Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1885-07-20
A rULL INVESTIGATION

heard expressions OF sorrow tor the great
misfortune and hope that upon
FULL INVESTIGATION
the mill and steamboat companies might be
able to resume business. A few gentlemen,
however, who claimed to have access to in
side information, shook their heads sadly
when this hope was expressed in their
presence, and said the most probable result
Of q search of the books and accounts would
De the discovery that the smash was very
complete one, and that there would be not
only nothing left from the wreck, but that
the assets would fail 10 cover the liabilities
by . very large sum.
To the vast majority Of our citizens the
failure was entirely unexpected and there
fore great surprise, but as is usual in Of.
fairs of this kind, few eroskers had been
expecting the thing for weeks and "were
NOT AT ALL SURPRISED"
From 9 member Of the suspended mill
firm, q RE@sTER reporter yesterday ascer-
tanned the following facts regarding the
failure: The actual financial condition Of
the two corporations was not suspected I'M
I'll the books were examined July lst II
then became apparent that affairs were
hopelessly involved, and that an assign.
ment was the only way out of the trouble.
The preparation Of the necessary papers was
At once commenced. On Friday evening
the hands at the mill were paid off. and the
day vas devoted to. settling up small bills
about town with the cash on hand. The
mill was then closed down, and tbs work
men notified that their services would not
be further required.
"THE DIRkcS CAUSE
Of the failure was the Monitor Tow Boat
Company" said gentleman who bad am
Ole opportunity to know what be was talking
shout HFhs Keystone Mil Company was
on the Steamboat Companys paper for
about $4,000. This paper matured and
could not be met, and the result was the
collspse Of both firms and Of the partners
composing them The new mill company
was perfectly solvent, and all its debts viii
be- paid in full. The mill has been
working along slowly for o year
or two past, making q little money
and holding up its end as well IS the de-
pressed condition Of affairs would admit.
but the steamboat interests of Mr. Arm
strong seem to have been in the nature OF q
rat hole, down which On immense amount
of cash has been poured"
From Jet another sousce the reporter
learned that 80 8
THE TOTAL LIABILITIES
would reach at least SIS, 900, while the as
sets would fall considerably short of that
sum. The greater part Of this was charges,
Die to the toWboat company which seems to
have lost large sums in recent years. and 70
have . good many thousand dollars locked
up in timber lands and privileges and in
ties, slaves, ETC., upon which II was impossi-
bic to at once realize.
THE ASSETS
Of the bankrupt firms, % far e. real estate,
buildings boshI etc, d concerned, are as
follows:
John A. Armstrong, Alex. Coen and
Thomas B. Armstrong. partners composing
the old firm Of Armstrong, Coen B Co, and
the said John A. Armstrong, Alex. Coea,
Thomas B Armstrong and Robert 81. Gil
Iespie, partners onposing the new frm Of
Armstrong, Coen 4 Co, convey to Thomas
o. Briea hall of lot No. 1873 IN 0rlof zans's
a6dition. 3
ALEXANDER coES,
transfers to W. p Hubbard and 81. n.
Russsll al Of Lot No Is, and the ssst half
Of lot No. IS, on the north aide Of Virginia
street, in Daniel Zaas's addition to the city
Of Wheeling; the north half Of let No. 50,
in Thomas Fink's addition to said city; .