The daily gazette., 1883-02-19
! n10 FAILUKn
.,on of an Old Iron Firnn q
pspens' chicago.

.,ou OF an Ola ArOA Ntfn N
Chicago.
a,oo Feb. 1s.-The announcement
ChlVA,T,U, s',,uIe Of John V. Ayers Sons has
the ia set conformation In business cir
u'ea i sI onIy in this city, but throughout
es, No., nv' the house deals largely In mer-
e e@o' ,.on and is one OF the Oldest and
.lt ans ny ,n thia line In the West. 1t began
Pavless ,lsss In IN fs5g. The failure first became
pslne'S l., ,,esterday, when irs bank. the Union
ponn o,'naI threw out a piece Of its CONNER
aslonn !, Oa,,ar for $4,000. 1t Is also learned
A y pHpnther niece for $1,000 went to pro-
Y. ~ - auI the National Bank Of Illinois. Her.
Z. y. az ~ Aver declines TO make statement
Sots and liabilities. IL Is learned that
/. aS5vsJ oon more fell due yesterday, and 1t Is
y'OJy ~ tbat m the neighborhood Of $100, 900
Va hy hanks in the iron distriets given
sx months time, and understood
a no due in a few days. In talk with q
Inorter Mr.. Aver said the trouble was due
4 denression In the iron trade, the uncer-
S,nty eaus ed by the pending tariff bill In
'ngress and the failure of the Union Iron
4 4 5Stecl Company, tending to make banks
5srv about handling the paper of those en-
eed in the iron business. Aver OWES
Eetrolllug interest III the large iron works
tbe Brown & Bonneil Company at Youngs-
.sn Ohio. The capital stock Of this COM
Anyis 81 ,5O0,0 900; assets, 81, 300, 900, made
4 II four rolling mills, three blast furnaces,
n mine, coal field, coking ovens, lime
bne quarry, etc.
Nr Aver declines to say whether his
bnble Will involve the closing Of this bust
Ia or not. He left last night for Cleve-
bd, where meeting of the direc-
4 of the company will be held on
tmonow. The company employs about
.hJOmen. The trouble began with the strike
i last summer, when the works shut down
(our months. Mr.. Aver states that
company had orders for considerable
he ahead, but that prices are low and busi-
4 bad. 1t is impossible to obtain any ap-
&bxImate statement Of the liabilities. A
= IA from Herbert G. Aver to B. II. Camp
of a lot and house on Dearborn avenue
the consideration Of $4,000, bearing
te of January 80, 1888, was put on record
eterday,
6orNGsTowN, Ohio, Feb. 1S.-The fires
4Browu. Bonnell & Co.'s extensive rolling
bis here were lighted tonight, as is usual
E Sunday night. Superintendent Williams
teQ lual he uhu teCiNtu HO hOJluChtlOH
I'm his superior officers that the failure of
krbert e, Aver of Chicago would cause
failure Of the Incorporated company Of
bwn, Bonnell & Co. The only action
EeI by the company, so far, is the stop
bg Of the shipment of iron to II. G. Aver
4 fChlcago, who handled the entire pro-
Et Of the mills. These mills have made
be money during the past three years,
all the surplus and 100000 additional
Ee been spent In enlarging the works,
s III they now cover twenty acres. 1t is
ttd that if Aver could pay Brown, Bon
x Co. what he personally owes the firm
you'd be in splendid financial condition.
other industrial establishment in the
honlng Valley is affected by Ayers fail
and all the paper, which is not large,
|yOuue, held In this city is secured by
ateral which, 1t is said, will amply pro-
"a the banks