New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-05
MR.. AMMIDOWN ALL RIGHT
THE RrrTENHoUsE CO.'S STATEMENT.
TIGHT MONEY CAUSED THE sUsPESsIoN-AMM
DOWN & SMITH o AT ALL EMBAR-

TlGHTM ONEt NAtoEC II oSSf b<>oAS
DOWN & SMITH NOT AT L EMBAR-
RAISED BY 1T.
The statement of the R:ttcnhousc Manufacturing
Company of passaic, whose failure was announces
YESTERDAY, as filed with the spplcatiorr<for . receiver
shows liabilities of ss93,373 and assets $s66,lsi. Tue
liabilities consist Of cash advanced By Ammidown az
Smith, s106,OO0; advanced by others. S2io'sia'
drafts and notes outstanding, $436,os3; due for mer-
| chandi,c. $44,c36. The assets are: estimated value
| of mill property and machinery, $3f5.483; raw wool
| and other material and partly manufactured goods
1900 OFT manufactured goods consigned to Ammldown
d Smith, S247 ,o91 bills receivable, $4,000.
Ammidown & Smith. ~dry-goods commission mer-
chants at Nos. So and so worth-st, assert that the
failure of the Rittenlouso Company Will not cause any
trouble to their firm, as they expected IL ana accoru-
ipply prepared for IL. The firm had no interest IN the
Rittcnhouse Company further than selling us producs'
but Mr.. Ammidown, ths senior partner. was a iarse
stakeholder In the company. Mr.. Amm.do"n sa'u
Yesterday that mis- firm was a creditor OF the h'V7.
house Company for about 100000, but the hrm haa
over that amount In goods OF the company on hand
so that the firms loss would be little, II anything.
Concerning the condition Of his firm. he declared t"as
II wa, worth at the lowest figures 100000 over ana
above what it owed, making every allowance ior
all possible shrinkage and loss. The haDiiEes
wou,d not exceed 5000, 900 and the firm had more than
| that In cash and outstanding accounts. lie business
was established In 1861, as Ammidown, Lane d TO-, III"
IL was succeeded by the present firm on January !.
1883. both members having been partners In the OH
firm.
Mr.. Ammidown said that he really knew little ABOUT
the affairs Of the insolvent company, as he had not
been in Passaic for more than a year. The hrm Oh
Ammidown & smith had handled much OF the output
of the mills. There had been no difficulty IN seiiihg
the goods. The failure had been caused by the generai
stagnation in business aud by the tightness OF tho
money market. 1t had been almost Impossible 10 raise
large sums OF money. The business during the year
had been good, with the exception Of the lest thirty
five or forty days. Mr.. Ammidown could not say what
would be done with the mills of the company. 1t was
too soon to determine whether they should remain IN
operation or be closed. Mr.. Ammldown was also
unable to say what were the assets and what
we're the liabilities Of this firm. lie added'
however, that the capital Of the company was
2 100000, of which he owned S16O,0OO. lie
was of the opinion that he would lose all OF his In
terest in the firm. as the stock would 10 worthless III
| all probability. The employees Of the company hs
added, would not lose any money. They receiver
their wages every two weeks, and they would be PAID IN
full. The assets were made up chiefly Of the machii-
cry, the manufactured products and the raw ma'eriai
OH hand. -.
"Ammidown & Smith and E. II. Ammidown,' said
Mr.. Ammidown, " are not affected in the least by this
failure. They are as solid as they ever were
The other stockholders were 7. NJ. Moore. a lawyer
OF passaic a Mrs. Darling and F. L. B. Gardiner.
Judge Andrews, Of the supreme Court, yesterday
granted an attachment for $4,000 aaAinst the Kitten eai
house Company In favor OF A.. NJ. Davis d GO. VIII.
lam Barbour, the receiver of the company, Is quoted
as saying that the liabilities are about Ss0O.0oo: ne
as il Is desirable to do so. The failure was due TO
tight money, not to tariff legislation.
The RittenhOuse Company was incorporated IN 49,
under New-Jersey laws With an authorized capital STOCK
of $500, 900. Of which 1900 600 was paid in; the plant
is valued by some at 100000 and Is sasd TO he un,
encountered. The concern did an annual business OF
about 100000. In the trade here 1t Is believed
that the statement from Passaic that the LIABILITIES arr r
over $500, 900 includes the capital stock. Tnis ldea Is
based on a statement made by. Mr.. Ammldown about
ion weeks ago, TO the effect that the last annual stock
taking Of the company showed assets OF $o10,oOO ano
liabilities S17S,OO0.
The failure seems TO have no bad effect upon the dry
goods trade here. A number of well known merchants
we're Of the opinion yesterday that it would have nc
influence upon the trade whatever.