The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-02-20
A BIG IRON FAILURE.
AYRE's SONS KNUcKLE DOWN
Uud.r the prtaur.-BrOru, BOps.n 4 Co., Oi
TOussstows, InrOlrsd Ia the Catastrophe.
Romance About the Head Of the Firm.
The Cleveland Stockholders

PIrrsuuRou, February 19.-1t is asingular
thing that large iron manufacturing con-
cera like Brown, Bonnell & Co., Of Youngt-
town, could become embarrassed, located
rs it is within such short distance OF
Pittsburgh, and not affect any OF the inter
ests Of Pittsburgh disadyantageously. Thote
who are not familiar with the situation
would naturally suppose that q concern
Of this kind would be 50 intimately
connected with Pittsburgh firms that its III
fortune ould have a bad influence upon
them. 1t is not so, however. 1t Is reported
that two OF the Pittsburgh banks hold
small amounts OF Herbert Q. Ayre's paper,
but none OF our furnace men are affected
as far as could be learned. 1t is said both
by bankers and iron dealers that none OF
Brown, Bonnell & Co.'s paper paper ID held
here.
A FAMOUS FIGHT.
tits about three years since the famous
fight for the control Of Brown, Bonnell &
Company took place. The newspapers
were full Of it at the time, and 1t naturally
excited good deal OF interest. Herbert G.
Ayres bought the stock Of the company
until at last he had enough TO control it.
Then came fight between Ayres, Brown
and Bonnells. The stock owned by Ayres
was put up in Youngstown banks as collat-
eral and was registered in their names The
banks were favorable to the old firm and
voted for board OF directors to suit
Brown and the Bonnells. Ayers friends
elected rival board, but the courts decid-
ed against Ayers board and the other di-
rect0rs took charge OF the works. Matters
became so involved and so much bad feel
ing was created that compromise was OF.
fected, Brown and the Bonnell's selling
their interest for about 100000 to Ayres.
There are none OF the old firm in the present
company, Mr.. Joseph Brown being With
the South Chicago Rolling Mill, and ID. 0.
Bonnell and his brother are owners OF the
Mahoning Valley Iron Company, of
| Youngstown. j,
The immediate effect Of the trouble will
be that local banks will look closer at the
iron psper which is offered to them. There
are no shaky firms here, even after the
strike Of last year and the dull season
which has followed it, but the banks will
naturally be careful about outside iron
paper. r..... --... -..,.
WE'RE PREPARED.
"The iron manufacturers Of this city
were prepared not to be surprised at any
thing that would happen Brown, Bonnell
& Co., said representative Of Pittsburgh's
iron interests this morning, and SO said
all with whom reporter Of this
journal conversed. The uuanimity
OF opinion was 80 marked that the
information, given substantially as re-
ceiyed from one, is an intelligent expires.
sion Of all. ave have not full particulars"
said the gentleman quoted in the foregoing,
"but from what We learn from the news
papers, taken with what We know OF the
policy Of the concern, the difficulties may be
attributed to selling at low rates and thcex-
tension OF the works. The tariff agitation
has had bearing not so direct, but the
dullness OF trade resulting from II has
been made the opportunity TO push
the firm into what otherwise would
probably have been deferred indefinitely.
The trouble does not concern Pittsburgh.
You are aware Brown, Bonnell < Go. bad
policy OF their own-they would never
Join og',iron or nail associations, and always
Doasted they would be independent Of all
alliances. Now as our big firms, indeed
all our mills, are in the association, it was
reasonable TO argue that all our manutac.
turers were wrong and Brown, Bonnell &
Co. right, or the converse OF this was true.
So we are not surprised. The manage.
ment was pursuing a policy infinitely
better or infinitely worse than that we
adopted. Either the plant would be much
more successful than those OF our firms, or
it would be much hlesssuccesstul. 1t seems
we were right You observe that a firm
would not refuse to go into the association
because it wanted 10 sell higher than our
card; but that it would adopt that course
when it had a tendency TO be euntrammeled
in the cutting Of rates. The Brown
Bonnell company has long had 'repu-
tation for selling under regular rates.
No, you may say positively that
the difficulty will not affect our manu-
iactures in the least. They had nothing in
common with that corporation, and as con-
seryatiyes in business they did not fancy
the way business was done by 1t. The
fact Is the conservative stockholders Of the
establishment drew out some time ago.
Another point in our favor isthat the
banks are not likely 10 bounce down OF a
Pittsburgh firm and make 1t pay all 1t
owes out OF hand. Our iron men are in
the directory Of the banks, you know, and
are safe not to start any unnecessary want
OF confidence"
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THE FAMILY ROMANCE.