New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-22
pODGMAN RUBBER co. FAILS
,,.pILIrIEs SAID TO BE ABOUT S41S,0oO
AND ASSETS ABOUT S315,OO0
.,-s1NEss DEPRESSION AND FINANCIAL sTRIN-
crycY GIVEN AS THE CAusE-RoBERr W.
TODD APPOINTED RECEIVER ON THE


CoMPANY's APPLICATION
r,s podgman Rubber Company. the main Of
,.ss Of which are at Nos. 459 and r6l Broadway.
ra which has branches at No. 2l West Twenty
.,,rd.st In this city. in Boston and In Chicago.
and factories at Mount Vernon and Tuckahoe.
rent into the hands Of a receiver yesterday.
financial and manufacturing circles were sur
,r,sed beyond measure that this half-century old
so which has been considered as secure as the
tms should have failed. The cause given is the
.osent business depression and financial strn-
,cv II is possible. however, nat the com
NV d'd not realize as II expected to do on the
t,cvcle tires. into the manufacture Of which II
r,unged extensively last spring. At any rate, an
snnlcation made to Judge Dykman. at
white Plains. yesterday morning, for the ap-
o,ntn1ent Of receiver by Frederick A. Ward.
~ No 156 broadway. the attorney for the COM
,orv Mr. Ward acted behalf Of the Board
., Directors consisting of G. F. Hodgman. presi-
.er, Of the company; c. A. Hodgman, vice-presi-
Sn,. G. p Hodguan secretary: Joseph s Ttout
srs H. l.. Camp manager OF the company.
Judce Dykman appointed Robert w. Todd. or
No 900 Broadway receiver.
Mr.. Todd as soon he received the notifca-
Atom Of his appointment went to the store ani
,,iered II to be closed A sign posted at the
soo-s which read: CLOSED temporarily TO take
sccornt Of stock This occurred at about
o'clock Scarcely a business man passed the
store after that hour who was not startled by the
unwonted sight of the famous rubber house with
curtains down In business hours. Out Of own
an equal sensation was caused In Boston ana
chicago and at ,1ount Vernon and Tuckahoc bv
,he orders which were given al the me time TO
rlose the factories.
twas stated last night. upon excellent author
tba tiOp t-ava
about s41SOOO exclusive % tho STOCK. an the
actual assets including reai estate. about S3l3.-
90
one Of the largest creditors or the company
was in the Hodgman Broadway store only few
minutes before the doors closed He said
that had he known the facts as TO the firms po
si.,on he would have been glad to have allowed
his debt 10 wait as long necessary, nd would
have advanced to the company all the r'oney II
needed TO pull It through the present trouble.
M- Todd. when seen by Tribune reporter,
said in regard to the failure: Il was as much sur
nrised as any one when l received the notice of
nv appointnent from Judge Dykman. ! know OF
nothing which could have caused the failure but
The aanression in business | shall have a list Of
the stock taken. and call meeting or the creul'-
ors 10 allow them 10 decide on what action they
wish 10 take AS the Hodgman stock Is about all
fresh and marketable. do not doubt that the
assets Of the company will easily provide for the
,avment of 100 cents on the dollar TO the credit
ors do not know however. what the liabilities
or assets are as have only just begun TO look
into the affairs Of the company nor do Kno"
who the chief creditors are.
The business Of the Hodgman Rubber Com
ranv Is an old one. having been estao-
iishe1 more than ffty-fve years ago. III was
founded by Daniel Hodgman. VINO dleo III io,i.
His widow retained her interest In the concei"
until 1885, when she died, and her sons incorpo-
rated the business under NewYork state laws,
with a capital stock Of S230OOO which was IN
creased in 1890 10 $3.50 900 George F. Hodg-
man was president. Charles A. Hodgman wee
president and George B. Hodgman secretary. IN
April last the corporation stated to "Bradstreets
that the business Of 1895 showed a net profit OF
$50 900: that there were net assets OF S62o'VOO
and liabilities OF S250.OGO. In 1890 the company
put in machinery and added other improve
ments 10 the plant
Besides making the general run OF rubber goods,
the company manufactured largely Dotn mack
inioshes and bicycle tires. a sum of Sl3ooO was
spent In advertising the tires. The company hau
always done large business had a high reputa-
ton and met its obligations promptly and yes
terday there seemed to he general desire among
the creditors who were heard from to do anything
10 put the company its feet again.
Boston. Sept. 21.-In the United States Circuit
Court today Judge Colt appointed Henry C.
Eodgman Rubber Company. The appointment
was asked Of the Court by a bill In equity. which
Mr Moves brought against the company as one
of its creditors. The ground upon which the ap-
plcation was based was that promissory notes.
which the company had previously given
amounting 10 $1,000. matured to-day. ana the
company was not able TO meet them.