The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-10-26
NEARBY A MILLION.
aLlDoEN's FAILURE GROWING BAD.
nj. LI.SllIlI. R.tIn.t.d a. sl.e Hundred rAou
sand Statement o, Director Of the
Republic Iron cOnpany-tls Tells How
nr. Giiddtn Became iarOlrsd.

CLEVELAND, o., October 25.-The finan'
cial affairs Of Mf. John n. Glidden ara still
extensively commented upon in businest
circles. Yesterday o prominent stock
holder and director in the Republican Iron
Company, sent for q reporter, to whom
they made the following statement: "The
assertion that Mr.. Glidden's indebtedness
to the Republican Iron Company was
brought about by the purchase Of iron ore
from The company is untrue. The Repub'
lica Iron Company sold no ore to Mr..
Glidden, and therefore did not owe for
any. Mr.. Gliddsn was our agent, and had
the selling Of ore from our mines directly
under his control. We permitted him to
have entire control over our ore and paid
him salary Of 5000 per year for acting
In the capacity Of our agent Last Noyem-
Der We discovered by an inspection OF the
books that he owed us $4,000. In other
words he
HAD oyERDRAwS HIS ACCOUNTS
that much. We ecalled his attention to the
matter, and insisted that the accounts
should be closed at once. Mr.. Glidden
turned over to our clerk bis check for the
amount, with the request that it be held
for few days before presentation at the
bank. "We have the check yet Two
months ago." said the director, ~ came to
the conclusion that We ough. 10 have more
money than the bank book showed we
had to our credit. asked Mr.. Glidden
about the matter and he informed me- that
collections were very slow. Furnace men
were hard pushed and nearly all OF them
had asked for extensions OF time in which
to pay for the ore they had purchased. We
makei a practice to sell for cash, and not
to accept paper in return for ore, conse-
quently I told Mr.. Glidden to act wisely in
his dealings with our customers, but 10 get
our money as soon as pessible. "A short
time afterwards l again called Nj. Gid
den's attention to the matter aad asked II
he had made any collections. He again
stated that customer.
wERg ASKING EXTENSION OF TINE,
and that'wbat money was coming in was
used in paying treishts on ore, and in op-
Grating the mines. Twas not satisfied and
directed him to prepare a list otths cus,o,
mers who had failed to make their pay
ments, which he did. A week ago last
Monday night ! discovered the true situa-
ton Of affairs. Il now turns out that Mr..
Glidden sold large quantities OF ore, and,
in paynent for the same, took tho notes of
our customers, which he had discounted
at the banks, using the money he secured
thereby in his own private business For
instance, he sold a furnace man a certain
number Of tons OF ore. The ore was paid
for with note drawn al thirty, sixty, or
ninety days, as the Case might be Instead
OF holding the note until Ii was due, Mr..
Glidden took It 10 some bank and had II
discounted. The amount thus secured he
took for bis own use, charging the same 10
his account on our books. s1a
Is THIS MASNAs HE USED $4,000 =
OF our money, which, added to the $50, 900
already referred to and the interest on the
same, amounts in round numbers to Slll,-
900. So you Gee none Of the Indebtedness
was for ore purchased by Glidden from the
Republic Iron Company"
dWhat are Mr.. Glidden's liabilities?"
asked the reporter.
"some days since" said the director, II
asked him how much he owed, and he told
me 100000. IirCleveland had been Wis.,
tied by an earthquake should have been
no more surprised. Great heavens, said
l to Glidden, lis 1t possible that you owe
900 DOOR His reply was made by drawing
from his pocket statement oil his financial
condition. You see, Glidden, was fellow
that mixed In
A GREAT VARIETY OF UNDERTAKINGS.
He owned iurnsce, bought Canadian
ore mines, invested in the Lake Superior
country, and did great many other
things in the line Of business. A year or
two ago he bought l ,Ooo shares inthe ster.
ling mine at So 50, short time afterward
he bought another thousand at $3.50, and
later on paid an assessment OF something
like ten per cent. That stock to-day is ab-
solutely worthless, and Glidden is out in
that deal alone about Sl7.C00. He can't
make an assignment, because he has moth
ing 10 assign, haying gwen up everything
he possessed as collateral for the different
loans he made" Mr.. Glidden IL now at
Nilee, Ohio, assisting in strengthening up