The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-07-26
,Ie,.r.. Sweeney, McCIuney a 20.

MeSsrs. Wceney, McCIuney d 20.
The new, came out on the streets on
Saturday that this prominent firm, extern
,iyely engaged for many years in the
manufacture Of glassware at Martins
Ferry. was in'fnancial trouble, and would
probably be forced to suspend operations
There were many reports in circulation
a,to the nature and extent OF their em'
barras,ments, most Of which had to be
taken subject to the usual discounts in
such cases, As yet it is difficult to get at
the exact condition Of the firm. Enough
is known, however, to justify the mention
of their difficulties, especially as they
have already been extensively discussed
on the streets, We understand that
the indebtedness will amount TO-
about SI5GOOO. Against this the
assets are put down at about Sl4l,-
900. The debts are largely owing to the
banks Of this city, The Commercial Bank
holds nearly $4,000 Of the firms paper,
the First National Ohio Valley SS5,OOO
and the Exchange Bank $4,000, making
in all something like SlO500O. In addi.
ton to these large amounts there are sew
eraI smaller sums due (it is said to Mr.,
Barnes loi the firm Of Barnes 4 Walton)
and to the estates Of the late p. c. Hill.
drelh and ex.Judge Caldwell, Of Mounds
vile. There is also $4,000 mortgage
on the factory due to Joseph Bell for bal
ance Of purchase money for his interest
These all together, with perhaps some
small debts for merchandise, make up the
$l5G,OOOoil liabilities. Against them there
are alleged assets Of $l4l 900, snid tocOn'
sist principally Of the following-yir'--
$4,000 as the value Of the factory and
warehouse at Martins Ferry, $4,000 on
which the firm receive royalty for patents
and dsome $4,000 to $4,000 worth ofstOck
and manufactured goods on hand.
The firm had recently merged them
selves into corporation, and were pre-.
pairing to negotiate Il loan 100000, for
which they had executed u coupon mort
gage bond aud with which they had pro.
posed to take upa portion Of their out
standing obligations II was y prelim.
mary examination, with that object in
view, that revealed their embarrassed
condition, Indeed, up to Friday last
there was no suspicion on the streets Of
any serious difficulty, and the house was
in good credit,,at the banks. It is not Ger.
tain tlVt the firm themselves were aware
Of their exact condition until lately. Mr..
y. z. llillretlI, one Of the partners, and
cashier Of the Commercial Bank, says
that he only understood the facts at the
last moment. II seems that no state.
ment was made ont on the first Of
January, the excuse being that inasmuch
~ no money was being made II was
unnecessary to take account Of stock be.
fore the first Of July. This was probably
serious mistake as events have turned
out. AT all events, the July statement
has shown avery unfortunate conditional
affairs.
The membership Of the firm includes
Michael Sweeney, who was the superin.
tendent at the works, Col. James Nc.
Cluney, financial manager, and Mr.. s. P.
llildreth Of the Commercial Bank. II Is
understoOdt that the embarrassment Of the
firm involve the personal liability Of the
individual members. As yet ii is un.
certain what amount Of indebtedness
the firms assets will discharge. A
meeting Of the creditors Of the concern
has been called for Wednesday
next, at which time, no doubt, full and
detailed exhibit, showing the exact con.
dition Of the house, will be in readiness.
lnthe meanwhile a general hope is ex.
pressed throughout the city that II will be
ableby means Of proper indulgence on the
part Of creditors to resume operations at
an early day. Our whole community Is
indirectly interested In the success Of the
large factory controlled by the unfortu.
nate firm.