New-York tribune., 1884-01-28
THE CLETELAND PAPER COMPANY FAILS.
DECLINING PRICES-oTHER EMBARRAssMESTs-
QUARTER OF A MILLION OWED.
Try TELEGRAPH To THE TRIBUSEl

CLEVELAND, Jan. PA great surprise was
experienced I'm business circles last night by the an
nOuncement of the failure OF the large and welknoWn
Cleveland Paper Company. The company Is one OF the
oldest and most widely known corporations OF the kndn
tho United States. The Cleveland Paper Company was
organized in 1860. and the largest paper con-
Germ In the West, controlling number OF
mills, and employing large number OF work
men. The trade extended over Western New-fork'
Western Pennsylvania, Ohio, Indiana and Michigan They
also had large trade in the South The products OF their
mills were chiefly book paper paper bags and pulp They
have three paper mills and pulp mil in Cleveland
and mill at Monroe Falls; and gave employment to
about 500 people The failure stated by an officer OF
the company helped along by the decline In the price
OF products while in many instances the price OF the raw
material kept up and increased The company had also
been interested however in the Chagrn paper MILL and
in Cleveland woollen MILL both Of which failed recently
The president Of the Cleveland company also inter
ested IN mills in Chicago and South Bend, and had been
obliged to make assignment for $4,000 ON Friday
The Cleveland company owns several business blocks
In that city. The dulness OF collections for the
last three months also helped precpitate the crisis
The principal creditors are In Hoyoke Mass and In
NewYork principally manufacturers and dealers In the
products which enter into the manufacture or paper anu
in tho fine caendered paper not manufactured IN the
West. The officers OF the company are n. W. Taylor,
president; Edward MILL vice-president; James X
Liley secretary; c. W. Kingsley treasurer The labl-
OF the company viii equal Its indebtedness Iayors
aasess placed ut S150,0O0. Edward MILL vice-lres
company Tayors assience but the effects
OF the company were placed in the hands or j. Foster
The accumulation OF bills payable which they were un
able to maturity, forced them 10 turn over all
their for the benefit Of their creditors The assign
ment is complete and without single preference Inc
assests OF the Cleveland Paper Company are quoted by
Bradstreets at $500 900 which is probably correct
HOW PRESIDENT TAYLOR BECAME INVOLVED.
President Taylor bought his paper mills year ago.
when his SON. George H. Taylor then their owner failed
Recently his return from Europe, where he had been
for his health by physicians advice he found that tie
mills had lost from $4,000 TO 100000 in nine months
Unable to meet all these personal liabilities amounting
to about $4,000 without selling his stock n the Ceve
land company. of which he holds very large amount
he quietly made individual assignment Then fearing
that his action would result in multitude Of attach
mens by creditors upon the pronery OF the Cleveland
Paper Company, already embarrassed, and dreading
sacrifice of the property satisfy the attachments he
decided the Cleveland Paper Company should assign
for the purpose of protecting all OF It's creditors The
assignee will operate the mills to I'll contracts most OF
which are furnish print paper to newspapers There
stock of material on hand II Is expected
that the company will pay all its debts In full and
resume.