New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-05-04
EMBARRASSED IN FINANCES.

LIABILITIEs ESTIMATED AT 81 900, 900 DELAY
IN PAYMENTS BY THE EGYPTIAN AND MEXICAN
GOVERNMENTS.
Z. Remington s. Sons, Of No. 2S1 Broad
way manufacturers OF rifles, itea, etc., at Hon,
n " have become financially embarrassed and have
submitted their affairs TO their creditors. They
propose to issue bonds to run five years,
at per cent interest, to their creditors,
for the amount of their claims, secured by a
mortgage on the amory property at Hon The hGbili-
ties amount to about 81 100000, while their assets arc
valued at 900 600 but are not immediately available
The assets consists Of the armcy at Hon, comprising
ten large connecting buildings, which, with the real cs
tate aud machinery, Is valued at lJO0OOU hnsncda
valued at about 5000 900; claims against the Egyptian
aud Mexican Governments for about 100000; bills re-
cevabe open accounts, bonds and material raw and in
nrocess of manufacture. The liabilities are mainly on
prUmissury ana are distributed all over the con
IN more being due in 0n than in other single city
No meeting of creditors has been called yet; an IN
formal gathering of residing at llOn was held t
which the affairs OF The company was discussed and the
credltors were unanimous in favor OF aiding the COM
pany in order that The business might continue without
interrupton. The matter submitted Yesterday, TO
the Ncw-YOrk creditors Individually, ana every one
VINO was visited at once accepted the proposal
Charles Taylor, prominent ftnancer and manager has
bepn apnontrd with power Of attorney, to arrange mat
ters lie said yesterday that the principal cause OF the
trouble was the inability OF foreign Governments to pay
nj present the claims for arms furnished. The
Mexican Government owed S2OoOQo and the
Egyptian Government was indebted Tor aaiger amount;
they undoubtedly would be paid, but not immediately
The liabilities less than 81 100000, and the assets
were worth four times that amount i9'n was pe,hg
negotiated, which, If successful would change tue
whole condition of affairs And IN the event OF Euro
mean war the firm would be able 10 pay of The entire
Indebtedness in less than the i've years as proposed
There has been cessation OF business ana he ala not
The business WIS started in 1880 by L. Remington
md in 1866 1t was Incorporated under thc lSinc OF T.
Remington sons; the officers are as follows: PTes
dent, Samuel Remingt3hi Nce-pleSdearl, fhllo
Remington; Treasurer T.. KemHSton dneyf nmTe
transacted very large business mihuldctut
ing arms for many foreign GoycTnnGnts; prine
states They have had branches in all the prominent
cities but lately they have reTenened ana nov hayG
London. They employ at tho present tine nbont 400
men at Ion aud in busy times they nave bad as many
adephia Exhibition, aud represented at the Paris
Exposition
THE CAUSE OF THE TROUBLE AND PLANS FOR THE
FUTURE.
gentleman prominently interested In the company
said last evening that the company had bored under
serious embarrassment for several months. This
has been owing TO delay In the payment Of
their accounts on the part of the Egyptian
and the Mexican Governments The amount
Of the Egyrtien account about 100000 and that
NJ the Mexican from S125,OOO 10 100000. Both
accounts were undoubtedly good. and ultimately w0uld
he paid The Mexican account was for arms furnished
10 The Ierd0 Administration but 1t had since been ac
know edged by the Diaz Government twas being paid
in instameps and almost every steamer brought IRON
In regard to the position toward the company held
by Mr.. Taylor" continued the gentleman, II Is simply
era power Of attorney to transact the business
Of the company lie was appointed in January
last aud is a salaricd officer lie was en-
caged on account of his excellent business quail
fcations tho hope that he would ho a''o
10 extticaic the company from its difficulties
His familiarity with sewing machines-which form Il
branch OF our business gained during his connection with
the domestic" and his acquaintance also with
the manufacture Of arms make him desirable
man for the company. The appointment OF Mr.
TaylOr was contemplated as long ago as lart
July but for deferred TO the beginning
OF the year. His authority had no connection III any
way with the bonds issued by the company. Concern
ing these mortgage bonds the plan proposed hc Issue OF
bonds secured by mortgage and the borrowing
obligations 1t was expected that could
negotiate the loan through the Shoe and Leather
Bank but owing p9rly, at least, 10 the large
amount desired the scheme failed The amount OF bonds
issued by the company 81 100000, and am Informed
that some Of the creditors have offered or consented
10 accept them in satisfaction of their debts
aud that about 100000 IN bonds have been
placed in this way. The sworn annual
statement OF the company was published III
the II on papers in January, and at that Tine
the liabilities said 10 be- as nearly IA can re
collect. SSJ000O and the assets considerably
over 81 100000. The embarrassment OF The com
many Is therefore merely temporary. There has
been no assignment nor far as know, any TAX ABOUT
enc As the company can realize on some OF IT'S
assets will he free from its difcuc3 IL certainly
has pay 81 and the creditor arc aware Of that fact
The cOmDanys debts are due 10 wOlkmcn and TO brass
aud steel dealers aud to the firms generally VINO have
supplied materials.