- Mon, Dec 1, 2008
Gazette & Courier - Monday, April 19, 1875
North Hadley, and indeed the whole County, is in a state of excitement over the failure of Thaddeus Smith, an extensive farmer, tobacco raiser and dealer, and a large broom manufacturer at North Hadley, and a man of reputed large wealth, with liabilities variously reported at from $100,000 to $150,000. His failure also carries down several other large farmers and business men in that village, among whom are Edward P. Hibbard and his brother, Samuel S. Hibbard, large farmers, tobacco dealers and dairymen; H.C. Russell and A.P. Russell, farmers, tobacco raisers and growers of early garden vegetables; and Francis Smith, store keeper and tobacco dealer.
/ What the liabilities of any of these parties are is not yet known but they are believed to be large. It appears that all these parties have been in the habit of indorsing for each other, and their credit has been the very best. Their creditors are numerous and include nearly everybody in North Hadley, and many outside. The First National Bank Northampton and the Hampshire County Bank at Northampton, are said to lose a large amount by the paper of these men. James Stetson of Shutesbury is a creditor for $10,000 or $12,000 but is partially secured by a mortgage of real estate.
/ Clapp & Pomeroy of Northampton and L.L. Draper are said to be heavy losers. There are a large no. of creditors in Northampton for various amounts, among whom are B.E. Cook, Smith & Searle, and C.H. Jones for $100 each. Mr. Draper's claim is said to be from $3000 to $5000. One of the small farmers who is heavily crippled by these failures is Chester Cook of North Hadley, and he will probably be obliged to appeal to the insolvent court. Prof. W.B. Russell of Hatfield is also reported as carried down in the gale. What course these insolvent parties will pursue is not yet determined upon, but Mr. Thaddeus Smith proposes to call a meeting of his creditors at an early day, and lay the whole matter of his indebtedness before them. Of course there is a very despondent feeling in North Hadley. These men, with L.N. Granger, George C. Smith and one or two others, who are not seriously involved in these failures, have been the life of the business of the village, and the disaster cripples every enterprise here (Northampton Gazette). Thaddeus Smith has applied to be declared a bankrupt.
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