New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-22
IRON MANUF4CTURERS FAIL
GRAFF, BENNETT CO., OF PITTsBURG, AssiGN
AGAIN-IIABIITIEs 81. 100000.


AGAIN-IABIITIES S1.2O0,O0O
p,rrsprpo Feh o1-GraR Bennett & Co., Iron
manufacturers OF this city, fled deed Of assignment
to p IT, Miller, of Plttsburg, to-day The failure was
great surprise nothing OF the kind was looked Tor
In 1888 the firm failed for about s1 100000 and was
granted an extension Since hon IL has palu aOous
twothlrds of IFS indebtedness and supposed to be
doing well The cause of the failure was the invest-
ment OF all its profits the extension OF the plant
No statement has yet been made, but Is understood
that the secured liabilities about 100000 ana the
unsecured liabilities upward OF S6ooooo inc ia''or
consist OF notes for ore and other materials. Among
tho liabilities a mortgage for S4oOoOo held oy Tn"
New-York Life Insurance Company when IS not yes
due Tho assets are believed to be about Ssooooo.
Indgnents aggrcgating 10000 were entered against
the firm this morning.
Mr. Bennett has been building new hill as Nlll-
vale Penn, which It is said has been taxing nearS al
tho c.sb rassi,to Of He also bought steel
nant Lake Champlain and an iron works at Buffalo
The result Of this policy, 1T said, has been heavy
accumulation Of indebtedness for material for the
various works owned by the firm. This class OF In
debedness II IS said, amounts to half million dollars
These debts chiefly due furnace men, ore III ls ana
Others of the same kind The mortgage held by tho
New York Life Insurance Company is on tho ehtlro
nlant IL Ia to DO paid In three instruments. Tho
frSt for S45 600 is due March 26 the second for
on Npril 2s 1850 There Is also second mortgage
for 600 600 given to Hay walker j., son-lnaw OF
estao Of the firm II secures fourteen bonds for
various amounts. of which six are In tho name or
lanes l. Bennett trustee for English estate These
six bonds amount TO $4,000. The mortgage was
given on April 20, 1857 i.
The total liabilities IN tho nelghborh00d OF
81 900 600 and tho assets from 100000 to SoOoOOo
Inouiries among prominent business men directly In;
teesed i'm the failure showed that the consequences VIII
not be near 40 bad as first anticipated. The banks
with which the firm has been doing business are all wei
aecrrd against any losses. and many of the principal
bankers are confident that the difficulty Will DE uded
over and that everything Will soon be satisfactorily
arranged. .,. b. eo,,otal am
barrassments and given three years TO psy OF Us
inIehtrdness The nrm rapidly paying on all the
liabilities relative the failure OF 1883, In fact they
were practica ally paid OF when new troubles sprung up
The firm was largely interested III new mill AT Grafton
and secured AN additional years tue TO pay on us IN
dchteduess to the New York Life Insurance oupany'
This was granted the Grafton Iron CONF anys Hapr
Recently however there has been great ranR III lne
demand Tor skep iron This article was furnished TO me
local tnbe works chiefly by Graf Bennett Co Inc
susnenson OF work many OF these works almost en-
tirry shut OF the demand FOR skep This was heavy
hIow 10 he firm Amidst all these dlcultes cIeuiIot
Of GraG Bennett K Co. pressed CLAIM Tor SZooOoo
he case went court and the other creditors became
alarmed They demanded settlement Oh theIr cialln'
and the consequent collapse followed