The New York herald., 1874-10-23
TEE GRANT LOCOMOTIVE WORKS.

The Russian Government Stated To Bo
tho Cause OF the Temporary Suspsn-
sfon-It Fails 20 Pay Up Its Contract
What is Said OF tho Company's Notes.
The dfrcuities of the Grant Locomotive Works,
IN Paterson, N j., were the general topic OF con-
versation in Wall street yesterday, and though
the irm has not positively failed tat least posi-
tive indication OF 1t be arrived at, they have
suspended, 1t Is stated, operations tor the time
being owing to monetary pressure. and have dis
charged number OF men that were employed
BY the works.
HERALD reporter called yesterday afternoon
At the Union Bank, which was said to have had
some transactions with the Grant Locomotive
works, and saw MIR. D. G. Hays, the president.
This gentleman stated that he knew nothing pos
tive as any suspension OF the Grant Locomotive
Works, but some days ago he was offered some or
their paper and refused It. When asked why he
refused It he said II was because he was
suspicious OF paper offered at eight per
cent when plenty was offered at Eve and six
and in o time when money was plenty as at
present. 1t was the general report in the street
that the company was in difficulties, though he
had not heard 1t when he refused their paper. At
the oflce OF Grant b Co.. in Wall street. the re-
porter could learn nothing urther as to the affairs
Of the Grant Works, the employees there AFFECT
ing complete ignorance OF 1t and Mr.. Grant
could not be seen. Calling upon well known
note broker in Wall street the reporter learned
that his nrm had held only four notes OF the con-
Germ. and that until within week past they had
never seen note OF the nrm on the street Since
tnat time they had been plenty. Tne men,
ber Of large iron hOuse-Mr. Il. whitney
had been heard In the ONCE to say
ass he hsS pste IN. report ns
could hardly have made use OF such an expression
unless 1t were true. At the offlce OF Berry b
Hetser, Drexcl Building, the reporter heard that
1t was the report In the street that IL was In con-
sequence OF the Russian contract that the firm
had succeeded In getting into such difficulties
large locomotive WORKS IN Paterson the writer
heard the history Of this matter. This gentleman
said -
"is appears that some time since the Grant
Works obtained an order for some nfty or sixty
locomotives OF the most expensive pattern, to cost
busy IN making these for the past Two months,
and two shipments have been already made, on
each occasion some twenty locomotives having
been sent over, an English vessel, which
was built for transporting locomotives from
England to India, having 6een used. The COM
means or other the Russian government failed
TO pay or the order or even for those delivered.
You may easily see that on contract involving
very nearly 600, which Is not paid, II s not
at all surprising that the works should be IN dlhi.
culties- what the reason Is Of the non-payment
the company has suspended for good. All our
companies are Just now working on small scale.
Where We this time last year employed 1000 men
we now employ ESQ. Tue Grant Works discharged,
| understand, $50 men, but they were all paid up
| In full on saturday night last Business ID % bad