The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-05-04
CRIPPLED NJ rwo GOVERNMENTS.
a Meeting In iuom or the Creditors OF the
Remington Arm. Company.

For about year and half the notes Of
4. Remington Sons have been offered freely
in Ncw York. and extra Inducements. in the
shape Of high interest. have beon held cut to
buyers. Tho credit ot the concern WAS high
Durin; tn" Franco prusslau war tho company
made thousand arms q dav which they sold
to tha Bench. They also furnished cartridges
for the French. With this profitable contract
the company WIS supposed to have made
great deal ofimoney. Yet the company's paper
did not sell Tho concern made millions out OF
the French tiovcrnm"nt. Mr. Samuel l;eming-
ton. the President oi the company. lived in
France. and was in close communication with
Gnmhettn. ami. in fact. was the agent 81 tn, Gov
crnncN for th"lr supplies. The company
made guns for the khciiye OF Egypt. who owes
them now for the guns delivered s2uppOo
Al that point lccau., tie contract hal not been
Ana Tor guns IN various stage of construction 3O,.u
In addition to this Indebtedness Of 500 O00
the Mexican Government owes them $500 900.
and these amounts would pay their indebted
ness. leaving them their receivahles. their open
accounts. md their armory free and clear. The
Mexican G9yernm"nt are paying from Tim" To
time In driblets. hut tho Government OF Egypt
says that there Is no dissatisfaction with the
guns. or with the cartridges. but that they SIM
PLY have not the money 10 pay.
f.. Remington. now dead. made gun barrels
for the United States Government abont fifty
years age, The lrT IN time became =, I. Rom
farmed bearing the same name, with a paid
pp capital Of .l,9oQ'oO9, The RemnGions
military guns. pistols. and nmmunition.
Some six yenrs ago they added the
making Of sewing machines 10 their
already extensive works. hut they have not been
busy ipr q year or two In that branch. They
also established. several years ago, n depart
mont for making agricultural implem"nt7.
which has been kept separate ana I'll 'tinct
from the armOry, and H. not affected ny IN"
present embarrassment. They have hoped for
better times. AMI for their money from Mexico
and Egypt. and 50 have struggled on. eN-
pecting 10 pay their debts in full. With u
y,cw Of doing this they emmoycd Mr. Charles
Taylor. ilnnncler OF ,mueh experience.
who WIS once partner in the old house Of Col
Tins * Co.. and who carried tho Domestic Sow
ing Machine Company through their embarrass-
ment. Tho creditors have been generally lc-
nicnt 10 the Rcmingtons. and the presence Of
Sir Taylor was an assurance that hc estate and
business would he used 70 the best advantage
The money. however. did not como from Egypt
nor from the Gull. and M informal meeting Of
tie creditors was held in Hon on tho LIST inst.
II was shown that the inlrb, o,lness Is about
Il ,OOu 900. and the aSnnts oi all kinds between
$1,000 900 and 5000 900 II was proposed to
mnk" bonds to the amount OF : .UuO.OnO, secured
business should be carried on by trustees and
an effort is being made 10 raise u loan on bond
and mortgage. which would make issuing the
bonds needless.
The company. whom in full running. employ
thirteen hundred persons; at the present time
they employ four hundrcl Ono very favorable
fact comes to light. and that Is, that all the real
property OF the company Is free OF bond and
mortgage. The armory and other buildings
number ten, and cover an area OF about eight
acres. Tho population OF llon is ilve thou
sand and depends mainly on this corporation
banks in New York are creditors tO n large
amount and they are all friendly.