Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1888-04-06

The La Belle Glass Company, over IN
Bridgeport, yesterday suCcumbed 10 the in,
evitSble, and made an assignment for the
benefit Of its creditors to Addison Thomp-
son, Secretary of the Company. Ever since
the fire last September, by which the en-
tire plant was destroyed, there have been
rumors that the La Belle was not on a solid
baSiS and it would be little less than a
miracle ii the company succeeded in pull
ing through, and paying for the elegant
new brick structure which has since been
erected on the site of the n destroyed
by the fire. The company has been carry
ing a bonded debt Of $50, 900, aud the
shares OF stock have been cut down from
500 per share to $l2.50 in hope of get
ting moro capital invested in the concern,
SOFT could keep up. This seems to have been
unsuccessful, and large sums have been
borrowed on the individual paper of a
members of the company, they taking the
eompany's notes for the amounts, and
holding the loans below the bonded mort
gsge, and the value of the plant.
For several days past it has been rumor-
ed that before this week ended, some action
locking 10 the reorganization Of the com
pany would be taken, and yesterday
morning the management took the heroic
measure Of assigning for the benstto of their
creditors Mr.. Addison Thompson, Sec
rotary of the Company vas selected, and
ilsd his bond, preparatory to entering
upon his duties. Two attorneys, repre-
seDting the company, went to st. Glars
vile yesterday morning to perfect the ar'
engagements, and Mr.. Thompson went out
in the evening.
Last night all the employees of the com,
pany were notified that the plant would
close down indefinitely, or until the com
pany could be recognized and again placed
noon its feet.
SIR. Z. p. Rhodes, one of the directors,
was interviewed by a REGISTER q He
stated that Mr.. Thompson had told him
that the men had been discharged because
there would be no money TO pay them on
Saturday, the regular pay day, but that
no method Of reconstruction bad been
limited to him.
Mr.. r. +. Gihin, President of the com
paHy, was seen at his residence on the Isl
and last night, and from him the follow,
log WIS learsed. The liabilities are from
500, 900 to Sos, 1000; $50, OGO bonded debt,
and from $50, coo to $4,000 floating i'll
d~ebtedraas, including s. 900 due on the
usw building. end 60, 900 due employees
The major portion Of this lattsr $50, coo,
exclusive of the items mentioned, Is due
to Mr. Gihin and John N Brown for
mG1ey advanced on the c0mpany's notes.
Tue assets are about 500, 600, $40, 600
book S~eeouuts, $40, 600 worth OF ware and
materials ia stock, and the plant, which is
well worth tho remaining $4,000.
The LaBelle factory is L OF the best
equipped IN this part of the country. Be-
sizes the plant, they have five acres Of sur
face and forty I've acres of coal. There are
two ten-pot furnaces snd the whole fac
tory, which is now almos. sltirely new, Is
fitted out in the latest and most approved
manner
The closing of the fsotory will be q severe
blow upon Bridgeport and the workmen
employed. When run full two n
and fifty persons are employed, and there
is no hope of a resumption before fall.