New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-10
BUSINESS EMBARRASSMENTS.

THE OXFORD IRON C0MPANY'S FAILURE.
LIABILITIES NEARLY 100000, AND ASSETS ABOUT
THE SAME AMOUNTS. 7. SCRANTON CO.'S LA
BnITIEs ABOUT 100000.
The receiver and assignee OF the oxford
Iron Company and Of g. T. Scranton Co., OF Oxford
New-Jersey is b. g. Clarke, OF the Thomas Iron Com
pany He was appointed Saturday by Chancellor
Runyon az Newark MIR. Clarke director OF the
Delaware, Lackawanna and western Railroad anu TO
signed in order to accept the recevership
The liabilities OF the iron company are between
So 600 900 and 900 O00 and those Of ST Scranton
Co. about $500 600 The corporation and the firm are
practically one and the the senior partner OF the
firm, Seldom T., and the junior members, W. H. ana
James S. his nephews being the chief stockholders In
the corporation The firm estimates its assets at fuY
So 100000 and hopes to pay its debts in full The cred
tors are $50 In number The schedule of liabilities 10
in the hands Of the receiver who has already ordered
an Advertisement Mr.. Clarke declined, yesterday 10
show the schedule TO tell OF the particulars OF the
failure saying that would offend the creditors to see
their names published He stated, however that be-
tween 500 900 and $500 900 was owing In New-York
chiefly among the banks The remainder OF the liabl
ties was distributed among banks In Scranton, Wilkes
barre Easton and Belyidere. The Delaware, Lacka-
wanna and Western Railroad Company, he said
was one Of the heaviest creditors. and 1t was
for that reason he had resigned his d.
rectorshp The failure attributed 10 the pressure OF
the hard times. The firm has been IN trouble and ITS
credit has good for six months. At least such
was the statement OF Of the bank presidents. Mr..
Clarke said that the money owing I'm this city gen
orally secured The office OF the company H. at No. SO
Westinghouse and the agent for this city Is James s.
Scranton Yesterday the Office closed. orc OF the
clerks appeared at the grating and said that he did not
know anything, and that there vas nobody about the
building who did. The scrantOns all iu oxford.
The failure seemed TO little excitement in the
city. IT not unexpected and those holding the pa
per mad been able appears, themselves An
iron merchant remarked that the failure would not az
feet the trade here in fact" he exclaimed "t won't
come within mile OF the city" bank president said
that he had heard little or no comment on the matter and
did not believe that the banks would lose heavily. IL
WAS understood that the Delaware, LackaWanna and
Western Railroad the heaviest creditor. Samuel
Soau the president OF that corporation shd the
scrantons owed the company S2jOOOO, but that this
was all secured by bond and mortgage. Everybody
hopes" remarked Mr. SlOan that the firm viii be able
TO pay its debts in full and s feet again The
partners estimabe business men, aud their mis-
fortunes are much deplored by all their niends" It
was rumored that CITY Bank Mercantile and the
Leather Manufacturer Bank were heavy losers The
cashier at the CITY Bank stated that they did not care
anything for rumor aud should say anything about
the matter. The president OF the Mercantile said they
hed ONLY 81 200 OF the paper Tho officers the Leather
Manufacturers stated that their loss could no: amount
than few thousands, aud that they we're wei
secured.
for 100000 OF the corporations debts It's other
Liabilities amount 10 only $4,000 The pcrsOna assets
OF s. T. Scranton valued az lOOOOUO IN farm lana
and fine cattle.
The Bin Of Complaint Of the Delaware, Lackawanna
and Western Railroad Company against the oxford Iron
Company filed In the Court Of Chancery az Trenton
Scptember g. forth that the iron company through
purchases OF coal ana chaIges Ior f5hspofaton now
owes tile railroad company S39s.OOO Notes are held
for all but about $4,000 OF this amount The indebted
ness is secured 10y notes OF other concerns OF acs value
a mortgage land In Warren County, y. J. The com
plant then gives the following lists Of liabilities and
assets as compiled from Information furnished by the
president OF the iron company