Year: 1874

RumOrs OF SuspensiOn-The Firm Stated


To BE Ia TrOuble-Temp0rary Stoppage


OF the Works-IIundreds OF Hands Dis


charged.


II was rumored yesterday on the street among
select few that the Grant Locomotive Works, OF
Paterson, N. j., had become seriously involved,
and that there was strong probability OF their
closing their shops for the present under the pres.
sure OF adverse financial complications


reporter Of the HERALD was informed that
positive information OF the standing or the compa
ny could be obtained at the City Bank. where, ft
was stated, the company had some business ar
rangements. The cashier Of the bank, Mr.. B. Cart.
wright, being applied to Tor information on the
subject, said that he could say nothing positive
about the Grant Locomotive Works, as the bank
had no dealings with them. but he mad understood
as 1t was common report around the street, that
the concern was in trouble, and had been for the
past few days. The causes he was unaware Of
or, indeed how much the company was embar-
rassed, but that 1t was so TO some extent there
was no reason to doubt


A statement came from Paterson yesterday
that the company had stopped operations and
had discharged several hundred men. IL was at
first given out that this was the result OF strike
on the part OF the men; but 1t came TO be under
stood later still tnat the discharge was on ac-
count OF the pecuniary embarrassments OF the
great blow to the industries OF Paterson.


The reporter also called at the once OF Grant
Company, VINO are stated TO have many business
dealings with the Paterson drm, which was borne
out by the large number OF photographs OF loco
motives hung up on the walls, ana all bearing the
impress Of "Grant Locomotive worksn they
stated here, however, that they had nothing to do
with the Paterson firm, and tnat they knew no.
thing whatever OF their affairs. They would not
state whether or not they had heard OF the works
being In trouble.


the Grant Locomotive Works have been for the
past ten years the largest and most important
manutactory OF locomotives on this Continent, and
they nave turned out more engines tnan any
other in the time they have been In business.
They have furnished engines to all the railroads. IN
the country and have even shipped some across
the ocean. It has been long suspected that the
Grant company was in difflcuty, Is IL was known
the panic OF last fall must have afYected Il most
seriously. The sudden stagnatiOn IN business
wnicn then took place, the total cessation or rail.
road building for the time being, the trouble in
which some OF the richest corporations found
themselves involved, was the cause that numerous
orders Tor locomotives from all parts OF the coun.
try were countermanded and tnat an immense
amount OF work on hand and in advance was sud
denly reduced to almost nothing. This blow was


most severe one, and the aspect OF affairs did not
much cnange for the better since during the past
year the number OF hands at work for the concern
mas been much reduced, until now they are all
discharged. 1t Is considered as another omen OF
q bitter winter that one OF the greatest firms In
the country mas thus suddenly stopped operations.