Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-01
rsPEc1AL rELEaRA,a ro THE pIspATcH. ]

ESPECIAL TELEGRAM TO THE DIsPATcH.J
STEUBENvILLE, January 31.-THE Dis
PATCH correspondent went to Brilliant to-
day, and saw Charles 81. Spaulding, the
Secretary and Manager Of the Spaulding
Iron Company, which corporation was yes
terday put in charge of receiver upon an
ex-parte hearing, without notice, and upon
the graVest possible accusations. He seemed
much effected by the situation, bnt thought
it best not to say much previous to going
into court. He, however, said:
''The accusations in the petition are IN"
true. will wait and present our side of the
matter in court, where 1 have been thus
hastily summoned. Since about Thanks
giving there has been an auditor-Alex
Glass, of Wheeling-at work on our ae-
counts, appointed by meeting of the stock
holders, and 1 have purposely kept away
from the Office as much as possible so as to
afford him uninterrupted and unembarrassed
access thereto. Only the other day he re-
marked to our bookkeeper that he had not
found any evidence of dollars misappro-
priation."
TALKING ON THE OTHER SIDE.
The matter has been the absorbing SUBJ
ject of conversation in all business circles
here to-day, and THE DISPATCH sold like
hot cakes. Several of our ablest lawyers,
bankers and business men think that 50
grave an action should not have been pushed
through with so much secrecy. They say
that throwing so great concern into re-
ceiver's hands on an ex-parte proceeding
without notice (when the minority stock
holders had aequiesced in the state of affairs
so long, and there was no pressing necessity
for haste, and term of court to open here
next week, when the defendants could have
had their day in court previous to such pub
licity and a receivership), would have
seemed more fair and equitable, and more
according to rule they say.
The general sentiment of many of our
ablest financial and iron men, as expressed
to your correspondent, is, that although
there may have been mismanagement and
earelessness about keeping accurate ac-
counts, yet they do not believe that the
charges in the petition of a criminal char
acter, as to misappropriation of funds, are
true, and think them overdrawn.
SOME SOLID VALUES.
An old iron manufacturer says that the
mill must have cost all the management
claims, and could not have been built unless
the Spauldings had paid in their subserip-
tion of $50, 900. The Indebtedness Is esti-
mated by some to be about $3.50, 900, and it
is great wonder, if the management is as
bad as alleged, that it is not greater. 1t Is
the general opinion, if the allegations about
no books of account, etc., are true, that the
stockholders and directors should have
called halt long ago.
Apropos of the procedure taken by this
ex-parte action without notice, there are no
afidavits on file with the other papers at the
clerks Office, and your correspondents at
tention has been called to the following rule
of our Common Pleas Court, viz: "No in
junction shall ever be granted without no
tice to the opposite party, unless it appears
by affidavit that such notice would defeat
the object or greatly impair the utility Of
the injunction. Judge Hance, OF New Phil
adelphia, signed the order.