The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-05-04
BUSINESS TROUBLES.
EMBARRAssMENr OF T. REMINGTON SONS
RIFLE MANUFA crURERs-REcoBDs OF BANK


RIFLE MANUFA crURERs-R OF BANK
RUPrcIEs AND MEETINGS or CREDITORS.
The financial embsrrassmsuls OF =. Remington
Sons, manufacturers OF ths Remington loading
rifles, at non N. r., and Al No. 2sl Broadway, have
at longth forced the company submit their affairs TO
their creditors with view Of Determining upon a
OF action whereby tho extensive business will
not be hampercd by pressing claims. The company
have assets equal TO four times the amount OF their
Indebtedness, but they not Immediately available
or convertible into cash. Tho business OF the
company has been very extended. having branches
In all the prominent CITIES In this country and 10 Lon
don. The company have also had large transactions
with foreign governments which have been unable
meet their payments, and this has boon The main
cause OF the embarrassment Mr.. Charles Taylor has
been delegated with power Of attorney 10 look alter
tho interests Oft company and the creditors hope
that he will be able TO adjust matters successfully
Yesterday no said that there had been call Tor
meeting of the creditors, but there had been in
formal gathering of ssmo residing at Ihon. Tho n
tre latiIuics less than $1,000, 600, with
assets worth $4,0000O0. Tho company oner
their bonds. 10 run tor Avs years. secured by
mortgages on the ent,ro armory property
Il,on 10 the creditors TOR iu amount ue them
with interest at seven per cent. loan Is being
gotiated which, II successful will change tho whole
condition OF affairs But Tor large unpaid claims upon
several governments .hcy would have had pecu-
MARY troubles. II England and Russia go to war h o
thought they would b. able got ous Of thor din
cultes great deal less than vo years. the
demand Tor American rifles and ammunition would be
very large anu he oil The opinion that, in OF
y prolonged European war, The company could make
enough money on tneir ammunition alone to pay all
their debts.
The claims against foreign governments for rides
ana ammunition already delivered ana for material IL
course manufacture are very large amounts They
have suspended contract with the egyptian govern
ment on which there Is due Tor arms delivered about
500 900; they navc also sent II, 900 riffs valued
~ about $4,000 TO that government, which were
stopped al Liverpool, and there s u large amount OF
work not yet finished tho vaiue OF which cannot be
given Tho Egyptian government is per iecty willing
10 receive he goods, but a. present poor That
cannot meet the payments. Tho Mexican government
There Is also money quo from several South American
governments but the amount - not large.
AsssTs AND LIABILITIES
me assets oil the company consist OF the armory
AZ lion, which valued At ST. 500 600 including real
estate and machinery finished arms, about 5000, 600
material. raw anu In process OF manufacture; bonds,
valued In round numbers at s. 000 900 The liabilities
VIII not exceed 81, 10000 IN round numbers. the
greater portion oil which 10 on bills payable and for
labor. The Indebtedness Ia scattered Nil over tho
country, ana tney tell whore MI paper is
hold iher0 10 not much due IN this ciIy, larger
amount beng duo N ion than IN any other CITY.
There Is every disposition the part OF the credi
tors 10 arrange matters satisfactorily and tn.
pany have not met with single refusal the part
Of creditor 10 accept their plan Of surrounding
their emDarrassments. Many OF them have been
personally visited by the officers Of The company aud
they have expressed their Willingness TO grant any
extensions or lavors at once.
Fifty years ago The late Mr. Il. Remington founded
the business, which Increased until u became OF
the largest concerns III the country. In 1866 was
incorporated under the name Of \. Remington Son,
The officers a. present bsBg:-Presdent Samuel Re
ington Wee President, Pnilo Remington; Treasurer,
=. Remington, son Of The founder me works at
buildings, connected together, extending over
several acres Of ground, fully equipped When
full working order, 200 are employed, but TINS num-
Der has Ueen reduced 10 about hundred men,
are working At the present time There has becn
cessation OF business none 10 Form
erly the hrm had branch houses OF the prin-
c,pa cities but recently thsy have boon rs,rennning
and have sold out many Of Their branches 70 trims
who Will conunue 10 sell their arms
BANKRUPTCY OF CATTLE DEALEa.
William Q. Moore, formerly Of the Arm Of Alierton.
butcher Moore, who kept the stocKyard and oil
NJ Third aud l00sh street, boon adjud,catcd
voluntary bankrupt on his own petition, and Regis
ter Allen has down first meeting tho creditors
Tor May "a 10 prove debts and clcct assignee The
liabilities as gwen schedules, amount to over
$3s0 oo0 all unsecured, Of which tho arm Of Asrton
q butcher have . clam Tor $2a3 Jos os.
Among tho olh,r largo claims those Of
the New York Loan and Indemnify Company,
Sl3 100 81; Baker Landlord Co., 81 1888 O3 Thoma
uiac.arsrs aud Baiders. bank, Sa.5Ss ~; Bulls
hoAd Bank. 50, 900; North River Baak, S49l6 So
nssss va. ana w. n.Ik soo -
assets more,y nominal, cossissing Of . number o
deeds Of real estate upon which no valuo Is nxcd
he Was member oil she arm OF AiIsrlon, Duicnor 4
Moore WHOM dissolved then, and that tne urn oil Al
latter retained possession OF ali me books OF tho ole
nrm