Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-04-16
TuE BELMONT.

The advertisement for the sale oil the
Belmont Nail Mill is printed in the
RRoIsrER, this morning. 1t is, beyond
question, property OF great yalue-or
would be, at least, il the nail business
was in healthy condition-and 1t is to
he hoped that it will 20 into the hands
Of capitalists who are experienced
iron men-men who will run
il successfully. The difference between
the idleness and the activity OF the Bel
mont Mill is big difference to the pros
perity and comfort OF very large num-
Der of people in this city. When IN ac-
tive operation in all its departments,
that establishment employs a great
many men and boys, and distributes
fortnightly quite a sum ofmoney, which
passes at once into the channels OF
trade in the city. The sale will take
place on the 2Sth of June, and by the
latter part of summer the Works can be
i'm condition for active operation.
The bonded Indebtedness on the
property which the sale is intended to
satisfy, is $4,000 with interest amount
ing to about $4,000. This is secured
bv deed of trust executed some two
wears since to A. G. MCkEE, cashier OF
the Peoples Bank. The bonds are held,
principally, in this city.
There is considerable outside specu-
lation as to what will be the probable
disposition Of the property resulting
from the sale. The bOndhOlders do not
want it, vet they will not allow 1t to be
sacrificed. Nor is there any probability
that the present company will be able to
resume control A new organization is,
perhaps, inevitable in any event. 1t is
certain that property OF such value and
so iayorably situated, and with such a
career Of prosperity as the old Belmont
has had and will have again, will not
long remain idle after the obstacles IN
the way of reopening are once removed.
Men and capital will soon be found to
take it in hand and start it ON a new
career.
Il is well known that q movement
was ON foot some time during the win
ter. backed by five prominent citizens
Of Wheeling, by which the company
was to be rcorganized and the mill put
in operation. II was then stated that
the stock of Mr.. Robert LEHR, Of Baltl-
more. amounting 10 about So 900, had
been bought in by the new company,
and they hal in turn sold the principal
part Of it 10 their employees, AMI with
the stock thus i'm the hands Of our own
people 10 was confidently anticipated
that the establishment would soon start
up under more favorable auspices than
al any time in it, history. But Tor some
reason this arrangement was not con-
summated. Whether these parties have
lost their grip, or will be on hand again
a. the sale to take new deal, We are
not prepared to state.
We only feel assured, as already
stated, that somebody will be on hand,
and that the sale will result in cutting
short the period of idleness which this
valuable property has suffered. Ii the
Belmont were bankrupt, uncertain
piece OF property in which nobody had
faith, and whose earning capacity had
never been tested, there might be reas-
enable doubt that capitalists would ven
ture to buy so costly an experiment.
But the fact is that it is PROFESSIONALLY
valuable property, in the hands OF a sol
vent company, and is only idle for the
want OF working capital, which it
never failed to earn for its
owners, but which unfortunate
" for them, and also the community
was unduly drained out of it. The last
January statement OF the company
showed assets to the value Of nearly
a half million Of dollars. The liabih-
ties were about $4,000, leaving q sur
plus over all Indebtedness Of about
$4,000. We do not misstate the con-
dition, therefore, in calling il a solvent
company. A sufficient working capital
under its present proprietorship is all
that is wanted to start it into life. Its
products have a reputation that would
bring them at once into market. Its
equipments are not surpassed by any
mill in the vicinity. II can, perhaps,
manufacture nails cheaper than any
other The whole process is conducted
under a single root The pig iron is
started at one end Of the establishment
and comes out nails at the other.
There is no waste Of time, labor, or
money in the handlin The whole ar
rancrmcnt is compactand complete IL
stands there a willing giant ready Tor the
command TO be started into profitable
activity.