The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-08-01
IT IS PRESIDENT YOUNG.
Reorganization of the JOS
eph Dixon Crucible
Company.
THE CONCERNS PROSPERITY.
The Flag Flying Over the Building
and Everyone Happy---Mr.
Walker Chosen Treasurer.

The Stars and Stripes are floating tris
umphantly from the large factory of the
Joseph Dixon Crucible Company, at
Railroad avenue and Monmouth street,
this afternoon. Today the company was
formally taken out of the hands of the
receiver and the directors resumed con-
troll
There were present at the meeting at
which this was done E. E. G. Young, the
receiver; Ex-Governor Bedle, his counsel;
William Muirheid, James B. Vreden-
burgh, Master in Chancery representing
the Chancellor; Thomas NJ. Gopsill,
Murray, Richard Butler and John A Wal
ker, directors. The legal form of ofsurrender
from the receiver to the directors of the
effects OF the company, was drawn up by
Ex-Governor Bedle and witnessed by
President Gopsill and Secretary Walker.
The document was then approved by
Master Vredenburgh and the receiYership
was terminated.
After these legal steps had been taken
the Board of Directors continued in ses-
sion. President Gopsill rendered his
resignation, which was accepted, and
then the Board elected E. F. c. Young
president Messrs. Murray and Gopsiu
were appointed committee to escort
President Young to the chair.
Upon taking the chair Mr. Young
thanked the Board for the confidence
which the directors had reposed in him
in electing him to the presidency of the
company. He said that he mad been
complimented by the Court on the man
ner in which he had discharged his trust
as receiver, by the creditors of the COM
pany and by his friends but that the
compliments Of the directors overtopped
them all
PRESIDENT YOUNG CONGRATULATED.
Mr.. Charles Murray paid warm trib-
ute to Mr.. Young, and said that he and
Mr.. Young had been friends for thirty-sIx
years, and he was proud to be present on
this occasion.
Congratulatory remarks were also made
by the other directors, and then Jerome
0. d. Gillett, OF New York, was elected
vice president.
IT. was resolved to combine the
offices of secretary and treasurer and con-
fer them upon John A. Walker. The
meeting partook of the nature of con-
gratulatory session, and the elation of
the directors at being taken out of the
receivers hands was shared by the em-
ployes of the company throughout the
large building.
AS stated IN THE JERSEY Cry NEWS
yesterday the Joseph Dixon Crucible
Company failed on January 4, 1884,
through the mismanagement, of Orestes
Cleveland, and was taken out of the
hands of the receiver on August /, 1890,
through the excellent administration of
its affairs by e. F. C. Young. 1t WAS in
the hands of the receiver just nine years,
six months and twenty-seven days. The
debts of the concern allowed by the re-
ceiver amounted to 81 ,0sS, 900, upon which
interest accrued to the amount of S4S5, 900,
making a total of 81 .56S, ,000 which has
been discharged in full by the receiver
during the few years the company was
in his hands.
THE RECEIVERS GOOD WORK.
When Mr.. Young took charge of the
assets of the concern he found $136 in cash
in the safe, a scanty stock and an im-
paired equipment. Today he turned over
to the directors $40, 900 in cash after pay
ing off all the vast Indebtedness, an ex-
cellent plant and a large stock, to-
gether with a large amount of
good debts and an equipment
worth $4,000 more than it was when he
took charge of the company. The volume
of business today transacted by the conn
pany is 45 per cent. greater than 1t was
when the methods employed by Orestes
Cleveland forced it to fail.
The receivers chief assistant in this
excellent management OF the Crucible
Company, has been John A Walker, the
old secretary and the new secretary and
treasurer Mr.. Walker has been connect
ed with the company for over twenty four
years, and has had the general MANAGE
ment of the entire business of the company
while it was in the hands of the receiver.
His thorough knowledge of the business
of the concern, together with his excel
lent management of it's affairs which
came under his charge. has been of inesti-
mable benefit to Receiver Young.
Mr. Young recognized in Mr.. Walker
his chief lieutenant during his receiver
81 u 4. t1l Nn1 Lrr% t.rr{
gentleman in discharging his duties as
president of the company.