Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-02-19
AYERS ASSIGNMENT.
Further About the Failure of the Great
Chicago Iron Firm-The Property of the
Company at Youngstown, Ohio.


Chicago Iron Firm-The Property of the
Company at Youngstown, Ohio.
YOUNGSTOWN, o., Feb. 1.-THE an
nouncement here tonight of the failure of
Herbert c. Aver & John V. Ayers Sons Of
Chicago, caused CONSERVATION in business
circles. H. G. Aver is the majority stock
holder in the incorporation known as the
Brown Bonnet company of this city, man
ufacturers of merchant iron and pig iron,
and operators IN coal. This company OPP
crates the largest rolling mills in the Ma
honing valley, and have the largest
shut mill III The United States. The capital
stock of the Brown Bonnell company is
$1,500,OO0; II. G. Aver is president of the
corporation. The directors are: H G. Aver,
Chas A. Otis and w. II. Harris, OF Cleve-
land; f. H. Matthews, A, W. Jones, D. P.
Chambers and J. S. Williams, OF Youngs-
town, the latter four only holding small
amounts OF stock in their several rolling
mills blast furnaces and coal banks, They
employ 5000 men. Besides their rolling
mills and furnaces here, they oper-
ate the Struther's furnaces and
Struthers station three miles from this city.
Also the Leadville coal mine near the city
and the Mahoning bank i'll Trumbull coun-
ty. The banking institutions of Youngs-
town do not lose heavily by the failure, as
nearly all the coulpany's paper was dis
counted in the larger cities. After careful
examining it is found that other manu-
featuring firms and business houses gen
orally lose comparatively nothing by the
owned in Chicago and Cleveland.
This city loses nothing except the
thowing out of employment very large
number of workingmen, skilled and I'M
skilled, who have not recovered from the
late long strike. In conversation with
leading capitalists tonight they all assert
that tho tinkering with the tariff is the
prime cause of the failure. The Brown
Bonnell company should not be conformed
with Brown & Bonnell, who at the time
were members of the firm, but recently
sold their interests to Herbert c. Aver and
others. The Brown & Bonnell are success
fully running what is known as the rolling
mill.
YOUNGSTOWN, Feb. 1S.-The fires in
Brown, Bonnell & Co.'s extensive rolling
mills here have been lighted tonight as
usual on Sunday nights, Superintendent
Williams stating to an Associated Press
correspondent that he had not notification
from his superior officers that the failure
of Herbert G. Aver, of Chicago, would
cause the failure of the incorporated COM
pany of Brown, Bonnet & Co. The only
action by the company so far is the stop
ping of the shipment of iron
to Herbert G. Aver, Chicago, who
handled all the product of the mills. These
mills have made some money during the
past three years, but all the surplus and
$500, 900 additional has been spent in en-
larging the works, until they now co-er
twenty acres. It is said if Aver could pay
Brown, Bonnell & Co. what he personally
owes the firm it would be IN splendid fnan-
cial condition. No otheF indns-
| trial establishment in the district
is affected by Ayers failure,
and the paper, which is not large in vol
ume, held by the banks OF this city, is Sc
cured by collateral which it is said will
SIMPLY protect the banks. Iron operatives
insist, with confd ence, so valuable an iron
plant will not be permitted to stand idle.
| The impression tonight among bankers
and business men is that if Ayers cannot
{ get an extension, the Cleveland stoekhoId-
ers will reorgsnlze the COL pauy a. once
/ and continue operating the muis, furnaces
| and coal banks of Brown, Bonnell & Co.
President Southwark. Of the Piiiladel-
! phia Nationsl bank, declares the statement
l.absolately false that the bank lost 5e13,000
/ by the failure CT Alonzo Fc.lett, of New