The Providence news. (Providence [R.I.]) 1891-1906, 1903-07-24
EXPECT TO PAY
BILLS IN FULL
RsCoiVers for nOrCrCSS Brothers
Company Are Hopeful.
NOTES FOR $4,000 AR DUE
News Of Failure Caused Great ShccS Ia
Business Circles In Worcesfer-Fu|l
S.stementto TO Come.
NOTES FOR $4,000 AR; DUE

Worcester. July 24-The greatest shock
ever given to the business life of Nor
cester was the news that the Norcross
Bros. company, the biggest building con-
tracing firm in the country. had failed
to meet it's financial obligations and had
gone into the hands of receivers. II Gre
ated profound sensation because the
failure Is the biggest ever met in this
city.
While the news was a big surprise TO
business centres generally. IL was not a
surprise to the banking institutions
which have known for some time thar n
! financial crisis was coming In the affairs
of the company.
Financial institutions have been work
ing day and night for more than a week
in an effort to tide the company over It's
difficulties. and there have been nightly
conferences between representatives OF
the company and the hanks But no way
out Of the trouble could be seen except TO
put the affairs OF the company in the
hands of receivers.
The details for this step were fixed at a
conference between MIR. Norcross, Mr..
Smith and Mr.. Lucy at Mr.. Smiths office
Tuesday night and the papers were TAX
en- 10 Boston yesterday, where they were
presented to Judge Brown by George s.
Taft as counsel for the interested parties
there being no objection on the part OF
any OF the creditors or the company
appointment OF receivers were the City
National bank. Quinsigamond National
bank. Mechanics National bank Worees-
ter National bank. First National bank
Worcester Safe Deposit and Trust com
pany, Peoples Savings. worcester County
Institution for Savings and Worcester
Five Cents Savings bank, all OF this city.
LOCAL FIRM ALSO.
by Manchester g. Hudson Of Providence.
who have claim OF 5000 against the com
pany. and by the Wells a Newton COM
pany of New York. which has a claim OF
appointment OF Messrs. Lucy and Smith
as receivers. and they were required TO
give bond for 100000.
After his return from Boston Mr.. Lucy.
who was appointed one of the receivers.
said neither the receivers nor the COM
pany Is prepared TO give, out DEFINITE
that the direct Indebtedness OF tt-p COM
pany is between ssoo.ooo and 10000. and
theer are some contingent liabilities about
which he cannot tell. The business of
the company will be conducted without
interruption by the receivers under the
supervision Of Orlando w Norcross
yesterday to ali the creditors OF the com
pany:
Company;
Dear Sirs-Owing 10 the stringency Of
the money market. delayed payments due
US upon our contracts caused by labor
troubles. and our inability TO renew ma
turing. paper we have temporarily sus-
pended payment upon our notes. and, with
our concurrence and approval the United
Statee circuit court has appointed VII
as receivers. who will continue the bust
ness without interruption. with the as
sistance and under the supervision OF Or
ando ". Norcross.
Expert auditors will he in a position
10 give us the exact statements within a
few days which we will forward TO every
creditor immediately. explaining the ex.
this action. II H. our earnest hope that
this course of action will result most ia
vorably for the creditors, Yours very
truly.
THE NoRcRoss BROS COMPANY"
HISTORY OF FIRM
The concern was started by Q. W and
J A. Norcross under the style of Nor
cross Brothers In Salem. in 1895 In 1857
they came 20 Worcester. where they did
a steadily increasing business until Jan.
1. 1897. when they dissolved. q. w. Nor
cross purchasing his brothers interest.
which amounted to ss75.ooo q. W. Nor
cross paid ti25oos In cash and 10000 Feb.
L. paying the balance AZ the rate OF $50. 900
a month Orlando W Norcross carried
on the business alone under the old style
until tho present corporation was formed
Dec -. 1901. with a paid up capital stock
OF 81 soonco on the lst of last February
the treasurer submitted the following
statement to It's creditors. which gives
some idea ~ the magnitude of It's bust
ness
PLANT.
Stony Creek. Conn. red granite
ausrries and equipment. ........f 1o.eno
Milford. Mass. pink granite quar-
ries and equipment ....,......,... ioH.cn
TROY. ~ n. white granite quar-
rier and equipment. .........".,,.. 6.~o