Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1893-06-18
Assets Very Scarce at This End Of
the Line.
The Rumors Waited Here from
Chicago-Local Creditors Max
ing Enquiries-Failure to
Negotiate Bonds As
cribed as the Cause
Of the Company's
Embarrassment.

| on the outskirts OF OnlCaBOI Was III s9lA-
GUS financial difficulties, and the great
est interest was at once aroused In
local business circles.
The Company is popularity known to
the Wheeling public as A. j. Sweeney
& Sons, well and favorably known in
the upper Ohio Valley for many years
as general machinists, founders, build
ers of steamboats,, ETC., and which was
merged or rather reorganized into the
Engineering Company about the time
of the removal of the plant from this
city to Harvey was determined upon,
a year ago.
The charter is West Virginia one,
granted August s, 1892, the incorpora-
tors having been William F. Lindsey,
Charles NJ. oliver, A. J. Sweeney, John
M. Sweeney, John B. Garden and a. T.
Sweeney. The capital stock was lin
tied to $500, 900 and the Company was
authorized to do general mauufactur-
ing business.
The general cause of the embarrass-
ment coming to the knowledge OF the
Wheeling public Friday Is stated to
have been the general financial strin-
gency which has been prevailing in GER
tain quarters of the West for some
weeks past. The tightness OF money
prevented the Company from obtaining
cash generally, and the failure OF the
Columbian Bank, Of Chicago, is said to
have particularly embarrassed the Com
pany, as it had been arranged to 1oat
| $4,000 of the bonds OF the Company
through that institution. This failure
to float the bonds came at critical
time for the Company, creditors pressed
them, judgments were filed, and on
Wednesday, according to reports in cir
culation here yesterday, Mrs. Maria +,
Sweeney filed creditors bill IN the
Circuit Court of Cooke county FOR
S12,620s0. On petition of complainant
the American Trust and Savings
Bank was appointed receiver.
Previous to this application, it
is understood, the Company con-
fessed Judgment for $4,000, Of which
sum s.. 900 is believed to have been to
| DTOteCb al 6Nuhl ouuA OOA AOWSA 49,
Mrs. A. J. Sweeney a short time ago.
The claims of the judgment creditors
aggregate q considerable amount, ru-
NOR placing the aggregate at $40, 600.
The assets Of the Company at Harvey
consist of six or esght acres OF manu-
featuring site, large and substantial
buildings, an immense amount or Valu-
able machinery, and the general para
phernalia OF an extensive manufactur-
ing plant, while here In Wheeling the
Company is the nominal owner OF the
foundry and machine shop property at
Twenty-seventh and Chapline streets,
almost a square in extent. Besides this,
there is the usual book accounts, cash
on hand, ETC., of the corporation.
Against the Harvey property
there stands an issue Of bonds,
to an amount not known
here. as well as variety OF
other obligations. Here In Wheeling
the property at Twenty-seventh and
Chapline streets carries several mort
cages, aggregating upon their face the
sum OF S21, 900. or this latter sum, S14,-
500 was embraced in deed OF trust
made November 25, 1879, to A. D.
Clarke, upon lots Nos. l, ?, 3, 9, 10 and
II, in square No. IL, and the machinery,
buildings, ETC., upon the property. This
was to secure the payment OF six sever
al notes, the first for So, 720, the second
for 50, 600. the third for S2,4s0 the
fourth for So, 800, the fifth for S2,24O,
and the sixth for S2,120 aggre-
eating S14,520. How many OF these
otes have been paid could not be
I i IL In
a further mortgage was given to Han
nibal Forbes, upon lots Nos. 4, D, u,
and the north half of lot No. Is, In
square No. IL, TO secure the payment OF
five several notes for $500 each, payable
one year apart. Yesterday third
mortgage was fled, to secure to the Ex-
change Bank the payment Of a note for
81, OOO, made in 1884, by the Grape Sugar
and Refining Company, by A. c. Eyer
ter, its Secretary, and for two other
notes for $500 each, made by the
same Company in 1882. In October last
a blanket mortgage was also given on
the same property, 10 the Exchange
Bank, to cover any general indebted
. ness, in the shape Of oVerdraftS, etc,
which might exist. The Grape Sugar
Company notes are now held by the EX-
change Bank.
A short time ago the financial agent
OF q Chicago bank or syndicate
came here to look up the Wheel
ing property Of the concern, as
they were understood to be in
the market with an issue Of bonds to
the amount Of SIPS. 900. The nature OF
this report is not certainly known, but
that some bonds were issued and sold
is understood here. All the interests
, of the old firm Of A. j. Sweeney & Co.
are understood to have been exchanged
! for stock in the General En-
! cheering Company, the bonus of
$4,000 received in consideration
of the removal of the plant
from Wheeling to Harvey was also put
into the concern, and it has been re-
Gently stated that the assets of the
Company, Of all sorts, represented an
investment Of 5000, O0O The affairs OF
the Company, are probably consider
ably involved, and it will likely be
some time before the full situation is
known. Within very short time, as
has been stated above, the sum Of IS. 900
was obtained by the Company from
Mrs. A. J. Sweeney, By mortgage upon