Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-10-13
How Samuel ]. Tilden Ruined Penn
sylvania Town.


Fifteen years ago Brady's Bend, in
Clarion County, Pa, was one of the most
prosperous and promising towns in the
Allegheny Valley. At that time the ex-
tensive mills, furnaces and workshops,
and the rich mines of the Brady's Bend
Iron Company, conducted by honest and
competent managers, gave employment
to upward of 1 800 workmen, and com
Portable support to contented popula-
tion of more than 5000 persons. The
pay-rolls of the iron company show that
! $50, 900 month passed into the hands
OF its workmen ana found currency In
the neighborhood. The. farmers for
miles around found at the Bend ready
market for their produce, and the village
was filled with thriving tradespeople.
Most of the mine laborers and iron. work
ers were men of family, and from the
good wages which was paid them they
were saving considerable sums. Many
of them owned their own little houses
and few acres of ground, and all of
them seemed in fair way to independ-
ence. This was the condition of affairs
in 1862. AT that time, however, the
owners of the mills desired to dispose of
their property. Hearing of this Mr.
William b, Ogden, then of Chicago, went
to the Bend, examined the works, and,
after doing so, said to Mr.. H. A. s. d,
Dudley, an honest gentleman who was at
that time their uperintendent: "If /
could get Sam. Tilden into the specula-
tion am sure could make it pay, but
l am afraid he won't take up so small a
matter, His retaining fees are now at
least 100000 a year" Regarding the
retaining fees Mr.. Ogden doubtless spoke
authoritatively, for he was the Receiver
of the Pittsburgh Fort Wayne & Chica-
go Railroad Company, was warm per-
sonal friend of Mr.. Tilden, and he knew
all about that gentleman's many railroad
schemes.
In one respect, however, he was mis-
taken. The Brady's Bend speculation
was not despised by Mr.. Tilden On the
contrary, as Mr.. sOgden's agent and
counsel, he visited the iron works, 'tsaw
money in them, and advised their pur-
chase. They were secured for the
ridiculously low sum of $g50, ,000.g The
owners were embarrassed and had to
make sacrifice, .,a 80 ,..HV
After the necessary preliminaries had
been gone through with it was decided
that only by the formation of a stock
company could profit be made out of
the w0rksil A stock company was con-
sequently formed and Mr.. Samuel j. d.
Tilden became its principal Director.
The capital stock was placed at $780,
600, and one-half of that sum was under.
stood TO be working capital Mr.. bud
ley, Of whom have already spoken,
continued to act as Superintendent, and
under his management the prosperity of
the works increased to such an extent
that during the first year of its existence
the new company realized1a a. profit Of
over 100000. His share of this sum
was not enough for Mr.. Tilden, however,
and as he did not intend to continue in
the company he deliberately set to work
to, bring about it's ruin, and make
fortune for himself and his friends. q His
first move was to issue $500 900 Of firsts
mortgage bonds. This was done in
spite Of the protest Of Mr. Dudley and
every other true friend of the works who
knew what was going on, The new
bonds were ostensibly disposed Of at
eighty cents on the dollar, but were
really distributed privately among certain
of Mr.. Tilden's friends in the company.
The interest on these bonds was made a