New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-05-24
BUSINESS TROUBLES.

AN ASSIGNMENT MADE BY THADDEUs DAvIDs & co.
-rHE TAUNTON COPPER MANUFACTURING COM
PANY EMBARRASSED.
Tbaddeus and David F. Davids, composing
the firm of Thaddeus Davids Co.. manufacturers Of ink
al Nos. l27 ard 1919 Wlism-st made an assignment
Yesterday 20 James W. Todd Of No. Liberty Court
Two classes of preferences given in the assignment
The first class embraces all the egua business creditors
OF the firm hrty-eght in number whose claims amount
to SIls57 81 Included in this class is preference TO
School District No of Ne*Rochele for such amount az
may be found by the firm but which is not specified
The second Of preferences comprises notes Issued
by the late George W. Davds in the name of the firm
which appear in shape the books, although the
firm, it is said knew nothing of them. David Sote.
$1,000; George Miller, $500; Union National
Bank SO, 200 40; De Rham & Co., S3,6l7; Cos
sine, Welles & Louis b. Hass, S3O62; three
notes the holders of which unknown, amounting to
81 400 49, The total preferences Of both classes foot up
10 40 The assignment was made 10 protect the
regular business creditors. and the result OF the
irregularities of the late George w. Davds The notes.
etc. irregularly issued by him in the firms name with
out their knowledge authority, far as learned
amount Sl50000 which is much larger than at
first supposed The firm claim TO have ample assets to
pay all their legitimate debts in full
Edward = Clinch the attorney for the firm made the
following statement: "Thaddeus Davids began business
in NewYork i'll 1894 After starting III his own name he
transacted business in connection with Mr. Black; sub
sequeny with Mr. POmerOy, under the style OF Davlds
Pomeroy, and after the laters retirement from the
firm the business was by Thaddeus Davids and
his sons, George W, David f. and John b. The latter
firm dissolved john b. retiring and the others
ing George W. Ddyids then Retired aud his interest in
the firm purchased by lis brother, David
F. and the business continued by Thaddeus
and David Thaddeus Davds for the past six eight
years has seriously sick. and obliged constantly to
cave the conduct Of business largely his md
aud hfe "a ycfo .1
confidential clerk for the concern George W. had
occupied public Official positions in Wescheser County,
where he resided, and prominent in political and
social life lie led into speculatiOns and absorbed
bis entire individual estate, ana became practically
bankrupt Taking advantage of his position con
fdeual CLERK the firm and OF his fathers absence.
aud OF the fact Of being known former member OF
the firm without the knowledge OF either member OF the
firm and without any authority, he ISSUED large amount
OF paper TO wAich he attached the firms name.
The OF the paper issued Is
not definitely known to the members Of the firm, as
it was not entered by him upon the firms books
any memorandum OF II made by him so far as has
yet been learned excepting some found in mis- private
after his death. one OF the memorandum,
anu ~ i,o'j NV him h recy,c6 no. co, sicrtt.o, ,Sb"t
ever. la addition 10 this paper he misapprOpliaied
&c amount Of the private funds OF TnadGeus Dayids
ihs misapproprlaOn WAS not discovered until after
Inaddeus returned Florida carly IN April TO pro-
@ heen maJe Tbsddens Davids "a npwsr of svnrfy
years OF age. and is conued to his bed by sickness His
property and the property OF the firm than
sufficient TO pay the regular business creditors"
II pQrts have been in circulation here that
the Taunton Copper Manufacturing Company OF
Taunton. Mass, whose NewYOrk Office IA al |
No $50 sOuth-sl., had suspended payment |
on notes amounting to over 100000 AT the New |
York Office II positively stated that there had been
No suspenslOI, tnat business going usual pay
cuts being IA and received and goods aud
Interested however, took different the matter
Al : W,t.kuoWn metal house which has had large deal
ns .ith tn company, IL stated that the company
mad "A large Of nOtes under Ur test as : d. |
rocter the treasurer who died ABOUT two mouths ago
ami wbn Ead Endorsed them, had not made prov
their py The einb9 rrassmcnt on these notes.
SAID. was only temporary Tnc company had ample |
reserves 10 ray all the creditors In m but Thought
th.i some OF the stockholders might realize in |
mlL 4 circular had been Issued ana Il committee |
had bcou appointed to reOTganlZe the company
house ba1 such confidence in TIE company was
ready 20 fiji any OF ITS orders. From Other source
was learned the 100000 OF paper under protest
was heid b. eight banks Boston, several Ia 1aIiOu
and one H. Pymoutl, Mass. This paper indOrsrd
Was stated, by the ate treasurer AT bis death
was no one OF the notes, and the company
resources were Inadequate. Business Is SUI running
and The company is paying current Diis for supplies
The .ck asscts 10 is tIOdght, viii rclZr more than
realize on tnOm The company chartered in 1881.
II formerly had "a capital % 100000; c-d
A 10 @iJOOOb. which 10 Baid 10
conf DIVIDENDS. The last annual statement. He'd June
20 l-s2, showed: A-sct S-309I4 consisting build
ms alu macnlncrf 724O,~7; material! 1893, O-j cash
ald bills receivable SlG14G7; celaAeOu-, g-3 sOJ.
The QCbts exclusive Of capital stock Y3Isl3i