The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1888-02-22
A BIG IRON FAILURE.
GRAFT. BENNETT g ooMrANY,
OF pittsburgh, Mako an Assignment for the
benefit of their csOdltOEs-Ths Assets
and LiAbllltIOS-Ths Causes that are
Assigned for the Big FalIurO.

PITTSBURGH, Feb. 3l.-A deed Of assign
ment was recorded to-day from Graf. Ben.
nett & Co., and from James l. Bennett,
John Graf and Robert MarshUll, part
ners in the firm, individually, TO P. H.
Miller.
Tho deed makes no statement except
that owing to "suudry losses and mtsfor.
tunes" the assignment Is made for the
benefit Of all creditors.
Mr.. Miller formally accepts the trust in
the same record.
The announcement Of this failure will
cause great surprise. "a it was entirely uu-
looked for. It was fret whispered about
late last night, but SO closely was the
secret kept that itwas not until the deed
was recorded, just before noon, that 1t be-
came the subject Of gossip.
The general supposition was that the
firm was doing well and recovering from
their suspension. 1t is said that the pres
ent trouble has been brought about by the
extension Of the firms plant 10 greater
extent than their condition warranted.
Mr.. Bennett has been building q new
mill at Millvale which has been taking
nearly all tho cash receipts oil the firm.
He has also bought steel works at Lake
Champlsin and an iron works at Buffalo.
AS result Of this policy it is said that
there has been a heavy accumulation OF
indebtedness for material for the various
works owned by the firm. This class Of
indebtedness Ia said to amount to half
million. These debts are chiefly due TO
iurnace men, ore firma and others OF tho
same kind. There is q known secured in
debtedness Of S6G0,000, There ia mort
gage on all Of the property Of the firm to
the New York Life Insurance company
for $450, 600. The mortgage is due In three
installments, the frat Of $45, 900 falling
due on the 2Ssh OF next month; the Sec
ond OF $45, 900 April 2S. 1889, and the third
Of $3.50 900, April 2S. 1880.
There Ia also mortgage for 5000, 600
given to Hay Walker, Jr., Bon-in-law OF
James l. Bennett, 1t ia general mort
gage on all tho real estate Of the firm. II
secures fourteen bonds for various
amounts, Of which six arc in the name OF
James l. Bennett, trustee Of the English
estate or trustee for others. These six
bonds amount to S90,0 900. The other eight
bonds are IN the name oil Hay Walker.
This mortgage was made on April %,
1887. It is understood that in addition
TO this there is another mortgage for $780,
900. The total liabilities are Somewhere
in the neighborhood Of 81 100000. The
assets are supposed 10 be worth from
5000 900 to $SO0,0OO.
Late last night two iudgmenta' were en-
tered up against the firm in the Piotbon-
otary's Office. Ono was to Joshua Rhodes
for S57, ,1lS 10, OF which $50. 500 is due Mr..
Rhodes, $6,6G4 80 to the Penn Foundry
Company, aud Sll, ,234 10 to j. F. Bailey.
There wss also judgment for $l2 $50 IA
TO Matthew Graf, trustee for the estate Of
Elizabeth Graf.
When Graft, Bennett & Co. ssksd their
creditors for an extenaionGbout three years
ago, they were given five yearn' time, and
they have 30 far Hucceeded in paying
about two.thirdS OF the sum then due. II
was thought when they borrowed ths
money from the New York Life Insurance
Company that their troubles were over,
and that this money would relieve them
OF all pressing demands. Later they asked
for an additional years time on tho Grafton
Iron Company'e paper, that company be-
ing largely owned by the firm. Recently
Messrs. King and Rss, stockholders In the
Grafton Company, brought snit against
Graf, Bennett & Co., charging that the
affairs Of the Grafton Company were mis-
managed. There arc 81 many complies
tons in this affair that 1t is difficult 10 say
how bad affairs are at present.