New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-08
LOCAL MISCELLANY.
THE GREATEST OF CARPET FIRMS.


gFFFors or THE EnBARRAssMENTs or JOHN
cRossLEY on The LARGEST CARPET MILLS IN
THE WORLD.
The failure in England of John Crossley,
member Of Parliament has attracted great deal OF
attention IN this city, especially in the carpet trade the
Arm OF John Crossley B Sons Oimited), ut HaniaN,
England being the largest carpet manufacturers III inc
world The advices received thus far only snow 'na'
John crossley is personally nvovcd that he has re-
sined his seat In Parliament, and that his embarass-
ents have been caused by the fauro of outside enter
nrscs In which he was interested but apprehensons are
entertained as 20 Tho standing Of the carpet hrm Of
winch he the largest shareholder and senior meoc
Those acquainted with the operations OF john Cross
think that his financial difficulties have been c'ueu
principally by Canadian railway investments, as 10
known that in one instance he has put mp fSoooo on
ro,,,vav contract there and is also supposed TO he
,u,ronor for largo dividend another contract his
oncrat,ons WIRE however, not limited TO Canada anu
while HIS investments there may have proved usatrous
II known that other American enterprises nc mas
be.n extremely successful The Lneolum ManuIae'ory
ON Staten Island in which Mr. Crossey invested severa
thousand dollars, is IN q highly rourshhS coh'"-
ton Nevertheless, little Doubts Expressed oy eaie
carnet men here that his failure must be solely at
trhutod to outside operations, OF which the Canaui'i
investments above enumerated are given rs SIP ci"cus
The firm OF John Crossloy a. Sons. employing ABOUT
four Thousand hands ia known 10 carpet dealers III INC
They make the uilcSt tii'OSt'
houses like A. T. Stewart Arnold Constable q Oo' anu
the sloans are among their customers In Iac 'here Is
not large carpet house in any country that does hot
pnrchase tapestry carpets from that firm Sir Richard
Crossey who visited this country about ten years ago.
was kuighed by the British Government solely on &C
ront Of the ominence attained by the firm when was
established by the John Crossiey father OF SIR Rich
ard and Joan Crosscy the Liberal member OF Parliament
who has just resigned his saat
one reason why the Crossey failure creates consider
ah discussion here because 1t is claimed thai the best
taresry carpets except those OF the Crossey mills are
made IN this country and il the troubles of Mr. Crossle
aso involve the airs Of the carpet factory ana forcc
II into quidatiOn, great Increase III the dchahu lu
American carpets would follow The Crossey nrin ms
a nominal captai S1l 600 900 In gold, and us anafs
as il is limited company, cannot become enparassscu
Through the failure any single one OF It's shareholders
pnlcss the amount his shares Is very large IN toci
annual statement the shareholders on jan >, ths
rrctOrs OF The CrOssley Company recommchdeu EN /
dond of sllngS share, less income TAX WINCH
with the interim dividend paid in August ast Is eua
10 ,er cent per for the year 1870 In seVtI
recent wears dividend realized mas Dccn ~ per Ce
aud Is pcr cent has been paid III n0nilshihS Times
largo reserve fund nearly 100000, was created out OF
the annual earnings, but that was long before pau ut
sci in and the reserve fund has been used Ia the
~ dyidends OF the sol 6I6 3s required to pay the
per cent Tor 1876 R 1874 las sd was taken from the re-
serve fund. remainder of the dividend was maze
ms by profits from Dee A. 1873 10 the end OF $50
total liabilities of the firm were on Jan > 1870 -
US 1Od In 1873 only necessary 10 lahc 5lo'Vo'
from the fund to dividend OF 10 per cent