Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-02-06
CHICAGO'S BIG FAILURE.
A Creditors View of the Suspension of the
Union Iron and Steel Works-The Mines
of the Company Attached.

A Creditors View of the Suspension of the
Union Iron and Steel Works-The Mines
of the Company Attached.
Especial Telegram to the Globe.
CHICAGO, Feb 5.-The difficulties of the
Union Iron and Steel works have almost
ceased to excite comment in business cir
cles, but the statement of the affairs of
the company promised tomorrow is looked
for by creditors with considerable interest.
Opinion is divided as to the solvency of
the company, but well-informed persons
say all liabilities will be paid in full. The
officers are as reticent to-day as heretofore,
and all inquirers as to the status of af
fairs are referred to the statement which
is to be made after the meeting of the
stockholders on Tuesday. Vice President
Bradley, of the Calumet Iron & Steel com
pany, creditor of the Union Iron q Steel
company, was asked this morning:
''What effect has the failure of the Union
Iron & Steel works had upon the iron and
steel market?"
Mr.. Bradley was evidently taken with
surprise, and hesitated to give a prompt
answer. After moments deliberation he
said:
''You want my honest and candid opin-
10 n?'
'Yss.''
''Well, will tsll you briefly, and I think I
am pretty well posted. There is actually
very little, if any, additional depression in
the iron and steel market beyond what has
existed for some time. Everything ia
showed under. We are unable to move
any frsights or supplies of any conss-
quence, and in reality we are at a stand
still so far ~ the severe weather
affects US. The failure of
the Union Iron and Steel works
is undoubtedly felt in a number of dirsc
tions, and the suspension of such .
large manufacturing concerns is to be re-
GREETED. Manufacturers are carrying
large stocks, and the result is the present
depression in the iron and steele market"
"Isn't the Indebtedness of the Union
Iron and Steel works large ons-in
fact larger than was expectsd?"
at is considerable; that cannot be
doubted; bat the indebtedness is actually
owing to those Who are prominently idsn-
titled in the works, being as I am inform
ed by the published reports,
among themselves 1 have not heard
of their owing 100000 outside of Mr..
Stones judgments. Mr.. Amasa Stone il
an honorable gentleman, an old and suo-
csssful merchant, and his reputation for
honor is unimpeachable. His brother, Mr..
A. B. Stone, il also an honorable gentle
man, and in nay opinion, all of this talk
about loose management, lack of financial
head, ETC., which has gone into the news
papers is wrong. do not believe it for
the reason that the institution has hereto
fore been very sucssssful.
"What do you think will be accom-
plished tomorrow at the meeting in Chi
cago?"
II think Mr. Stone and those identified
with him in the welfare of the large bust
ness concern and concern which has ono
of the largest and most valuable plants in
the country, will arrange everything to
the satisfaction of all the creditors. Our
company has had dealings with the Union
Iron & Steel company for long while, and
we do not feel alarmed in the least as to
what is owing u.s.
"Mr. Collyier, of the firm of
Wilson & Collyer, which was creditor to
the amount of $4,000 of the Union Steele
company, was at Ford River, Mich, when
he heard of the failure. He Immediately
went to Marquette, procured writ, and
chartering special train, proceeded to
Crystal Falls, where he attached the mine
and other property of the company, thus
getting ahead of other creditors.
To-Day's Weather.
WAcuTNcror Feh e m-IndicatiOns