New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-17
s. b. Elkins, who was depOstor with the fir
said TO a TRIBUNE reporter:
HOW A. w. DIMoCK & co. STAND.

Friends of A. W Dimocb & Co. at No. . Wall-st..
said Yesterday that there was every prospect that
the creditors of the firm would be paid in full. 10
was admitted however, that large part OF tho
assets consisted of stock of the Bankers and Mer.
chants Telegraph Company. which sold ut 1890
Yesterday. Charles Putnam Smith, the assignee.
said that he had not heard from the Chicago branch
house and he could make more definite statement
than that the nominal liabilities were between
49, 900 900 and 81, 900 900, and the nominal assets
nearly s., 000,00 He thought that the suspension
would be only temporary
At the office of the Bankers and Merchants Tele-
graph Company, it stated that the suspension
of Dimock 4 Co. might not even elnbarrasS the i'm
mediate construction work of the company. Several
of the contractors had assured the company that
they would pnsh matters through without waiting
for the company to complete the new financial ar
rangements made necessary by the faimre. The
officers asserted that a prominent capitalist had
assured them that he and five others stood ready to
make the advances needed in case the constructors
should decline to go on with their work. Tie
rumor that extension work between here and Bos.
ton and Albany bad been stopped by tho failure of
President DimOck was denied. 1t was said that the
stoppage was only on repairs.
man from New-Jersey told curious story OF
Mr. Dimock's career in Elizabeth. As he related it
Mr. Dimock while young man was engaged rs
clerk with Mr.. Marquand, wealthy and eonserva-
tive business man, who In time gained high
opinion of his young assistant. Tho concern was
making money steadily when tho old gentleman
decided upon a trip 10 Europe for his health. In
order that lac might he free from care he offered
partnership to Mr.. Dmock. which was gladly
ceptcd Mr. Maryland impressed upon his partner
the necessity of following tho safe aud conservative
line OF acton by which he himself had made 50
much money. Shortly after the old man sailed tho
stock market began to go up. Young Dnnock be-
gan to speculate, and wonderfully successful.
When Mr.. NarquaDd came home in tho fall 'hs
ledger showed a balance TO the firms credit OF
So 900 900 The young man was in high feather
as he showed tins exhibit to his senior partner, and
anxiously awaited the words of praise which hs
confidently expected. All that the old gentleman
said however was " We will dissolve the firm to-
day. Suppose it had been the other way The
firm was dissolved at once. Subsequently Mr..
Dimock won't into further speculations. from which
he emerged a bankrupt.
The failure of Mr.. Dmock and the drop in Bank
ers and Merchants stock direct attention to tbs
statements recently made 10 the Stock Exchange
In behalf OF that company on the occasion OF ITS
application TO list an increase OF capital nom Two
10 three millions. These statements showed cap
ital already existing of two millions, and mort
gage iudebe dness issued all the lines. including
those taken over, amounting 10 $6,425oOO, or a
total issue of SIS I35 900. The mileage OF pole limo
rompleted al the date of this statement was 6.607
miles which these issues wOnld imply han cost
81 go per mile. Taking the Western Union mile
age of poles amounting - ah0nt l4i 900 miles,
nj this valuation il would make the capital of the
Western Union Company, instead Of $50, 900. OOP
as no " amount 10 $3.50, 600, 900.