The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-06
New York Times. ye>tsrdayJ


City, suspended yesterday. Thr assets and
liabilities, which are nearly even, are said
10 be in The ncighborhOod OF 10000 600.
The suspension is thought to he temporary,
and il is believed that the creditors will
eventually be paid dollIr for dollar. 1t waS
caused by the failure of Fowler, Champion
n Co. East India importers, who have
heretofore been doing business on Front
street.
Fowler, Champion & Co. hold 4 large
quantity of the Dixon Crucblo COmpany's
paper, which the COMPANY will be unable 10
meet AZ maturity. The Dixon Company Is
the oldest and largest establishment in the
graphite trade in this country, If not IN the
world, and is operations extend into every
part Of the world. II j. the sole owner Of
what are said to be the only Succc .Sful
graIhi;e mines in this country. Thee
mines are at TicOnderOga, y. y, ut the out
lct OF Lake George into Lake Champlain.
The graphite industry has been built
up cr irely by this company. The business
was started in 1927 by the late Joseph
Dixon, who received probably the first
shipment of plumh9gO, or graphite, that
ever lcf, the island of Ceylon, and from that
beginning the vast export trade 0i plum
bagO from Ceyl0n mas extended all over
Europe. The present company was form ed
bv The members of the old firm Of Joseph
Dixon Il Co. in 1868. Congressman
OrcsiCs Cleveland, the president OF the
American Institute. was then elected pre>i-
Gcnt Of the Dixon Crucible Company, and
has since held the position. In 1873 the
company established 4 pencil branch, and
was brought iGtO competition with the
largest manufacturer, OF lead-pencils i'm
the world. IN the mil at TicOn-
deroga and the factory Oh Railroad
avenue. Jersey CIV, it gave employment
10 about 600 hands. When the failure
Of Fowler, Champion d Co. was announced
the Dixon Cruciblc Company saw at once
that it would be seriously embarrassed. \
meeting was held, and the company con-
Guided that the safest course for the inter
eStS OF ali parties was 10 make declaration
before the Chancellor Of is Insolvency. and
10 ask for the appointment Of a receiver.
John 4. Walker, the secretary OF the com
pany, as one OF the company'> creditors,
signed petition in which he alleges the
company'S Insolvency, the failure OF Fowl
er, Champion Il Co., and the consequent
embarrassment Of The DXon Crucibe
Company. The paper Obligations OF the
company. which are maturing at the
rate of $1,000 per week, and the
inability OF the company 10 meet
them. The petition was presented
Yesterday by Ex-Governor Bcdlc to Chan
cclor RuntOn, at chambers, in Trcn-
tO9. The Chancellor concluded 10 put the
company in The hands OF a receiver, and ap-
pointed Edward i. {. Young. Mr.. Young
is president Of the FiISt National Bank OF
Jersey City, and at the late election was
chosen one Of the presidential electors for
New jersey. The Chancellor fixed bis
bonds at $4,000. Mr.. Young has secured
surelies to that amount. His bonds VIII be
presented for approval 10 Master in
Chanccry at Jersey City this morning, and
be will at once enter on the discharge OF
hls duties. The Chancellor issued an
Injunction restraining the company it.
self from doing any further business TIL
a further order Of court Sb1ll have been
made IN the premises. But he directed the
receiver to carry on the c0mpany's business
and to conduct ltS several operations. Ii IS
understood that there will be no change in
the Office arrangements, and That the Du>l-
ne,S Of the company viii 60 on as though II
had not changed bands. Mr.. Young said
YESTERDAY that IT Wouli not tbke more than
year TO strai@hten out the fnanc2l cnlan-
clements OF The company and Uica>c lis
Court of Chancery.
The failure OF Fowler, Champion Il Co.,
inIpolterS OF chemicals and cru>herS of lin
seed oil, at No. 142 Front street, was q
great surprise yesterday TO the trade. The
house had been established over fifty years,
had an excellent reputation aud credit, and
were supposed TO be worth upward cf
S3jO, 900. Their failure is ascribed TO nm
successful ventures and general deprecId'
ton. OF late their principal business
ba, been in importing East India goods,
mainly chemicals, and the market has
been going against the goods they
handled for the past six months. Their
dealings in opium have been, 1t Is stared In
the trade. very large altnOn@h they were
not in the ring: the amount they are inter-
ested in is placed at 100 eases, valued at
over S7J, O00, bur It j. believed that 1t has al
ready been disposed OF IN such way that
il will not be thrown upon the maI ket, lof
the quotations for opium closed yesterday
without change. With view OF extend
ing their business they purchased twenty
four acres OF land at Bay Ridae for new oil
works, but beyond LAYING out The ground no
further work was proceeded with. Ihe
amount OF the liabilities Is not known. Dut IL
is estimated that they will be about S10O,0OO'
pant Of which is due TO banks for advances,
to the trade for merchandise, and on notes;
the amount Of paper out is stated by The firm
to be not large. No estimate - given
OF the value Of the assets. TDey consist OF
real estate. merchandise. some OF which Is
hypothecated for advances, bills receivable,
and open accounts. The members Of the
firm-Fredel r. Fowler, William 1.
Fowler. and MahlOn Il. CramptOn- made
an assignment yesterday TO Alfred NJ.
Lewis, their cashier, giving preferences
to Campbell q Thayer, Zophar Mills,
Thomas +. Buckley, and Plat u Wood
ward-the aforementioned preference is for
SO 600: The other amounts are not stated,
but ale for borrowed money.