Daily Kennebec journal., 1899-12-16
J. P. SQUIRE & co. FAILS.
Banks Sudden Call for Loans Forces
Them to Assign.
Liabilities, S3.OOO.O0O; Assets, SIS, 600 900
-assisnees VIII Continue Business.

meat packing business, assigned, to-
day, to Lawyer Herman w. Chaplin,
of So State street The liabilities are
estimated at 5000, 900 and the assets
$1,000, geo, the latter including q recent
appraisal of the plants at East Cam
bridge and Somerville at $4,000. 600
The company was incorporated in 1896
and has n paid up capital of $1,000. 900
stock being largely held in the Squire
family.
The business will be carried on with
out any change by Mr.. Chaplin as as
signee. y meeting of the creditors will
be called and Mr.. Chaplin is Of thc
opinion that all will agree on some plan
that will! allow the business to continue
without interruption.
The creditors are banks for the most
part. the Globe National Bank of this
city being one of the heaviest Other
Boston banks are involved to some ex-
tent. but the Indebtedness is largely
outside of Boston. divided for the mos,
part among banks in New England il
which the Squire co. has branch stores
The estate Of the late John T. Squire
is not involved in any way in the as
Signment
branches Of the parent company in
VOWED include in this city. Frank ..
Squir, X CO.. - To - blackstone street.
+. +. Squire x co. y Faneuil Han
Market. Joseph Squire & 90. Al Worth
street. Squire n Co. ~ to ~ North
street. ana stores in New York. Law
renee. Portland. Worcester ana Bath
In an Interview. tonight. Mr.. Chaplin
h.,
result of tightncss in the money mar
ket. Practically all the indebtedness
is to banks. These banks found il nee
csSary to can their loans. The Squire
Co could not raise the money To meet
them all at such short notice and il
was deemed best to make an assign
ment. There is a clean $2000.00O mar
gin of assets over liabilities and therl
are no incumbrancts on any of the
Squire property. The company bought
for cash always and sold on credit.
Like most big concerns doing business
under these conditions, the company
had considerable paper out The paper
passed from hand To hand and it is
considered good for 30 years.
The house is in a sound financial
condition and is now doing very large
and profitable business. 1t may be-
that the company was bit over con
fident as to its credit and when this
call came so suddenly, it, therefore.
found the corporation unprepared. A
week ago we could have put a 81 .000. 600
mortgage on the company's property.
if We had cared to do 50.
The assignment is absolutely with
out preference. Many Of the
women in the Squire family are
stockholders and all have cheerfully
turned over their stock. believing in
the solvency of the concern ana in the
ultimate Strengthening out of the pres
ent tangle."
Asked as to the rumor that the
cause of the assignment was an over
draft of $50 600 on the Globe Bank,
which the company was called upon to
make good. Mr.. Chaplin said that s.
far as he knew the rumor was not cor
rect and that the Indebtedness to the
Globe Bank was not in the form Of an
overdraft.
As to the rumor that the John p.
Squire Co was to be absorbed by the
Swifts. Mr.. Chaplin said there had been
some talk of it and he regarded it as
Very likely. but he did not think it
would come about just at present and
not until the financial situation in
general is much better than it is at
present
Mr.. Chaplin explained that the two
concerns. the SqureS and the Swifts.
We're not on quite the same footing. as
the latter has a 81 900. 900 mortgage on
its property and the former has none
I ~ a L. said that Jobn 7 SpItir,,
n co. would go ahead, strengthening
Dut its affairs as cXpeditiously as pos
sihIe ana some time after the begin
ming of the new year. if the money
market got into better shape for the
| floating Of a big enterprise. there might
be a consolidation of the Squire and
Swift interests.
The directors of the corporation are:
! Frank @. Squire, president; Fred +.
| Squire, Treasurer: John p. Squire, as
| sistant treasurer: John p. Wyman.
Lewis F. Cook and Walter L. Hill.
| In addition to the stores already men
! toned there are the following allied
| concerns: The New Hampshire Pro
vision co. Concord. n. H.. a New
| Hampshire corporation: John f.. ToWle
| & CO.. incorporated of Manchester n.
| r.. Il New hampshire corporations, lilt1
Lake Champlain Provision Co. Bur
lington. VT. n New Hampshire corpo-
| ration, and the Maine Provision and
&. s. Co., 235 Commercial street, Il
| Maine corporation.
| Asked as to the exact nature of the
| Connection between these concerns ana
| the big corporation, Mr.. Chaplin said:
| They must stand or fall with it, But
| other individuals own stock in these
companies Various assignments have
| been made. covering the different in
| terests of the big corporation and most
Of the affiliated concerns"
| The revenue stamps fixed to the vari-
| Gus deeds of assignment aggregate
| S23O0
The business was founded by john
p Squire, April So 1912. when he
| formed co-partnership with Francis
Russell. under the style Of Russell &
Squire, provision dealers, in Faneuil
| Hall Market. After five years. Mr.
! Squire was alone until 1853 when the
J. p. Squire & Co. firm was estab-
lished to handle hog products. From
this beginning the third largest packing
house in the country rose and it's bust
| ness a late wears has anpuall,, ,,-.o..;