The times. (Owosso, Mich.) 1882-1897, 1889-02-22
Over Three Millions
Involved in a Big Coal and Iron
Failure.
OHIO WESTERN GOES TO THE WALL

A Remarkable List of Tragic Incidents
pany-somc big Names In the List Of Its
stockhoiders-The Interstate Railway
Agreement sheIvcd-The IL. & n. Does 1t
bad Showing of the 90"
New YORK, Feb. I2.-The general assign
ment of the Ohio q Western Coal and Iron
company to James A. Hall, without prefer
ence, was filed here yesterday According to
the company's annual report of Jan. 10 the
liabilities were g, 800 900. Of which s., 400 900
was bonded debt. The assets consisted of
1000 acres of coal land valued mt $500 to $500
per acre, about 800 houses. 400 railroad cars,
four miles of track, three fully equipped
mines, four furnaces, three stores and some
miscellaneous property.
A telegram from Cincinnati says: The
failure of Glidden & Curtis of Boston,
caused creditors of the company to fec! un-
easy, as the members of tho firm held very
nearly, if not quite, controlling interest in
the stock The assignment has created con-
siderable excitement and uneasiness in the
Hooking valley, where the property of the
company is located.
Saturday was pay day with the Ohio &
Western, but the men received nothing. The
shutting down will throw from 600 to 700
men out of employment. The outlook for n
satisfactory and speedy adjustment of the
company's affairs is very poor. The credit
ors who will levy by writs will more than
exhaust all the personal property. The COM
pany's real estate amounts to about 3,400
acres, divided as follows: Eight hundred
acres II Perry, 600 in Hooking and 1000 in
Athens counties. The bonded Indebtedness Is
So, $4,000 and the issue Of stock S5,0O0,ON.
A Strange fatality has been connected with
the property out of which the Ohio a. West
ern grew. James l.. Burkey, who committed
suicide in st. Louis hotel, was harasSed to
the last by thoughts of the fortunes he had
lost among the Hooking valley hills. George
Lee, who killed himself in a New York hotel,
was haunted in his dying hour by the specter
of ruin in the coal fields OF Ohio. Royal NJ.
Pulsifer, the founder of The Boston Herald,
took his own life some months ago, and
though he had many other business compli-
cations to pull him down, he too sought the
tabled pot of gold that was said to be buried
at the foot of the western rainbow.
The Standard Coal & Iron Company, out
of which the Ohio g. Western grew, was a
colossal affair, with capital of $4,000, 900
This is the company in which James G.. Blaine
and Steve Elllins were interested, holding
1000 and $4,000 bonds respectively. f. l..
Harper, president of tho late Fidelity bank at
Cincinnati, had $500, 900 worth of the stock
It is understood that these holders still have
their bonds
President Shaw, of tho Hooking Valley,
states that the agent of Mr.. Glidden, of Bos-
ton, arrived in tho city last Monday, and
made temporary adjustment of its claim
by paying certain amount and giving a
draft, which fell due last Saturday. When
the draft was presented for payment at Bos-
ton it was dishonored, and Mr.. Shaw i'm
mediately filed suit in attachment against
the Ohio &c Western company in this county.
A special train with tho attorneys of the rail
road company was also dispatched to Athens
and the suit Of attachment fled there.
Mr.. Shaw states That tho business of the
Ohio &c Western company with the Columbus,
Hooking Valley &c Toledo railroad amounts
to about $4,000 week, of which 80 per
cent. consists of charges advanced to other
roads for transportation of ore from the up
per lakes. The real estate will likely satisfy
the mortgages on it. f. X. Pendleton, Of
New York, is hero looking after the interests
of the bondholders. Gen. James A. Hall,
manager and assignee of the company, re-
fuses to state what course will be pursued.