The daily gazette., 1883-06-05
AHEAVY IRON FAILURE.
AN OHIO CONCERN ASKS AN
EXTENSION.
LARGE SUM OF MONEY INVOLVED.
CLOSING OF Extensive Iron Works, with
Liabilities That May Embarrass Other
Firms in the Iron Region.

PTTTsBURG, June 4.--Intense excitement
was caused In this city to-day by a rumor
which gained currency about noon that
three prominent iron firms, Graf, Bennett q
Co., Robinson, Rea g. Co. and the Elba
Iron Company, had become financially en-
Darrassed. Investigations proves that the re-
port arose from the fact that on SATURDAY.
the Grafton Iron Company, manufacturers
OF pig iron, Of Leetonia, o., in which Graf,
Bennett d Co and Robinson, Rea g. Co.
are the principle stockholders, had asked
Tor an extension. The Elba Iron ComDanv
was not q stockholder, and is not affected.
10 what extent, if any, the firms of Graf,
Bennett q Co. and Robinson, Rea a. Co. are
affected is not yet known. Mr.. John Graf,
who is president Of the Grafton Iron Com
eany, and senior member of the Pittsburg
firm which operatss three large iron mills in
this city, has declined to make any statement
iol, day or two concerning the condition of
either company. Mr.. William Rea, of Rob-
inson, Rea & Co., said:
THE BEST SIDE OF THE MATTER.
"The Grafton Iron Company is a distinct
corporation. and in my opinion the exten
sion asked for by this concern will not affect
GraH, Bennett S Co. ALI talk of consign
ment is pure conjecture. The firm of Rob
inson, Fea & Co. unfortunately own small
amount of the stock in the Grafton Iron
works. If the company should fail, how
ever, OF which there is nothing but rumor,
the loss to Robinson, Rea s. Co. would not
anect their finances to any serious extent"
Or. Rea refused TO disclose the exact
amount OF the Grafton Iron Company's La
oiilties, but In conversation with parties in
ttmately associated with the firms affairs. It
was learned the liabilities would aggregate
some S6O0,OOO. An extension of six years is
asked. A manufacturer said that the de-
nouement had been expected in iron circles
Tor some time. In the case of Graf, Bennett
q Co., he said the embarrassment was due
to the loss sustained In the fire in which
their mill at Bennett Station was almost
totally destroyed little more than a year
thH failure of the Crescent Tube Works.
Evans, Dalzell g. Co., in which the firm was
heavily interested.
THE CAUSE OF THE DIFFICULTY.
Robinson, Rea & Co., the manufacturers
said, lost heavily by the failure of the Sic
mems Anderson Steel Company, the M. and
NJ. bank, of which Mr.. William Rea is presi-
dent, having been interested in the broken
firm of the extent of nearly 81 900 900. The
same authority stated that the amount of
money involved might reach 81 500, 900 in
str I'd as at first reported. A legal gentleA
men, who is in position to know whereof
he speaks, says the Grafton Iron Company
has failed, and places the liabilities at about
100000. He resents the idea, however,
that either Graf, Bennett s. Co., or Robin.
son, Rea q Co., will be compelled to go
under in consequence.
Not the slightest clue can be obtained this
evening to the personality or location of the
creditors of either the Grafton Iron Com
pany or the other firms. 1t is supposed,
however, that the bulk of the paper is held
in this city. The chief assets OF the Grafton
Iron Company are two large blast furnaces
at Leetonia, Ohio, The firm has been in
existence for nearly 20 years, and to out
siders its embarrassment is great surprise.
Lratf, Bennett g. Co. are the principal stock
holders; the others are Robinson, Rea 81 Co.
and II. s. King.