Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1889-02-12
Over Three Millions
Involved in a Big Coal and Iron
Failure.
OHIO WESTERN GOES TO TIE WALL.

Remarkable List OF Tragic Incidents
Connected With the Unfortunate Com
pany-Some Big Names in the List of Its
stockhoiders-The Interstate Railway
Agreement Shelved-The b. & n. Does 1t
Bad Showing of the o."
NEW YORK, Feb. 12.-The general assign
ment of the Ohio & 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 $500 900, Of which 81, 400 900
was bonded debt. Tho assets consisted of
1000 acres of coal land valued at 800 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.
telegram from Cincinnati says: The
failure of Glidden & Curtis, of Boston,
caused creditors of the company to feel UNI
easy, as the members of the firm held very
nearly, il 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 900 to 100
men out of employment. The outlook for a
satisfactory and speedy adjustment of the
companys affairs Is very poor. The credit
ors who will levy by writs will more than
exhaust all the personal property. The COM
panys real estate amounts to about 3, 400
acres, divided as follows: Eight hundred
acres in Perry, 800 in Hooking and 1900 in
Athens counties The bonded Indebtedness is
So, 100000 and the issue of stock 100000
A strange fatality has been connected with
the property out of which the Ohio s. 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 q Iron Company, out
of which the Ohio q Western grew, was
colossal affair, with capital of SIS, 900, 900
ms Is the company In when James u. Blame
and Steve Elkins were interested, holding
S25, 900 and $4,000 bonds respectively. f. L.
Harper, president of the late Fidelity bank at
Cincinnati, had Sj00, 600 worth of the stock
1t is understood that these holders still have
their bonds.
President Shaw, of the Hooking Valley,
states that the agent of Mr.. Glidden, of Bos-
ton, arrived in the city last Monday, and
made a temporary adjustment of its claim
by paying certain amount and giving
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 & Western company in this county.
special train with the attorneys of the rail
road company was also dispatched to Athens
and the suit of attachment filed there.
Mr.. Shaw states that the business of the
Ohio q Western company with the Columbus,
Hooking Valley & Toledo railroad amounts
to about $1,000 a week, of which 81 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. K. Pendleton, of
New York, is here 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.