The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-07-26
THE MARTINS FERRY FAILURE.

THE MARTINS FERRY FAILURE.
- The news of the failure Of the firm OF
SWEENEY, MCCLUNEY u Co., OF the
Martin, Ferry Glass Works WAS receiv-
ed in this city on Saturday, 1t caused
great deal of surprise and sensation, in
asmuch as all the stock was owned by
our citizens, and was feared that the
losses would be very heavy. OF course,
in the excitement ofth moment rumorS
flew about thick and fast, and were more
or less exaggerated. a correct state
mrnt of the assets and liabilities cannot
be obtained as. vet. This the
firm propose to publish at
AN early date. II is not believed now
however that the failure will affect scri-
ou,ly any OF the banks or business
houses ofthe city.
Still, it is source of great regret, that
the failure should have occurred Wheel
ing weathercd the panic Of 1873, better
than any city Of its size in the United
States, and it has been
matter Of .-cougratulntion that
no failure of magnitude had taken place
ut all. 1t was therefore hoped that the
city would be- able TO get through entirely
safely until business should permanent
ly revive.
But long continued depression in all
branches of trade must make itself felt
everywhere at last, and for the first time
now has its bauetul influence seriously
extended to this point.
The greatest evil which will result
from all these business failures that
have occurred; and are still occurring, is
that they will tend to further de-
stroy confidence, and keep bust
mes. paraIyzed This entire condi-
tion of affairs doubtless arises A.
most wholly from the tinkering with the
currency by the last Congress, and the
constant fear which the present contrac-
tion policy entails on the capitalist,
causing all enterprises to Ice Stunned, and
making him prefer to hoard his money
in bank, or put it in some safe investment
paving a small rate Of interest, rather
than 20 into manufacturing or operation,
of any description. No one Is
going to risk his means in any busi-
ness. when he knows that there is
"a law in force looking to such Il contrac-
ton of the currency As TO make money
tight, ana force prices down.
This is what has caused failures else
where, aud tho only wonder is that they
have not been much more frequent here
We hope that this firm may be able to
effect "A salts factory compromise and
speedily resume work. First reports are
always exaggerated and unreliable, and
the true condition of affairs cannot be
known until the proper examination Is
made; Inventories of assets taken, and
liabilities fully understood. The state
lnrnt will be looked forward to with great
interest.
Since writing the above We learn
from information from Colonel Nc
ClINEY himself, that the statement
of assets and liabilities pub
lishcd yesterday morning was entirely err
roncous. lie says that the assets consist
of real estate valued at $4,000 and
stock on hand, as per inventory taken
July LIST, amounts to $4,000, making a
total Of S2Ol 200. This, too, is placing
lower valuation on the property than the
firm themselves would be willing to dis
nose of il. The liabilities of all kinds
will be- covered oy $4,000, thus show
ing the assets considerably greater than
the liabilities will reach.
Col. McCLUNEY also states that in ad
dition to depressed trade, the trouble was
caused in n great degree, by bad luck
which has bcf,llen the firm ON account Of
frequent breaking of the pots of late
thus entai!ing considerable additional
expense in running the works That
the firm was about to transfer all lis in-
tcrcst to a Join stock company to b. call
cl the Excelsior Glass Works, which
company had agreed 10 assume the La
hilities Of the concern, pay lis debts, and
90 right on with the work. a meeting
of the creditors will be called on We'd
ncsdav, and it Is thought that their affairs
will be adjusted, and this programme
still be carried out. There Is, therefore,
every reason 10 believe that everything
Will work out satisfactorily, without caus-
ing any shock or panic whatever. We are
Il. Il,