros
perous I also see now that. In view or the
present conditions. l have been more liberal IN
aiding others than was wise or prudent. am
to-day where l began business HE, anu nave
little desire or ambition left except that our
creditors may realize all that Is o"lns theln;
I hone my assignee and the firm receiver VIII
ascertain and present our exact condition 10 'he
creditors soon as possible ooo ~ J.,
Alfred Dodge began business IN IooS ne -
the originator OF the proht-sharing system
among his employees, which has apparently
hAen successful. Employees were PROVIDED Win
life Insurance ard received percentage or the
nrofts OF the firm. Mr.. Dodge has been Noerai
n the nrorrotic, OF public improvements IN
Oolqevjlik Roads were made. a fine high school
Is being built and a public park. with large
gymnasium for men and women, are some Oh
The things which he has given TO Do!gevlile.
The news Of the failure OF tho nrm or AIRED
Dolge &. Son which has New-York Offices at NOS
40 and 2 East Thirteenthst caused great surprise
in trade circles on account OF Mr.. Dolge's high
standing the large business the firm had been 90
ing. the large capital employed and the large re-
sources which he supposed 70 have at MS
command At the Office OF the firm II was stated
that the receivershp was for both the firm prop
erty and the individual properly or the senior
partner, Alfred Dodge who IL at DoigeViLe, ~ :,
and will not be here probably for week yet. ana
America. His Representatives here made tho APP
plication Utica tor the dissolution OF the hrIn
and the appointment OF receiver Mr.. NILS Is
expected 10 come 10 this city IN day or two 10
look after affairs here
s0 firm liabilities. &3l. Do; firms surplus. 1861 7s4;
Individual assets Of Alfred Dodge s., fS 76l; total
let surplus 81 ,43T sos. The principal assets consist
Of real estate machinery. stock on hand and &C
counts receivable. Dispatches received yesterday
said that Mr.. Dodge had placed mortgages on his
Every one no heard OF the embarrass ment yes
terday expressed the greatest sympathy for Mr..
DOLCE. and strong in the belief that he would
be able speedily TO extricate his affairs.
LOCAL BUSINESS COMPLICATIONS.