Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1873-03-05
Business Snsncnsions.

We clip the following from the Pitts
burg Commercial concerning the su>-
pension of JAS. Wood. Sons d Co, and
James Wood IL Co.
For some days it has been known
in business circles that the firms of
James Wood, Sons IL Co, and James
Wood and Co, were considerably en-
barrassed financially. The firms it
appears, had some very extensive con
tracts for railroad iron. and in pay
ment therefor took notes with unusu-
ally long time to run. The banks re-
fused to discount the paper, and on
Friday, the l4th inst, owing to this re-
fusal, considerable of the firms paper
went to protest, and their business
was consequently interrupted. The
assets of the company are alleged to
be ample to cover all liabilities. They
consist of four blast furnaces, 4 rolling
mill and a rail mill, located ut Wheat
land, and on the Pittsburgh and Erie
Railroad; The Eagle Iron Works, ut
Saw Mill run. which, together with the
stock, &c, and valued in the aggregate
at SO, 200. At the Wheatland
! works there are ready for shipment
10000 tons of manufactured rails con-
| tracted for by Col. Thomas A. Scott,
! for the Texas Pacific Railroad. This
contract was to be paid for in cash, on
( delivery, but the firm could not obtain
! cars to transport the rails. The Terre
Haute Railroad Company j. indebted
TO the firm in the sum of 100000,
now due and unpaid. The creditors
held q meeting yesterday, at which the
firm agreed TO make IN assignment to
a committee of three oftheir creditors.
As soon rs the necessary papers in
the case are executed they will be sub
mitted to the Eastern creditors for APP
proval. The business men of this city
have every faith in the ability of the
firm 10 emerge from their present diff
ficulty at no late day. and that in u sa-
tisfactory manner. The total estimate
of the liabilities of the firms has not
been ~ascertaincd, but it is thought the
aggregate of their assets will more than
cover their Indebtedness. Recently,
the firm sold the st. Charles Hotel,
owned by them, to Alexander Cham
bers. Esq. for $780, DOC, on which the
purchaser has made but n payment,
$4,000. Not long sincr they sold their
bolt works to Lewis, Oliver ~ Philips
and A. & ". X. Nimick for $4,000.
The stock on hand is valued at $4,000,
and the firm hold paper for a consider
tble amount Of money on property de
livered. The Messrs. Wood d Co,
have the sympathy of n great many of
our most respected and influential cit
liens, and it is not unlikely that their
suspension of business will be but
temporary"
GENEROUS EMPLOYEES.
At n meeting Of the employees of
the above firm, held at Wheatland,
Penns, on Saturday last, the fol
lowing preamble and resolutions were
adopted by acclamation:
WHEREAS, We, the employees of
James Wood, Sons d Co, at Wheat
land, realizing the financial difficulty
of our employees. for whom we enter
tain the kindest of feelings, they al
ways having shown themselves TO be
the laboring mans friend.
Resolved, That we hereby tender
them our sympathy by offering them
our services, to the number of nearly
4 thousand men, for two or three
months, asking for the same only suf-
ficient out oftheir store 10 sustain our
selves and families until such time as
they feel able to further compensate
us.