The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-06
THAT BRILLIANT FAILURE,


Wheeling stockholders Disatisned with
tho Assignmrnt-Presid,n Jackson En-.
draSorstO Explain Some Points In tho
Controversy.
The assignment OF the Brilliant Tube
and Pipe Works, Of Brilliant, Jefferson
county, Ohio. In which Wheeling pco-
pie are extensively Interested. was II
topic OF conversation In the business
community quite generally yesterday.
Comment on the action OF President
Jackson aud Secretary Iiackett In
making m assignment without consult
Ing the holders nf the extensive blocks
OF stock In Wheeling. was unfavorablr.
II II learned that the Wheeling stock
holders arc preparing 10 take steps 10
contest the assignment in tho Ohio
courts. claiming that the action was
taken without legal justification. Some
Of the Wheeling stockholders were In
consultation with attorneys yesterday
and interesting developments may fol-
low Within u few hours.
The following letter has been reCeiv-
ed from President Jackson, In the
course OF which he %endcavors 10 correct
certain alleged mlsStatements by Mr..
buIlDhlt vi SktuUtlNlllt Ilt ullDTUtY
for the Wheeling stockholders:
THE property was purchased from
Spcidel. Wheat StIfcl and Simpson,
representing the Brilliant Steel md
Iron Company, OF which they were the
owners: $4,000 was the price agreed
upon: $4,000 cash, $4,000 second mort
gage, payable In II and two years
from date, and assuming the bonded
Indebtedness $4,000, payable at the rate
Of $1,000 yearly.
The cause Of the present trouble Is
the mortgage Of $500 due August g.,
which Mr., Spc!del refused to extend,
though he vas we'll aware We had no
money In the treasury. The situation
looked alarming for our supply crcdi-
tors, so l Immediately offered them the
stock on hand for sale back to them,
and they purchased 1t l shipped and
delivered II TO them.
THE indebtedness now stands Si3.0 600;
bonds payable at the rate OF $1,000 Il
year; $4,000 second mortgage, $500 OF
which Is now due, and $1,000, In small
debts. We have no outstanding notes
and no bills due us. The i1ducement
Mr.. Spcidel offered me whIn he came
70 me with his mill for sale, was thar
he wculd take $50, 1000 himself, but his
uoSoSluNCS "uuIu nul INK any SHOCK.
After the thing progressed. he dccId-
ed he would only take $50. 900. which he
divided equally between Wheat, Simp-
son, Stifel and himself. Mr.. Hackett
and myself subscribed Il like mount,
making the cash paid In. SEQ. 900.
"Mr. Dunbar says the Wheeling
stockholders would have put in more
money had we done so. Here Mr.. Dun
bar has been m~lsinfo-med. They posi-
lively and repeatedly refused, and I
could not afford to gee the dealers TINT
supplied US with materials lose their
money, knowing very well that the
property was plenty good enough to
pay on all the mortgages.
I'VE spent S3i. 900 In repairs and I'M
provements. and 81 500 In paying OF
bonds and tax. of which $751; 900
came from Mr.. Hackctt ana myself.
The property Is easily worth $500 0
in any kind OF prosperous times. laav-
Ing $4,000 more than the liabilities,
Now about the meeting that Dunbar
says I refused TO attend. The meeting
was changed once or twice by the
Wheeling stockholders. finally by Mr.,
Hackett In a letter written by Mr..
Spaulding' dated Thursday and calling
the meeting Tuesday. at Wheeling.
The letter was written III Pittsburgh
and addressed 10 Spekel. MI. Spauld-
Ing notified me personally OF the
change. Tina: Is the reason I was not,
at the meeting. l did not know OF It."