Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1885-07-19
the BIG FAILURES.
The Total Liabilities Placed at Over
si25, 600.
The Assets Not Enough to Meet Them
What Caused the Collapse
The Prospects.

ton in business circles, where the members
of the broken firms were well known. On
the Island, too, where Msssrs Armstrong
and coen reside, there was intense excite
ment during the morning over the pubhca-
ton Of the news, and on sll sides were to be
heard expressions of sorrow for 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
be 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 to cover the liabilities
by very large sum.
To the vast majority Of our citizens the
failure was entirely unexpected and there
lore q great surprise, but as is usual in at.
iairs OF this kind, lew croskers had been
expecting the thing for weeks and were
NOT AT ALL SURPRISED"
From q member of the suspended mill
firm, REGIsTER reporter yesterday ascer-
tanned the following facts regarding the
failure: The actual financial condition o!
the two corporations was not suspected un-
til the books were examined July lst. 1t
then became apparent that affairs were
bopelessly 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 of, and the
day was devoted to settling up small bills
about town with the cash on hand. The
mill was then closed down, aud tbs work:
men notified that their services would MOI
be further required.
THE DIRECT CAUSE
of the failure was the Monitor Tow Boat
Company" said q gentleman who had am
pie opportunity to know what he was talking
about. "The Keystone Mill Company was
on the Steamboat Compsnys paper for
about $4,000. This paper mstured and
COulu uOb Oc mct, dAu tuC NCouAl "os the
collapse Of both firms and Of the partners
composing them. The new mill company
vas perfectly solvent, and all its debts will
be paid in full. The mill has been
working along slowly for yea
or two past making q Ii tie mo Ie'
and holding up its end as well as 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 an immense amount
of cash has been poured"
From yet another source the reporter
learned that
THE TOTAL LIABILITIES
would reach at least sl25, 900, while the as
sets would fall considerably short of that
sum. The greater part OF this was charged
Die to the toSbost company, which see nsto
have lost large sums in recent years, and to
have good many thousand dollars locked
up in timber lands and privileges and 10
ties, slaves, ETC., upon which it was impossi,
bic 10 at once realize.
THE ASSETS
Of the bankrupt firms, so far as real estate
buildings, boat, ETC., is concerned, are a.
follows:
John A. Armstrong, Alex. Coeu and
Thomas b. Armstrong, partners composing
The old firm of Armstrong, Coen x Co., sud
the said John A. Armstrong Alex. Coen
Thomas b. Armstrong and Robert a. Gil
lespie, partners composing the new firm Of
Armstrong, Coen 4 Co, convey to Thomas
o. Brien half of lot No. 1873 in Orlof Zsne's
addition.
ALEXANDER COEN,
transfers to w. p Hubbard and Fl. NJ
Russell all OF Lot No. As, and the east hall
OF lot No. 46, on the north side Of Virginia
street, in Daniel Zsne's addition to the city
of Wheeling; the north half of lot No. SO,
in Thomas Fiuk's addition to said city; 3
certain piece Of ground on the east side Of
South Penn street, being a part of lot No
go; 9 piece Of land on the west side oil
South York street; lot No. 8, in William
addition; lot No. 8, in Arm
strong, Hunter & Co.'S addition; and also
all the household and kitchen furniture and
property of every kind contained
IN the dwelling house now occupied by the
said Alexander CoeD, except goods and
chattels to the value Of 5000.
JOHN A. ARMSTRONG,
transfers to W. P. Hubbard and 81. ". Rus
sell certain parcel of land on the corner
of Virginia and South Penn streets; lots
Nos. 65 and Sc situate on the corner OF
Market and Tenth streets; all household
and kitchen furniture contained in his resi-
dence at the corner of Virginia and South
Penn streets; all Indebtedness due from the
Monitor ToWbost and Lumber Company,
and sll notes and securities for the payment
thereof; 3 note made by Robert P. Arm
strong for $937.50; certain DEGREES in his
favor made by the Circuit Court of Wood
county, and lastly, the interest Of the said
John A. Armstrong in the assets of the firm
of s. i. Robinson L Co, OF which he is 3
member.
THE MONITOR TowBoAT COMPANY
assigns to Thomas 0'Buen q certain tract
Of land in Peasants county, three steam
boats, to wit: The Monitor Of l07 tons. the
Nail City Of 81 tens ssd the Eugene of 9S
tons burthen respectively, and sundry barges
owned by it.
From the various facts above set forth it
would seem that Mr.. Coen became involved
only through the failure Of the towbost
company, the fact that the Keystone Mill
Company was upon It's paper being sufficient
to swallow him up in the general ruin.
The planning mill was closed yesterday.
and the place looked strangely quiet and
hieless when contrssted with the busy scene
usually presented. The firm has been fairly
busy the past summer, having furnished
for several considerable buildings
and three boats, the last Of the latter being
the 7. P. feathers, now about completed