New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-07-22
Unable 10 BORROW MONEY.
TILE cArSE OF A FAILURE IN ST LOUIS
VALUABLE AssETs or THE ORE AND STEEL COM
PASr NO INDUCEMENT TO LENDEEs-LABILl-
TIES OF The CONCERN.


PANr NO 1NDucEMENT TO LENDEEs-LIABIu-
TIES OF THE CONCERN.
icy TELEGRAPH TO THE TR1BuNEl
ST. LOUIS, July 2l.-Ethan A. Hitchcock, president
oftbe 81 Louis Ore and Steel COMPANY was not at his
Office today aud it was a matter Of much difficulty for
the reporters Of the papers and Of the commercial
agencies o discover anything definite about the failure
Of the company. The fact that the Lahn and Eand
Powder Company had obtained an attachment against
Tie company was the first definite Information winch
y- to hc had MI Garrison the secretary of the com
pany. stated that Mr. Hitchcock had been appointed
Iroyisional receiver by the Unied States Court at
Leaycuvoitl aud tnat NE would conduct the afair Of
to company until August at any rate. IN that capacity.
4t date being Get by the for the hearing Of tesf
mouy on tine question Of tho appointment oi pe'ms
IUt receiver.
tlf Affairs 0i the company, which wu hWdly hn ready
fi t. tcss befoIc t0 -rprtow morning. and vi show
tie condition of tho coopapf Z" be- much bttt' lh'n
rlrt hlinto. lhe luGr-t single unsecured UtdIiof
i thn jupiter bnu works Of 'atopdeiei 10 which
f1DOuu rs dIr SIR GAuiepn 90 pni pfruafrd ~
ti, IYi ilr slufc implut 0l un-rtutad indebtedness
g. LH .Hid ti.H 900 btut held nnt claims nsiinHi the
fUnt. ld .hn ihr nibrf AmnrfiE Hrtf Uni ~ q h'lk
g. r,... Hnt Trouble m ilr dlftI'ni q1nret7 where
ur. 500. hrd. lt"H "ihrf s"H'"s It "ns learned
iIHi .a' suspension 1hs d"''iti"fH ""h "l''' ''h
irfr.rr u.Ias,u the tfn-toik tnd hI. Lohis slo'A-
La. sud that 10 aas lhe pfs-sns 400 'Le pnt "i ih"
b.'IH I'd e HIn h l"ifed Doc appointment" 4" i'''if"'
Iie ~t i.ouIs ono sud rted iompsup made zap
Oi IL number ot dlHe.fht enterprises including lhe
Vulcan ifiu Fuuato tAr iIlot Knob { .mpaut AuI the
Grand loncr Mining aud lransppusuuh company
Tie consolidation took place early ~ lNSli ana the
stock oi ue new concern Was pat W S'UoO,OOO, Of
winch, it Is understood. q350ooo Was paid up Two
million dollars bonded Indebtedness of the old
panic. was a--uIucd hy he new and tho aiue of the
Nolhs over t. debt supposed lo po about T33OO,
OoO tine amount of the stocA The - p'ny aoo owned
the Calbauliic and Grand lower kaIi,od. 0n which
they have issued $500 600 Of bOnd-, guaranteed by the
S. Louis ore and Steel Company.
- I.lIII Ipl T-
Hitchcock and l.. 4. CoqusId. Tho New-l ork owners
Thomas Dickson LcGrand Cannon, David Dows,
Solou Humphreys Henry Marquade, JAY Could James
Borden and Mr. Grant, the Ne"JeFsey locoin?u\e
Manufacturers The whole body OF the stock Is said to
be ein these hands rs given above About year ago
The stock of the company was sold at ~ ~. te"
days ago block of il offered for sale by St Louis
broker and the highest offer made - share. The
Grand Tower mines and the Carbondale Railroad are
The only psrs Of he property at present IN operation
and those Will he continued al any rate. a. they are
productive. About 500 men are employed. who VIII
not bee thrown out Of employment. The bonded mdcbt
sdne,> o26Oo,O00 The assets are III the neighbor-
LoOd Oi 100000.
The failure excited some fear in Wall Street
which quickly alayed when the cIculn-
stances were learned Tho company stopped
work about six months aad the cause
Of its failure now is understood to be merely In
ability to borrow money its valuable assets. The
recent failure o. Cherry Co. OF Chicago caused large
and pected loss, and tHs fact aRd the inability TO
money led 10 the application receiver. d-
rector the company said yesterddy The failure, If
1t is called one is of real importance The
company probably not over sjJJ,OOO
pOssioy SGJO,0OO and has assets than
sufficient pay all the liabilities The Chicago firm owed
large SUM but the Of t5s would caused
Tie failure The company could have borrowed money on
.oAe Of its assets 10 know that aa iron company
needs money is, Ow-a-dsys, all tLat 10 required
70 Withhold from II al accommodation. We'll,
me result has been simply the company
concluded 10 settle It's Affairs III gh the T. A
tLcock president VI tae conpany has been appointed
,eeeysr and have no doubt tRat hs viii pull the
psly cat OF It's difficulties"
resident Clarke Ol Tie Thomas Iron Company which
creditor OF the st. Louis Company, remarked
t-at DO was unable TO account for the failure,
cluSe me esnsany had done bus for the last
80 months When II closed its works." said, " the
mFdnY distributed It's orders amOng other coiap4nies.
sd lhSt could not make steel rails Al sg5 ton and
ts| II others could do 80, they we're welcome
the business Yes, took one Of toeir
SstIScts for 10000 tons, and 5000 tons have not
~ Oeeh delivered Ihe company paid pretty prnfptIy
ana owes Us only about $2j 600 But We tbon,bt - 80
ask some security for the 5000 tons before we duv
failure. "N'Si' a. me