New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-09
A HEAVY FAILURE.

THE OXFORD IRON COMPANY SUSPENDS'
LIABILITIES ESTIMATED AT OVER $5,OOO,OOO-A
RECEIVER APPoINTED-msToRY OF THE COM
PANY.
The Oxford Iron Company, of Oxford, NJ
j., OF which s. T. Scranton is president, has sus-
pended, with liabilities estimated at between 3d.
100000 and $6,O00,000. The exact amount OF
its assets has not yet been ascertained. On
Friday last Benjamin Clark, Of jersey City, was
appointed receiver and gave the necessary bonds sam
uel Sloan and Moses Taylor becoming his bondsmen.
President Scranton in this city two or three days
last week. and said have been greatly depressed at
the dark prospects Of the company IL is said that an
endeavor will be made to effect compromise with thc
companys creditors, and thus enable IL tcresume WORK
During the past year the depression in the iron trade
has rendered the manufacture Of iron Improbable but
the company, in order 10 prevent any suffering
among the workmen by closing the works, has kept up
the mining and manufacture to enable 1t to pay the men
wages, even II no margin Of profit were left
The works and mines have eventfu history and are
closely connected with the political and manufacturing
development OF ths country Oxford where the works
are situated, is town OF about 5000 inhabitants
and has been built up entirely by the iron interests
1t is in the centre Of Warren County, in one OF the most
beautiful portions Of the Pequest Valley in both sides OF
which are rock veins OF magnetic ore, which is thought
be the best adapted TO the manufacture OF steel Dy
the Bessemer process. furnace was established mere
in 1878, and though few lad been built In dlHefenJ
parts Of the country, this Is the oldest which has
remained in good working condition. There is pig OF
in the Office which bears the date Of 1755 aud there
are eannonbas known have been cast in the furnace
during the old French and Indian war. During
tho Revolutionary war the furnace was under
the management OF Daniel Rotterdam, member OF the
Federal Constitutional Convention. and afterward Sur
veyOrGenera Of the United states. An attempt was
made TO cast OF the small cabre In use ID those
days. but the soil found too damp and the works
confined the cstng OF cannon balls for the pat
army. The original arch still stands, but the furnace
has been enlarged 10 ten feet back ana the height mas
been increased to thrtysx feet The mine from when
tinued and has cayed in. The furnace ana
adjacent mines are now owned by the OXFORD
5000 acres, including iron veins OF lne1nausuDie
wealth. the from which contain from 90 to 70 per
cent Of iron bur interpreted with lime ana ueld
spar so rs TO render thelT nuN very easy.
About 1873 the company built new furnace which
combined every improvement devised In works OF that
character. IL OF Is feet bore, with stock 63 ieet
high with boilers and six heaters, each 20 feet In
cngth Ore and coal raised 10 the top OF the furnace
by an elevator moved by hOt-air blast; Inc
engine OF 1000 horse power and has one OF the largest
hy-whees In this country. Inc Two furnaces use each
day about 100 tons OF ore, which is taken from three
mines, short distance above in tue side OF the hthe
Car Wheel, the StOey and the NewMnes, AT the iron
works are manufactured iron bars, spike rods
nails. railroad spikes, nnts and bolts. Inc
mandatory contains twenty , nVe eth P ga
and bolt furnace IL has seven engines the largest
Of which is 400 horsepower. Tho company manufac-
lured from 14O0 10 1900 tons Of pudde-bar month,
finished about 100 tons or nal.-pate and oOO TONS
" spikerOds merchant bar. IL also mace
their own nailkegs, using abont 500 cords OF wood
annually the purpose. IL made their own brick for
furnace repairs and building purposes II employed
about 700 men In ALL ana moss oil the payments were
made I'm orders upon the cOmpauy's store, The COM
Tor laborers, but many have since been built by the
woTkmen, many OF whom have houses OF their own