Smyrna times., 1889-08-07
The Failure of the Geo. W. & S.
TaYlor COMPANY.

The announcement on Friday that |
the above named firm had failed and |
gone into liquidation was one of painful |
surprise to our community. Not many
knew that they were in such serious
embarrassment and such step the
more regretful in the general agricul-
tural and business depression. 1t was
known year and half ago that they
were in financial straights because their
debtors had failed to make their obli-
cations good by allowing them in the
shape eofnegOtiable notes to 90 to protest.
These both home and abroad amounted
in the aggregate to a considerable sum.
But it seems they were meeting the
same difficulty with their commercial
paper, until crisis was reached that
| could not be surmOunted. The firms
| Indebtedness is stated at $4,000 or
or $33 900, and the Messrs. Taylor place
their assets at $3S.OOO. The liabilities
have been stated at a higher figure,
but they were outside the firm.
There were demands that they could
not meet and after deliberation the
firm concluded as a matter of protection
to all to make voluntary assignment,
which was done on Thursday, Henry
ID. Boyer being named as Trustee. On
Friday the sheriff took possession of
the property, and the busy wheels of
this our largest industry was silent.
The immediate cause of the suspen-
sion is alleged to be in those creditors
who were urging their respective
claims. The debts are largely at home.
The final result remains with the credi-
tors. The valuable machinery if put
under the sheriff's hammer is likely to
bring only fractional part of its cost;
If allowed to proceed under the trustee
ship, the Messrs. Taylor think the
plant, by judiciOus management, can
be made.tO liquidate the debt. A meet
ing of the creditors will be held at
Dover at eleven o'clock on Saturday.
We sincerely hope that some ar
rangement can be arrived at to keep
this plant in our midst, and running in
its wanted activity. To be otherwise,
will be a serious blow to the town,
giving employment as it does to a
number of men and representing our
chief industry.
The old firm of Geo. w. & S. Taylor
commenced business in limited way
80 years ago, and enlarged their bust
ness from time to time until it reached
, a considerable magnitude, in fact the
largest of its kind of anything below
} Wilmington. All during this time il
was thought to be doing a good bust
ness, was looked upon with pride anC
. had the utmost confidence of the com
. munity. In November, 1886, Elmer u
Q Taylor, who had grown up a skillfu
= mechanic, was admitted to the firm
In January, 1888, Gilbert B. Taylor
was admitted to the firm as means o
e strengthening it financially, after tn,
embarrassment of the few months pre-
| viOusly, and the reorganized firm o
i Geo. w. & S. Taylor Co. was though
I to be getting along all right. Thre
/ years ago the firm went more largel,
K into the manufacture of wheel cultiva
r. tors and the Little Diamond cultivatOI
r the expensive machinery to do whic
!, causing their first embarrassment. T
i this was also added large expense i
,, enlarging and adapting the building t
d the new work. 1t is claimed, however
r, for the cultivator that it showed
It gross profit this year of over 81 ,OO(
le We can but repeat again, we hope fC
e the benefit of Smyrna as we'll as tn
d MessTs, Taylor, that some arrangemeI
d can be made for these works to resum
g operations.