The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-02-18

small and apparently unimportant sour.
ces Of revenue are scrutinized as closely
aa those larger and more important tina
are patent even to q casual observer. Til
ottAl from the cooper shops, instead Of be
Eng thrown awayor sold for q plttance, A
gathered Into q large oven and conveFte,
into charcoal. Years ago the La Bell
Company commenced piling It's mill Gin.
der in q convenient place, realizing that |
had a value that the future swould de-
velopa Tine has juStiasd Their foresight
and thetefuss Which has d diharily Bee
dumped over entertainments and othel
places has become o mine Of wealth, hay
ing already yielded some sixty thousand
dollars revenue. The nail product o
the works for the, last three. year
shoWR for 1871, 1884 kegS, iior 1872
14Se90 Kegs, for 1878, d5O;109 kegs
making a total Of 479056 kegs
or yearly average Of 157,8S9 kegs, or q
weekly average Of 8,0Ss kegs, which max
ing proper allowances for lay offs from
different cauAes, will DO an actual weekly
average Of about 4, 900 kegs.
THE JEFFERSON IRON WORKS
are q part Of the history Of the operations
OF THO LaBelle Company, and are legiti-
rnstely part Ind parcel Of is history. The
Jefferson Mil Is located near Steuben-
willie, Ohio, and was built in 1866 by Fra
zier, Kilgore 6 Co., under whose manage
ment the enterprise proved a failure. II
was sold in 1859 to the La Belle Company
for $4,000. The purchase included the
mill with It's forty machines, two adjacent
tracts Of land containing twenty acres,
ALSO Q hill farm and another tract Of land
lying about halfa mile south Of the Mn,
aggregatlng about 1874 acres. Three mem.
bers Of the partnership. David spaulding,
O, B. Doty, and William Elliot were put
in charge Of the works, Mr.. Spaulding
being the general business manager and
Mr.. Doty superintendent Of the factory,
and Dir. Elliot having charge Of the
Forge, and operations commenced under
the title Of spSulding, Woodward b %.
For years the company derived It's supply
of fuel for the works from the mines Of
the Hill Farm, no attempt having been as
yet made to penetrate to that vein Of
splendid coal, which has since become 90
widely known aa1 the stepbenYille vein,
although It's cropping had been long
known as existing some miles above steu.
benville. In 1923, the company having
satisfied themselves both as to the supe-
riority Of this coal and the practicabIllty
Ofreaching 1t, built q Blast Furnace and
sunk q shaft to the coal vein, which they
reached OF the depth Of 175 feet. In 1884
they, erected a second Blast Furnace
and from these two furnaces drew On ag.
gregate product OF so tons of iron per
day. Since the purchase Of the works In
1859 they have been largely extended,
and now have in active operation eighty!
four machines.
The production Of nails for 1912 and
3 was in the aggregate 290,081 kegs, or,
1S7l-7s,47S kegs, for 1s7e-107, 500 kegs,
for 1s7s-110O7s kegs, being q yearly
average OF 9S8S7 kegs, and a weekly
Of 1898 kegs. The usual allow
ances will give an actual weekly product
Of about $500 kegs Five hundred per
soma find employment IN the various de
partments Of these works.
We have no information that will &C.
count for the apparently small product Of
the Jefferson Mill, 1t having the same
number Of machines as the LaBelle. We
find the aggregate product Of the two
mills for the three years mentioned to
have been 76OO16 kegs Of nails. Our
notice Of the La Belle Company's Works
would be incomplete without some refer
ence to the peculiarities which charac-
terize It's organization. It Is not q Joint
stock company 10 the common accepta-
ton Of this term, but is common part
nership, and Ito property became person
alizedsby.a sp6cinl-act Of the Legislature,
passed for their particular benefit, II
has no President or Board Of Directors,
and each partner is individually liable to
the full amount otall his property for the
debts Of the firm. The articles Of agree.
ment, II not the individual work Of Mr..
Woodward; areunmistakeably Impressed
with his characteristic views Of business
equity. While it is provided that no
member Of the firm shall sell his interest
10 an out sldeparty without first giving
The right Of refusal to the partnership,
thereis q remarkable provision for the
equalization Of the stoeE under which
when the interest Of a partner b offered
Tor salo the larger stock holders are pro.
hibited from buying II. A partner hay
inga smaller interest than the other
members Of the firm has the right to pur.
chase Ior cashths offered interest Or 90
much thereof Ss.will equalizs his interest
with that of any other members of the firm
Il none Of the smaller stock holders have
the cash or do not want to- buy. 1.-The In.
terest offered for saleEit must be bought
with the money Of the firm and dis.
tributed pro rata. This rule we UNDER
stand has been infexibly maintained. Z
We also perceive that the business
manager did not estimate his services at
sohigh d rate as Is too frequently done
at the present IN organizing new. compa-
nies. The article providing for salaries
during the sfrst year, gave The gendsSl
business manager SiS hundred dollars for
his services. The business usually com
mitted toa board Of directors Is attended
to in . meeting Of the partners. The chief
manager has never been changed from,