The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-01-21
THE ErNA IRON AND NAIL MILL.

very truiJ youis' =,
"CHAs. j. FAULKNER.
TIE ErNA IRON AND NAIL MILL.
The stockholders of the Etna Iron
and Nail Company held their annual
meeting at the Office of the works on
Saturday lAst for the election OF directors
for the ensuing year, and transscting
any other business that might come be-
fore the meeting. The only business OF
importance transacted was the election,
which resulted in giving the old board
another years lease of Office except Mr..
A. G.. ROBINSON, who was retired and
Mr.. A. PoLLAcK substituted.
The annual statement Of this company,
which was read at the meeting, makes
very fair showing; probably much fairer
than most of the very many iron indus
tries roundabout.
AS this mill has had varied exper-
fence, not to say very hard one, during
the four years of Its existence, and as
many of our readers are more than Or
dinariy interested in Its prosperity, We
will be psrdoned in referring to its state
ment at some length.
1t began business, one might say, just
as the hard times and shrinkage in values
commenced. It's capital was $4,000
which was exhausted before the works
were even ready to begin business.
Bonds to the amount Of eighty odd
thousand dollars had to be issued in order
to fully equip the mill and get fairly
under way. Being new enterprise and
its product an entire stranger on the
market, the dealer, iron broker and con-
sumner were loath 10 touch it. Yet in
spite of these drawbacks, nearly 2,0OO
tons of iron were disposed OF the initial
year of the mills existence. The
.Etns mill iron soon found favor on the
market, and the sales thereof kept on in
creasing until for the year just closed the
sales exceed 1900 tons. The total sales
since starting netted in round numbers
over 81, 100000 The ups and downs IN
the iron business in the four years just
past are we'll known TO every Intelligent
reader. 1t will be sufficient to say that
many OF these industries have Jailed,
and been sold under the hammer at
great sacrifice, and passed out OF exist
ence. Many are lying idle, though con-
s,dered favorably located and fixed Tor
profitable work, if there is any profit to
be made. The fact is, that most men
identified with the iron interests are
willing to admit that If they can keep
their heads above water until "let-up'
arrives they will DO satisfied. But II
the face of all this the LEtns hs'
accumulated profits amounting to nearly
$50 600 and making liberal allowance
for bad debts &C., the surplus would still
be $4,000. The handsome part OF thi
showing Is that about $23 900 of all th'
profits were made during the past yes'
and $40, 900 of that within the past si1
months. II this showing means any
thing, in particularly means that the
Aetna mill reached "bottom rock" in the
early part OF last year and has beer
steadily building up its edifco OF profit
until it looks as if the stockholders may
rely on pocketing ere long a cash "dlVy.
course there are possible mishsps or mis-
fortunes that might occur, such a
fire or some other calamity, bu
which are not considered among tn'
probabilities, thwart the consummstIor
of the happy prediction.
The aggregate amount of the com
pany's assets a. the end of the year were
SS4S. .s4054. The total Indebtedness !:
sll9,S74.2O. Now, the statement show:
that the Company have to their credit IL
the shape of bills receivable, persona
property and individual accounts, sums
amounting to $lS7095, which is sl7,'
l2O.SO more than the indebtedness
named above. Therefore, the stock
holders would not be wrong IN assuming
that the debt of the Company can b
Maid and still leave them sn unencum
bered property, consisting OF the realty
coal privilege, mill and mscainery, val
| ned Al in round numbers, SOS, 300.