New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-04
BIG CONTRACTS, LITTLE MONEY!
JUDGMENTS AGAINST THE PNETMATI0
DYNAMITE GUN co.
A RECEIVER MAY BE APPOINTED AND REV
ORGANIZATION EFFECTED-oTHER

A RECEIVER NAY BE APPOINTED AND RE$
ORGANIZATION EFFEcTED-orHEE
BUSINESS TROUBLES,
judgments 10 the ammnt Of SIGs 2s4 were entered
Yesterday against the Pneumatic Dynamite Gun Com
pany william Cramp son, Of Philadelphia secures
the largest Judgment which is for Sl24 507 for MAJ
teral supplied and work performed between October
1887 and April 20, 1901 and balance due on worl4
done on the gesuvius which equipped with tAS
dynamite guns OF the 100000 due Cramp & sorf
for work on the Vesuvius. S247 $50 has been paid
other creditors Richmond Kingman $4,000 -
Daniel McWilliams. SI2,377 promissOry notes
Owen E. Abraham. Ss,763 81 on promissory notes
WmOt & Gage, s2,592; and George II. Oraham<
81 ,057
An officer Of the company said last night that tnaf
affairs of the company were in such embarrassed
condition, owing the want Of money 20 carry on tho
business, that IL deemed best 70 allow the caima
presented TO go 70 judgment. These are understoo6
to be preliminary steps toward the appointment ID Il
receiver on behalf Of the company IL is asserteds
that the embarrassment is only temporary and con-,
hdence is expressed the value Of the patents, which,
constitute largely the substantial assets. 1t IS SAID
that nearly all 81 the original stock was issued toF
Lieutenant Zsnnshs patents on the dynsmitsi
gun. The company had contract from the UnieI
states Government for the equipment Of thS
vesuvius well certain Atlantic points Of defence<
The company Incorporated on July II. 1854. The
capital stock was originally 81 100000. but in 1894
II increased to 81 100000. spencer y. scauylez
IS president
1t was said last evening by one Acquainted wttd
the ects that while tie company had no sUbstanciax
grievance aglinsc the Government. the reduirement
were perhaps rather severe in the matter Of duat
degree perfection than the contract under
stood 70 demand THIS condition might have haaf
something do with the present troubles but il wss
undoubtedly true that the company was unable tol
pay its interest the investment Of the promotorss
hence the natural course was IN the direction " re4
organization, by tile aid Of a receivershD.
The Crosby Electric Company, manufacturers OF dry
batteries No. - south tifhave. has been placed
in the hands Of receiver George Z. Marcels. The
company was incorporated september -, 1884
with capital stock Of 100000. the promoter and
first president being the late william L. Muller and
intimate friend Of Governor Hi. II currently
reported that $4,000 had been put intG
| the business, of which Mr.. Muller furnished
s25 900 lie held 3425 shares Of the stock the cther
large stockholders being Frank NJ Archer, with 2,75os
| shares 5 c. Chandler, $40 Edwin H. Brown, 49s. .
and Charles A. Hussey, 345. Mr. Muller died In Jams.
nary last and the company has found it impossible
to meet It's obligations The Liabilities, it IS said, area
only about $4,000. while the actual assets are estl
mated at about $1,000. There are about foTtNl
\ creditors. j
George French. wholesale dealer in leaf tObaceI att
No t73 Front-st IS reported 10 have sold 70 hSi
wife to whom it said, he owed 81 900 for borrowed
money. His total liabilities reported 20 be 5l6,OOOx
lie is acting agent and the microscopic letters
"agt' have been put his sign. He was formerly
in business in Detroit aud began here IN January, 1882
Proctor H. Andrews, dealer in hardware and houss
| furnishing goods No. 334 West One-hundled and
twenty hfth-st made assignment yesterday to Will
lam C. Reddy, giving three preferences for SlIOOs
| lie has been In business six years
Judgment for 5,3O3 yesterday entered against
W. II. Ross. of No 50 Liberty st, in favor OF Frank
r. Biedler, two promissOry notes which Mr. Rosa
claimed put in the hands Of broker for discount.
that they discounted and were not rturnedl
| to him demanded. Mp. Ross IS president 0t tho
| HOpatcong Iron Company.