Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-11
MAY NOT BE CONFIRMED.
Mr.. Matthews win Officer TO the Long q
90. saIe-The Price Too Iowa syndi-
cate That VIII Offer More Money.

Mr.. Matthews VIII Objrcr TO the Long &
60. saIe-The Price Too Iowa syndi-
cate That VIII Offer More Money.
The mill of j. NJ Long & Co.. at Char.
tiers was sold at SherifFs sale yesterday. II
was purchased by Attorney J. E. McKelvey
for 500, 900. The principal bidders were j.
E. McKelvey, J. M. Kennedy and A. M
Byers When the price reached 500 ,00O
the others dropped out, and the property
was knocked down to J. E. McKelvey.
1t is stated that he purchased it in the in
terest of Mr.. Charles Lockhart, who
represents the Standard Oil Company. The
property Is said to be worth at least $500, 900,
and was sold on an execution issued on a
mortgage for $4,000 held by the Dollar
Savings Bank.
"Not all in danger is lost" said Mr..
John Matthews, the man who put up
$50, 900 in the Lawrence Bank at the eley-
enth hour.
"What do you refer to?" asked the re-
porter.
"WeII, it is this" said Mr.. Matthews.
''Mr. McKelvey has bought Long & Co. s
mill for 500, 900, and /, with others, mean
to prevent the persons who, through Mr..
McKelvey, have bought the plant and
ground, from obtaining possession of the
deed.
"We have 20 days in which to file our
objections in the court against the sale OF
the ground, and we are going to file them.
When the Judge asks if anybody has any
objections, we will come to the front and
state that the property has been disposed of
at less than its assessed value, and we will
OFFER if needs be, $3.50, 900, or even 5000, 900,
to prevent the other people from getting it.
'There are several men in connection with
myself who went over the mill and prop
erty, and we agreed to form a syndicate and
purchase the place if it was sold for less
than $3.50, ZOO. The fact is the hammer
closed the deal at 100000, and we are not
prepared to let it go for that amount. A
meeting of the syndicate is called for to-day
to decide our future action.
"There are IL men in the syndicate, all of
them wealthy citizens, and we will be able
to put up the stuff 1t has been settled that
each of us will subscribe 81 500 each to-day,
and hand it to our attorneys as an earnest
of our desire. If we obtain possession of
the plant and ground for $3.50, 900, there is a
possibility of starting up the mill for the
manufacture of iron, and if we run the mill
we hope to make better showing than the
last proprietors did.
However, our object is not merely to
purchase the property for mill purposes, but
we think that if the property can be bought
for $3.50, 900 it is good investment The
ground is constantly increasing in value,
and is now worth, and will bring on good
sale 500, 900 profit, if we bought it at the
figure We name. Beside the ground there is
all the mill buildings, which are in excel
lent shape, and constructed at big expense
of corrugated iron. Then there is some
valuable machinery in the place, all worth
money, and with these facts before US we
are not going to let the property slip
through our fingers with our eyes open.
''Three men including myself were just
on the point of purchasing it for $125, 5000
the day before the sale, but there was some
demurrer on the part of the other three, and
they backed out. With our syndicate things
will be different. We are going at it in
business like way, and there can be no
doubt about the property falling in our
hands. We also think that if the property
was let go for 800, 900 it would be an injus-
tice to the depositors of the Lawrence Bank.
Our desire is to get as much money for the
depositors as we can. 1 am in a hole for up
wards of $4,000, and you may be sure 1
want to get out of the hole with as much as
can"