New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-21
A MILLION DOLLAR FAILURE


CEIVEES APPOINTED
Receivers were appointed yesterday for the Archer
arc Iancoast Manufacturing Company, OF No. 900
broadway, In the United States Circuit Court. The
application made by Charles +. Oxley a director
to Judge F.. Henry Iaconbe at the request OF the
board OF dircc tcrs resolution declaring Il receiver
ship Necessary was passed at a meeting OF the board
on Friday. Archer Y. ParcOast president OF the
corporation. and Manson r. Enos. director, were
suggested receivers, and Judge Lacombe appointed
them. They are TO file bonds OF $4,000 each.
The Archer and 1arcoast Company probably
the largest manufacture Of gas and electric light
fixtures in the country The petition filed for Mr.
ONlcy by his attorney, Nastcn q Nichols, OF No.
1iG Broadway. declares that he Is rsiden. If West
Held, y. J. The corporation, the compalrd says,
has capital stock Of s5:5,oOO. divided into shares
OF ~ 900 each. Mr. Oxlcy share and has
beneficiary Interest IN hfty others
An idea OF the affairs Of the company BE-
gained by the annual report made TO the stockholders
In February last The total assets 81 60o,oaO,
madc up rs follows Accounts receivable, Si25,329;
tools. machinery mcnlds, etc., S3o9245; mer-
chandisc 1886 500: capital stock in other companies,
s2aO 900: real estate In Brooklyn. Slj2,-jJ notes
receivable. I37.ji0. bond and mortgage on Thirty
thlrd-st. property, $4,000: cash. Sl7,066; Office
and store fixtures, $I0,4sO. The liabilities were
S14o 6Gs. exclusive of capital stock. aud were as
follows: Ialls payable. &i7o,j77: bonds 100000;
property, $4,000.
or Thursday 1t was unable to meet notes Of Sl'foo'
which fell due. and for 5000 went to protest
The company has money In the bank and. Indeed.
It's account is ovcrdrawn. In this week $4,000 Of
It's indebtedness Will sll due and on May 20, 10000
more The amounts to b. paid In June, July ana
August ARE about $40 900 IN all.
BENJAMIN +. Allen made corroborativc affidavit
He Is secretary aud treasurer Of the company, ANA
says that NJ. Oxcy's statement Of the Indebtedness
Is correct The company's hank account Is over
drawn Sll 900. the secretary, ana II has II"
morry and no way Of getting any. The resolution
OF the beard Of directors In favor Of conscniing To
,eceivcrsllp was fled IT, court Harold Kinney. If
No - Park Row. Is counsel for the company. The
directors are Mr.. Paucoast. Clement W. Fiddle, Will
,am C. Elddlc Mr.. Enos. Mr. OXlcy, sias VI. 6ddns'
and Mr. Allen.
The iightnrss Of the money market as far as com
mcrcal paper Is concerned the occasion Of the
rcccivershp. The company had not anticipated the
financial storm and had not taken in reefs soon
enough 1t was said that II creditors were not too
pressing the company might In time pay on us III
dcbtcdncss. The company has "A mandatory nj No.
80 First ave. and one In Brooklyn. and branch ON
ccs in Boston and Chicago. lis paper was largely
sold I'm Philadelphia. being Endorsed by Clement NJ
Biddlc Il Go.
The corporation was formed October o. 1-6o. as
the successor OF Archer, rancon~t CO. The original
capital Ss,oOooo. George Iancoast was the prc,i-
dent until his death IN March. loeG. III, son Was
elected In his place. There WAS strong computnh
bcwcn the manufacturers 81 eaS natures, ana profits
wTr et % %m 20 c"rnIan,rd Mil; @Ncy Gidnss
knos. This house lnh assets r,plt'd 10 D, Wor,Il
increased 10 It's present hgurr. Inns 'HPNailLI,oh
seemed. therefore, not too hrgc. MrNsfs. oNleS,
company. At that lime MIR. Allen announced that
all The scrip Indebtedness ~ The company hhd been
ii was rNpci that all the bonds would be- retired.
the combination wa, regarded by the trade as one