New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-10-13
WAITING FOR CREDITORS.
WILL A BIG HOUSE BE FORCED TO CLOSET
THE CAUSES THAT HAVE LED CARY MOEN TO
CONTEMPLATE AN AssIaNMYNr


CONTEMPLATE AN ASSIGNMENT
The large firm of Cary & Moen. manufact.
urers OF steel sTrnfs and wire vhoss six story fac.
tories occupy eleven lots running through from Twenty
elghth to Twentynn'h ss with the principal entrances
at Nos. 237 West Twenty eghth-st and 234 wess
Twenty nnthst is unable TO ;ts engagements to
its creditors and. unless the latter at meeting To be
held to-day grant sufficient extension Of tius to en-
ahle to tide Its present dc ues tho house viii
be compelled to make IN assignment
Tho tirm has recently reduced its pay roll by onehas
Until within short time IL has employed 800 mon .
whom on every alternate Wednesday II paid $1,000 IN
wages. Tho employees were always laid promptly ana
the house bad been doing large business Las, week
the payment deferred for days the want ot
funds and this unusual coupled with ths acs
OF the large reduction OF the payroll tho moo un-
easy and coming to tho OF the creditors led
to rumors OF an spending cri.is.
TRIBUNE reporter last evening called upon the men,
bers OF the firm. Mr. Moen declined OF the Affairs
OF the house. Mr. Cary found his offce ia tho
factory ar late h,ur His confidential clerks busy
over hugo leigers adding up large columns figures.
Mr. Cary. with some reluctance out seemingly impsed
by regard for tie truth which would permit him
conceal the state OF Affairs told the reporter the full
story OF the embarrassment OF house
1t was brought about.
rhs firm consists OF Alanson Cary and Edward A.
Moen The latter is the younger brother of Mr. Mosn Of
tie great wire manufacturing house. OF Worcester,
Mass, known as the Washburn & Moen Manufacturing
Company; the senior partner died time ago. The
two houses, however, have no connection with each
other. Mr. Cary, who connected with the worces-
ter house, TO In 1861 aud established the
West, Bradley Cary Manufacturing Company 10 the
business OF manufacturing hoopskirts. Eleven years
ago Mr.. Moen came here from Worcester anu with Mr..
Cary established the present r tho successor OF
that which Mr. Cary founded and on the same SPOT
The business was enlarged and became very prosper
oua Several years ago 1t rated high the
tile agencies which set down the capital invested as
about $300,O00
:" The shrinkago IN our business" said Mr.. Cary last
night began whom tho election Of Cleveland Prcsi
dent was nrst talked OF possibility and that
feared that tinkerng with the tariff would follow with
the result OF reducing the duties Various other
have contributed TO bring about the
ment l don't know how the matter became known
week for the FIRST time unable pay employees
promptly. For two days 1t was deferred but We t6en
toyes. We held a valuable patent which owed
$4,000 We were advised by cGunsel to pay it as
the exclusive use OF which we were assured. whom We
took 1t, given to ua. ginent was obtained
aganss aud we have paid portion OF the amount.
Then under other patents that had taken rights
were sold Tor which the parties did not pay aud
unable TO enforce payment. Now debts are due which
we cannot pay although our nominal assets much
larger than our liza ilities
"We these eleven lots and the six story buildings
erected upon them. They mortgage to som, extent
Our cred tors know that they are ours well as the
machinery and material here. We have called meeting
OF the creditors TO he held tomorrow and hope that
some arrangement will 6e made that We shall be en-
abled to go on with the husn ness"
Mr. Cary occupies fine house at Forty-thirdst and
MadisOn-ave Mr. MOen lives IN stylish house at No.
81 West Fifty Wien tho reporter called TO
husband was not at home adding: MY husband viii
see no one to- night"