, 1877-02-26

the ntnonnt OF The tlefalGatsOr.h
"what explanation did Sen. Macarthur have
to giyc bis t'ntsfncu for his reycrscs!"
nnti:lng. extcnt that the money had gonc
. "Was That all he hal to sayi"
YES that's about II. III: freely admitted
ta's amount Of about 10000"
"Whae Ito the bonslsmcn think about ft,-that
he followed, perhaps in tho footsteps of Von
stead of the tatg's money, no doubt With tho
cvstient Intention Of putting 1t back SOME
"Wel1, the hont,smen don't know jus. what
to think about IL, hut they feel sore enough over
"Do they think t',ctc l1as been any carcless.
neas, an5 sectIsas management, on Gen. Nc
swell, as far ~ that Ia concerned, they seem
to hare no optnion about IT,. At least none has
Iee,i expressed, a. far ns know. They takn
e tne aensfalf mere T. T1ra , Tor II thnt tho money las
e'oe shx iar Il c ,' wo aupa asi e sses s
question Of Just how tho money went. Tho
H.: H.: ,'nyna,,,, ha.s; blank @ Iaet that b;
si1 ooo, and that, II il comes Isl to tbs wor.t, thy
will be held personally responsible for that
amount. That's the way It looks ~ man 10 u
"What arc the prospect. Of the bondsmen
bcInS ,co!'nncllctl to tnaka good the a5nountl,,
that ~ t,af not bu touche1."
".Mhat ia your groun,l for this hopc1"
Oh rec, the Government Is the preferred
creditor In all aticlI t.a.es. Now, after pasIng
the costs Ut adjustlcattnY the matter. tho Regis.
ters iccs ctc there may bt enough left II, rat-
tky kyg tne n uosetnnsns satn b1t wouldn't
ielS \ fpu may say, for nc, that ia d-d
MTllat will lcase tho other creditors In pretty
bad f!iapc. won't ttfh
AI.UHks rery IDt,ctt titn r. tninett y
"llave you any ilca what the iron.works nro
l1e has any, amount tol"
sa!d, that enough viii be realized to reimburse
THIS was all tho information that Mr.. Steel
could impart, ana tho reporter left him Ia tho
01ycrnn,cnt's. cla!tn would be satisfied without
calling on tho bon1smcn.
Ill an nintctvlcw yesterday with
TWO or THE HoNpsNEN AND IsrIMATs rR1Erps
o. % tae uenera', They told substantially the tol-
Some. tlnlo in 1872, u few months bcioro tho
General r, ~ waf app9'ntc,l Postmaster h. was In
q buildings. il was tl,cn ii tic in si, tS tnes.
Nloney was as plenty ae sanl on tho 1akc-shose
IND as frco a. water. Everybody was building.
I1e Prize a. Of ~ knds Of matera! were hlsh
existed and promised = continue. protits s't wero
large, and everything Looked pronl.
ising for lani-onlee business. Ford
had arranged for q half interest In tho
rcalIzo Oh aonlc stocks and other assets, ot
which ho was possessed, he would "chtp in"
his 60 per cent, In accordance with tfils mr.
raneenlcnt, lot OF land $50 feet frunt on On
| chased. For tic Ontario street front Sl0o per
foot VAS paid, and for the Eric street from. SD,
There wcro SONS buildings On the property.
Ilc:o wcrc at oncc rcmodcled. new ma
s;htnlncry was put Ia, and tho works put
extensive business. There o1tiays, Including
gated 4oalc SO 00o. Ford installed llin,sclf %
ment Of the business, at the same time cndeay-
orsl1E to. perfect arrangements whereby lle
could fully comply with tho obligations liz nado
TO Con. Macarthur. In this hc jailed. and NJ q
der tho whole responsibility. Eariy III 1874 thu
General wns appointed Postmaster, md cousc-
guently was tlnablo to gtvc to tho manu-
fastuEing business the attention which.
It: Ford was appointed general manager
ot tho works, and things went on swi,nuing}y.
M Bnsitcss was ~ 6rIsk; orders camc IN as fastif
wcre rewarded with profit Of abo,st $1,000.
III scptcllbcr, 1871, ca.ic the panr. md with 1t
general Suspension and pEostratlo, Of bnsncss.
the costly. varieties Of lrnn caatinxs, dropped
,aaInod to be iilIed; ani tho getting ont ut
o. ti,e ,in. material necessary to their
reduced iorce. Now bushes. w. very light.
In tfo following year, however, there was an
Improvement. Some largu buildings were In
contemplation In various parts OF tic country.
Peoria, Lincoln, Ncb., anl San Francisco T$I TiIie
General bid on these, and Ills tenders being
moro satisfactory than tiiosu of bis competitors,
were accepted. These Afforded good margins
altogcthoE the books showed gain Of about
30 0oo. During the past year Or etghtecnmonths
there ilas been no business of any moment do.
Ing. Iron in common witt. otlicr Eoods llas
also eurtatlcd their munotarY worth; but tic
paper given for these articles did not shrink.
It held tts own, and bad to l'c paid In full. On
ono occasion. Wien tl,sre wnaa preasfns tlenaud
erals SONS, soll pieca u property for. $1,000
through. But !. was Of no ayai. The
aaas s,aShment Th',es' wss ovoVc r. whsa tic
swallowed up cvory dollar that could 10 scoopei
up. A year ago tho General made vigorous ci-
iorts to secure partner with sufficient money
e. put nc on sssta easi
time, hut the trade fell through. 10 mect Ills
business paper falling duo ho waa forced to
make uso OF tho Government money.
"Thcn, In your oplniou," said the reporter,
" ne took the money 10 meet pressing elncrKcn.
ctts, With tho hope Of eventually making 1t
gondl''
"Ycs: ho commenced borrowing from tho
Government to take care of his paper, with
THE HoPR OF FINALLY OBTAINING 4 PARTNER
WITH MONEY.
This he undoubtedly intended to use Ia replac-
ing what no hail borrowed. It was very bad
business. IT would have been tutluitely better
foF him had bo let the foundry 20, and kept Ills
account with tho Government 6tra!ght."
Turning to one Of the 9cntleucn tho reporter
aakcd:" How long have you known Of the hnan.
ctal troubles Of tho HeucrnlfH
.sAbout j year"
"Dtl You then know that hc was using tho
Government money!"
"No, not until a few days ago.
!" How did you thrn lcRru it1'
"Tho General called meeting Of his bonds.
mcu, and explained hss situation. Thu whole
matter ysas explained BY lliM. eycn to tho use
Ut thu Government money"
t.What did you tlo Ut tic meetlnRi''