Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-04

the cause Of the failure is due TO the col
lapse of the Lawrence Bank The court
appointed John R. Eakin, Of Beaver; j. j.
Hoffman and ]. F. Bixley, Of Rochester,
appraisers.
A call was made at the Hotel Duquesne
last evening to see Mr.. Young in regard to
the matter. THE DISPATCH reporter sent
up his card, but it was returned with the
following written on the back: 4 have
nothing to say. See McCook."
W. w. Young, President of the bank. is
Treasurer of the Love Company. It is said
that considerable money had been loaned by
the bank to J. B. Young, presumably for the
Love Company. The money was obtained
on J. B. Yonng's personal note without Sc
curity.
W. T. McCook, Esq, was seen and asked
in regard to the matter. He said: Il drew
up the assignment papers in the case. The
failure of the company is caused BY the con-
Germ having notes depositedin the Lawrence
Bank. The company can very easily be
placed on its feet again il the men who
stand back of it in Beaver Falls will do
what is right. If the creditors of the COM
pany stand up to the pledges they have
already made and give the firm little time,
everything viii come out all right
The following telegram from Rochester
concern: There was pretty general surprise
manifested here to-day when the fact was
announced that the Love Sewing Machine
Company, whose works are located here,
heard that deed of assignment had been
filed at Beaver to +. G. Biggert, general
manager of the company. The deed sets
forth that the assignment Is due to the ina
bility of the firm to meet its liabilities. The
actual facts in the case, as far as can be
learned, are very meager at this time.
The capital stock OF the company is about
$500, very large proportion
of which is in patents. J. B.
Young, President, holds a majority of
the stock, and the complications arising
from the failure of the Lawrence Bank, Of
Pittsburg, of which he was also President,
are generally supposed to be the cause of the
failure. There are seven stockholders,
nearly all of whom are residents of Pitts
burg. Their names cannot be ascertained
here.
The company was organized in 1882 and
began operations in the fall of the following
year, having purchased in the meantime,
for purposes of manufacture, what was then
known as the Coffin Works. owned by
W. G. Algeo. The works covered
about three acres. The company
experienced considerable mechanical diff
culties for several years, but finally sue
ceeded in placing upon the market first
class machine, and succeeded in getting
tneir business upon paying basis. Their
machines were sold in all parts of the
United States, and some were exported. The
number of men was increased until 125
found employment.
1t is impossible to learn at this time just
what will be done. Messrs. ]. j. Hoffman
and J. j. Bixby, of this place. and John R.
Eakin, of Beaver, were this afternoon ap-
pointed appraisers, and will enter upon
their duties at once. 1t is understood that
an effort will be made to reorganize the
company on such basis that will enable it
to continue business. The assets and liza
bilities of the firm cannot be given now.
The employees were all paid on Saturday.