The daily morning journal and courier., 1903-07-23
FAILURE OF NORCROSS BROS.
WIDELY KNOWN CONTRACTORS
 FORGED TO THE WALL.
Contracts 10 the Amount of S9,oOo, 900 InvoIyed-Liabilities About Half n MiIion-Receivsrs Appoiuted-com- paay Has auary at stony Creek.

Boston, July 22.-Contracts to the amount of ss,OOO,OOO are involved in the embarrassment of the Norcross Broth CTS company, the extensive contractors and builders. for whom receivers were appointed by Judge Brown in the United States circuit court here this afternoon. The failure was not generally antici- pated. It is estimated that the corr poration has net liabilities in excess of S500,000. r+-
 The receivers appointed are William D. Lucy, president of the First Na- tional bank of Worcester, and Frank B. Smith, Worcester lawyers. They are authorized and directed to carry on the business, and are to furnish a bond of S100,000 They are appointed in a slut brought by Walter s. Manchester and James s. Hudson Manchester Q Hudson) of Providence and the Wells & Newton Go. of New York, two small creditors against the company, who to- gether with several Worcester banks also creditors, consented to the ap- pointments;
 The bill alleged that the concern is unable to meet it's obligations as they mature, and sought the appointment of receive to conserve the property and asests for the benefit of all the credit ors, and to prevent waste by litigation from individual creditors. It was also alleged that receivers could conduct the business in such way as to better pro- teet the interests of all concerned
 The defendant company is alleged to have outstanding contracts to the amount of $9,000,00 on which it has already expended $3,00O,O00,
 The counsel for the plaintiffs and the baking institutions, who assented to the decree, was George s. Taft of .Wor- cester while T. H. Gage of that city, appearing for the company, also as- sented to it. The creditor banks con- senting to a decree are the City Ma tional bank. the Quinsigamond bank, the First National bank, the Worcester Safe Deposit & Trust Co, the People, s Savings bank, the Worcester County Institution for Savings and the Wor- cester Five Gents Savings bank, all of Worcester.
 The defendant concern is Massa- chusetts cornoration.
 MT. Norcross was in Worcester to-day and his Boston manager, Freelong Nor ris, had gone away for the day. None Of the clerks in the office was able to give any information in explanation of the reason for the appointment of a re- ceiver.
 Labor troubles and tight money are said to be primarily responsible.
 The company has uuarries at Stony Creek Corn, and other places.
 The first has offices in Massachusetts, Rhode Island Connecticut and New York.
 The Norcroas Brothers built several of the Yale Bicentennial buildings.
 Worcester, Mass, July 22.--"We hope to pay dollar for dollar in tine." said o. w. Norcross tonight in statement to the Telegram. "The finishing up of large number of contracts in which there is a retained percentage, together with the delays caused by strikes and other labor troubles and the stringency of the money market, all operated to bring about these conditions.
 ssThe assets are at least more than three to one and the company is able to pay dollar for dollar in time The contracts on hand are about $9,Ooo,OoO of which se,0O0, 900 worth are unfinished The work on these contracts will go on the same as usual.