Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-05
CAPITAL TO AID IT.
Columbia Company officials Say
Business Will Be Resumed,
BUT A LEGAL DIFFICULTY ARISES.
The Pennsylvania Construction Company's
Plant Closed by the Sheriff.
MANY SUITS ENTERED AGAINST BOTH

would pull through its difficulties. All
| that is needed is time and the assistance OF
certain fnanciers, whom, it is asserted, are
certain to render the assistance required. A
slight legal hitch occurred yesterday
| regarding the assignment 1t seems
that prior to the company's assign
ment Attorney P. G. Knox, acting on
behalf of the Belmont Nail Company, OF
| Wheeling, served notice on the directors OF
the former company that an application for
a receiver had been lodged in the United
States Courts here. Mr.. Knox appeared
before Judge Reed yesterday, and applied
for the appointment of receiver and an Or
der restraining the assignee from further
action. G. S. Wilson argued that the as
signment had been made in good faith and
should stand.
Judge Reed called for all the papers in
the case and said he would make no order
either way for the present The Judge is
expected to hand down his decision to-
morrow.
Negotiations to Settle Matters.
Mr.. O'Brien, when seen yesterday after
noon, said that there were negotiations pend
ing with certain fnanciers which, when
completed, would place the company on its
feet. He expresses the belief that these
negotiations were certain to be effected.
The company has been unlucky in some
of its recent contracts. Eleven thousand
dollars is tied up under mechanics lien on
the Pittsburg Storage Company's building.
The lawyers connected with this matter feel
confident that this sum will ultimately be-
1nNl hSrf,, I'D Io11 ic
reported to be the loss sustained by the
company through contract with Cheney
& Huewlett, of New York, and none of this
amount is likely to be recovered. Mr..
Neal, of Neal Brothers, who is interested in
the company said yesterday that he was con-
fdent that the company would be able to
resume business in a short time. He did
not think the creditors would press for pay
ment when they learned that there were
couple of Pittsburg men who were now pre-
pairing to assist the company. The large
shareholders showed no disposition to press
matters to an issue, and he thought that the
small shareholders would all be paid in full
in few days. Mr.. Neal said that the CON-
pany had paid off 500, 900 of its indebtedness
in the last couple of months. He did not
think that the workers at Uniontown were
much Inconvenience by the deferred pay.
Many of them had received evidence of the
amounts due to them, and these had been
cashed by the local banks. The capital of
the company was only $500 900, and the ad-
ditional capital of $500, 900 voted at the last
meeting had not been paid up. The plant
cost about $4,000
MIR. Yeager's Statement of Affairs.
Charles K. Yeager, attorney for the Col
umbia Iron and Steel Company, says that
j. G. Grettman, to whom Christian Yeager
confessed judgment, is not personally inter-
ested in the matter to the extent of l cent,
but is only guardian and trustee for others;
that there are no judgments against the
company, as far as he knows, though there
are some suits and that no one
for the company ever tried to raise
any amount of money on a mortgage
in London. An English syndicate tried to
buy the company, but it took so long to find
its pocketbooks that negotiations were
broken off. The syndicate is willing to re-
sumo them, and was never dissatisfied with
the company's showing in any way. He
says that the people of Uniontown, should
the works come, would not be heavy losers.
but quite the contrary, and that negotiations
are now going on, which If successful, will
put the company in better shape than it
ever was before.
If the company is successful in carrying
u
complete change in the management will
result. 1t is charged that the late manage
ment was not altogether efficient and an in
stance is related where the Pennsylvania
Railroad Company withdrew Its cars from
the company's service owing to the long de-
tentIon they were subjected to at the works.
The liabilities of the company are stated
to be 81, 200, 00O Boggs s. Buhl are reported
as being creditors to the extent of $3.50, ,000
Mr.. O'Brien stated yesterday that the Penn
sylvania Construction Company had no con-
nection with the Columbus Company other
than it used the iron made by the latter.
There will be meeting of the creditors in
the city tomorrow.
The Excitement at Uniontown.
A dispatch from the special correspondent
of THE DISPATCH at Uniontown says:
The deed of assignment made by the Colum-
bia Iron and Steel Company to Charles A.
O'Brien, of Pittsburg, was closely scanned by
many pairs of eyes in the Recorders office to-
day and bore the marks of much handling. The
citizens OF Uniontown, especially the minority
stockholders were Ioath to believe that our
largest manufacturing concern had gone to the
wall and wanted to seq for themselves. The
assignment was the one absorbing topic of con-
yersatlon to-day, even the critical situation in
the coke region being for tho time forgotten.
Much sympathy Is expressed for President
Yeager and other losers in the concern. 4
plan is on foot among the local capitalists who
are interested in the Columbia Company. and a
number of the Pittsburg stockholders, to re-
organize the company and operate the works.
No details of the plan can be learned. but it
is known that President j. V. Thompson, of
the First National Bank Judge Nathaniel
Ewing and other capitalists are willing to do
all in their power TO help the company out of
its difficulties.
President Thompson, when seen this even
ing refused to talk further than to say that he
thought the concern would be on its feet in 4
few days. 1t is thought that under the plan of
reorganization there will be material changes
company, as shown by the records here, includes
a Judgment of Sll5 45 in favor of Huckenstein
e. Co., of Pittsburg. This and few other
small judgments are all that are entered in
edness of the company Is Sl50,00O. The pay
ment of this is guaranteed by the Fidelity
Title and Trust Company of Pittsburg. in
whose favor there is mortgage for that
amount against the company's property.
Manager E. NJ. Butz said to-day that there
would be no sale of the plant. and that they ex-
pected to have their embarrassment settled
and be able to resume work in full at an early
day.
The Pennsylvania Construction Company
works. which are practically under the same
MANAGEMENT as the Columbia Mill were closed
by Sheriff Mccormick to-day on executions in
behalf OF the following creditors: Will
lam Carton. Uniontown, s64 So; the Ma
tional Banks. Of Fayette county, for use
Of c. H. Seaton, of Unioutown, 81, ,22S %; A. NJ.
Bsers Co, of Pittsburg, 1894 81, and R. hogsett
& Co., tho Mt Braddock coke firm, ST. 634 25
The bonded indebtedness of this company is
S5OOOO the payment of which Is guaranteed by
the Fidelity Title and Trust Company, of Pitts
burg, which is secured by mortgage for this
amount in favor of that company. The an
nouncement that Judge Reed would appoint a
receiver for the Columbia Company is received
with favor here.
JUST FOR ONE DAY