Īfter Merwin's death in 1888, the company became known as "Hulbert Brothers & Company". During 1880–1881, Merwin and Hulbert was in receivership, but it was able to recover. A company associate stole the firm's operating capital and disappeared. The bankruptcy of subsidiary Evans Rifle Company cost Merwin and Hulbert $100,000. Payment for three sizable shipments to Russia were never realized. The company made numerous innovative designs such as folding hammers on their revolvers for pocket carry and a unique takedown system but was plagued by financial missteps. Author Art Phelps opined that if Merwin and Hulbert had not marked the revolvers with the manufacturers name 'Hopkins and Allen' (known for inexpensive and poor quality weapons), the Merwin Hulbert would be as well known as Colt, Smith & Wesson, and Remington. Merwin and Hulbert additionally purchased several firearms manufacturers. Merwin and Hulbert not only designed firearms, but imported firearms and retailed firearms and other goods in a large sporting goods endeavor. In 1868 Merwin formed a partnership with William and Milan Hulbert, who owned 50% interest in Hopkins & Allen. This company folded after the end of the Civil War. Joseph Merwin was involved with marketing and manufacturing revolvers as early as 1856 when he formed an arms company known as Merwin & Bray.
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