Waterbury evening Democrat., 1893-05-24


 SIarket-DomestIc Sewing Machine Co. Served With Attachments, and the EImira National Closes It's Doors.
 NEW YORK, May 24-The business community had hardly recovered from the surprise over the announcement that the National Bank of Deposit had closed it's doors and that attachments had been en- tered against the Domestic Sewing Ma chine Company, when the news came that the old firm of Ives, Blakeslee 6c Williams, dealers in toys. games and fireworks was in the hands of receiver.
 While the closing of the National Bank of Deposit was not unexpected, it caused a general furry in business circles. Ru- mors affecting the bank have been in cir eulation for some days, causing the de- posits to fall off very rapidly. Then the Seaboard National refused to clear for it, and nothing was left for it but to wind up it's affairs.
 President L. Ransom and MT. Kimball were in consultation the entire day. MT. Ransom later announced that meeting of the depositors will beheld this afternoon, for the purpose of adopting plan for the speedy liquidation of their accounts.
 PSSAOOLo bank yesterday and were assured that af- fairs were not in as bad shape as appeared on their face. He hoped to pay all deposi- tors in full and pay 100 cents on the dollar to the stockholders.
 The Domestic's trouble was an entire surprise and the company'S dilemma seemed inexplicable. The attachments ag- gregating S27, ,343, has been caused by the sudden removal of the executive offices of ln to ark, N. J.
 It is said that this action is due to avoid other attachments being placed here, and so protect the receipts of the company, which is foreign corporation. It is also said that the removal is made to avoid the payment of taxes here.
 The store of the company at No. S53 Broadway continues in charge of the sheriff to-day, but without any interfer- ence in the business. The officers of the concern are very reticent.
 Those who are familiar with the com panys condition say that the tightness of the money market has found it in straits. It has large quantities of paper out which is held by many banks The Broadway bank Is said to hold $100, ,000 worth. What action the banks will take cannot be learned They are known not to hold the same views as the Astor Bank people with regard to the statements of Vice President Blake.
 The Union Square bank is one of the banks with which the sewing machine company had dealings. The president of that bank said yesterday that the stand ing of the company is satisfactory to them He blames the cause of the com pany's difficulties to tight money.
 A majority of the trustees of the firm of Ives, Blakeslee & Co.,, at 294 Broadway asked Judge McAdam to appoint re c"ivcr. John J. Connolly, lawyer of 61 Chambers street. was appointed. An order requiring all persons to show cause on May go next why the corporation should not be dissolved was also granted.
 It is said in the petition for the receiver that because of the depression of trade, poor collections for the sale of goods, small sales, temporary lack of demand and the extreme and unusual stringency of the money market, it was impossible to pay pressing obligations. Notes dis 0unted to the amount of almost $100, ,000 have been maturing at the rate of about $50, 900 a month The liabilities are $261 SIS G3, including notes to the amount of $30,000 upon which the company is liable as ndorsed