Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1885-07-18

HEAVY failure.
Armstrong, cosn T. Co. Make an
Assignment Yesterday
For the Benefit Of Their Creditors,
Followed by
The Monitor Towboat and Lumber
Company.
John A. Armstrong and Alexander
Coen Both Involved,
As Well as Several Other Well
Known Gentlemen.
Schedule Of the Preferred Creditors,
and Other Data.
Schedule of the Preferred Creditors,
and Other Data.

Schedule Of inc ff6i6rfeu OrouitoFs,
and Other Data.
Nothing in the financial or business cir
cles of the city has createl so much COM
motion or general surprise for years as the
report last evening that the wellknown
firm Of Armstrong, Coca L Co, contractors
and builders, and the Monitor Towbost
and Lumber Company. had made assign
ments for the benefit Of their creditors. The
news spread rapidly from mouth to mouth,
and soon it was pretty generally known and
was being discussed excitedly among bust
ness men throughout the city. This is one
of the largest failures ever occurring in
the city, and the smazsment is greatly
augmented By the high standing of thefrm,
and the supposed financial soidity Of its
members.
The collapse is understood to have not
arisen from the present depressed condition
of business, but is rather the result Of 6usn,
cial complications OF long standing, and
embarrassment which proved too heavy
to be longer carried, and as the best means
out of the difficulty the firm concluded to
transfer their assets to the sssiguees for the
benefit OF their creditors.
Among business men and friends of the
Gru, the expression was quite general last
evening that some way of tidiug over the
difficulty might be found and the manifold
interests OF the gentlemen involved con-
iinued in their hands.
THE FIRST DEED OF ASSIGNMENT
was admitted to record at Clerk Hook s
cfice at about $50 last evening, being an
assignment be ween John A. Armstrong, Al
exsi der Coen and Thomas B. Armstrong,
partners composing the old firm of Arm
strong, Coen L Co, and the said John A.
Armstrong, Alexander Coen, John B. Arm
strong and Robert 81. Gillespie, partners
composing the new firm of Armstrong, Coen
& Co, Thomas o Brien being assignee. The
assets of the firm consist of half OF lot 1873
in Orloff Zsne's addition to the city OF
Wheeling and all other property Of all kinds
wherever situated, of the said two firms, IN
Guiding the mill at the corner Of Market
and Tenth streets, the machinery, tools
lumber, &c, &C., besides gil accounts due
said firms, 1t is supposed that the new firm
is solvent and the assets will more than
cover the liabilities. The deed of assign
ment stipulates that the proceeds from the
sale Of such property shall be devoted toths
payment Of al the debts of the new firm
besides the payment to Robert Gillespie
whatever amount is due him as one-eightb
Of bis profits of the new firm.
THE PREFERRED CREDITORS
are: John A. Armstrong, guardian of Anna
Schell, 81 600; Charles Copp, 81, 1873 10,
Carrie V. Copp, S2,75O.35; Thomas w Ste
vens, 81, $50 O6; Mrs Elizabeth Hoffman,
$500; Mrs. Gardner, $500. Toe above
preferences which amount in the aggregate
to 1854 IL, are principally for money thar
belonged 10 sn estate and one OF their work
men. The old firm is considerably in debt,
being involved to some extent in the debts
Of the Monitor Towbost Company.
The second instrument was deed OF as
signment made By the corporation known
as the
MONITOR TowBONT AND LUMBER COMPANY
also to Thomas o. Brien. The assets are 8
plat of land in Peasants county, the tow
boats Monitor. Nail Ciry and Eugene and s.
number OF Darges, &C., &c. OF the com
psny John A. Armstrong is President and
Robert P Armstrong Secretary. 1t is said
that the liabilities greatly exceed the assets
Two deeds OF trust were also admitted to
record, the sssigners being John A. Arm
strong and Alexander Coen aud the rus
tees in both cases Vim. P. Hubbard snG
Berry n Russell In the first John A
Armstrong transferred all his property, per
sonal and real, consisting Of lands on the
Island, several houses, and other lauds to
the above trustees for the benefit of the
creditors of the firm.
PREFERENCES
were made as follows:
A. Allen Howell, note for $1,000, and
two more to the same gentleman for $24j
each; note to the Monitor ToRbost Com
pany, held by the Exchange Bank, $4,000,
three notes 10 Nancy P. Armstrong 70,
money received from her fathers estate, the
FIRST for 81 900; second, S225; and third
50, 900; Sarah V. Patton, $4,000; Sarah A
Winters, 81, 800; Elizabeth Hoffman, 81
$50; guardian OF Anna Schell, $1,000;
Chas a Copp, SS,lS370; Carrie V. Copp
1851 IS; Commercial Bank, St,99L72
The aggregate OF preferences amounts to 81.
9O0.77. The residue. If any, will be devoted
TO the settlement ofthe debts Of the firm pro
rata.
ALEXANDER coES
also assigned al his property, real and par
sopal, to W. P. Hubbard and a. NJ. Russell, as
trustees, to dispose Of the same, which con.
sisis of lands and other propers; IN this and
other counties, &C &c sold for the iquids
ton Of me hrms debts. Following are the
preferred creditors:
John J. Jones executor of Mary L. Jelly
%, 900; note for $50 held by John j. Jones
Henry C. Coen note tor $1,000, sggregs,
ing $500 The residue will be used to
settle the debts Of the firm.
The whole amount of preferred disabilities
is s64474 IS, The unsecured Gabiiiyie-
will, no doubt, amount to a very large sum
although DO data could be obtained las
night on which correct estimate could b.
based. One gentleman is known to b in
for 5000.
TIE ASSETS,
generally, consist of the planning mill prop
eIty, machinery. tools, &c, con'sined
therein, lumber, stock on hand, unpaid &C
counts of the two firms, three stesmb boats
nom twenty to thirty barges of various
kinds, dry docks, land in Peasants County
and it is also understood some mining prop
erty and timber lands along the river, be
sides sundrY pieces of real estate aud oths,
property, monetary estimate of which il
n