The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-05
Assignment

1t wag n great surprise In business
circles yesterday to lcnrp that tho Drill
liant Pipe and Tube Works Company
had made an assignment at 400 n. m.
and John s. McMnsters. was made as
slgnco. This firm was looked on rs bo-
Ing one OF the most solid In the valley, as
the officers and directors were expert
cnc-d and wealthy and they would have
made the plant Il success II Internal dis.
sonslons among tho stockholders had
not arisen rs to the policy.
The Pittsburgh stockholders, Messrs.
Joseph II. Jackson and Thomas Hack
cit and the Wheeling stockholders were
at loggchcnds over the question whether
the tube works should be built and other
matters, For some days Iron and scrap
have hccn shipped away to pay OF the
general creditors and on Monday some
excitement wnS caused at Brilliant by
the citizens seeing q barge load OF pig
Iron and some rolls which were taken
out OF the mill and placed In n heap
labeled This Is the property OF the Ten
nessec Coal and Iron Company" Tho
miners were taken out after going to
work and the mules taken out. The
deed OF assignment Includes the personal
and real property and machinery and oil
privileges OF the company.
DIR. Cook'ss Statement.
Hon. ]. NJ. Cook, OF ~Stcuhenvlllc, who
Is attorney In the case, makes tho follow
Ing statement about the condition Of the
business affairs OF the company. The
company was Incorporated under the
laws OF West Virginia last fall and the
stockholders are not personally liable.
The mill began work Inst December and
has run eve since with several ce1sa-
lions. The Brilliant Tube and Pipe
Works Company Is composed OF Joseph
r. KaCksOn and Thomas Hackett. OF
Pittsburgh. and parties from Wheeling,
OF whom Joseph Speidel and George K.
Wheat are the principal ones. Hnckett
and jackson each had $4,000 In the busl-
ness and the Wheeling parties $40. 900:
OF this $4,000 there IA expended $1,000
upon improvements. leaving 4 working
capital OF 10000. The business In which
they were engaged was making pipe iron
md muck bar. This department Of the
iron business has been bad during the
last'year and the $4,000 OF working capt.
tai was o swallowed. The Wheeling
parties were the same interested In the
Brilliant Iron L Steel Company, from
whom the property was originally pur-
chased by the Brilliant Tube and Pipe
Company. At the time OF the purchase
the Brilliant Iron and Steel Company
received Sl3, 900 cash and two notes for
$500 each payable In n and two years,
and In addition the Brilliant Tube and
Pipe Company assumed the payment OF
the old mortgage against the Brilliant
Iron and Steel Company upon the pro-
perty OF about $4,000, OF which 1900 has
been paid by the present company. The
Wheeling parties have received $3i 600
as improvements upon the property and
$4,000 in cash, making nearly siS,0 900,
and as they put Into the concern but
$780, 900 they have done pretty we'll. One
Of the notes Of $500 became due August
4th, and the Wheeling parties refused
absolutely 10 extend the time of pay
ment, and as there was about $4,000 due
general creditors. Messrs. Jackson and
Hackett. president and secretary OF the
company. did transfer the personal pro-
perty TO these creditors the past week TO
pay claims which were due with the eX-
ception OF about $1,000. Before the trans
ferS there was u general Indebtedness OF
$4,000. The capital stock was 5000, 900
mlde up OF the $50. 1000 cash and real es-
tate and machinery and was divided.
two-thirds being owned by jackson and
Ilackett and one-thIrd by Wheeling par
ties. Their indebtedness Is $4,000, and
their assets about 800. 900.
The Other Side.
Hon. J.. Dunbar. counsel for the
y yt =. IT, .
Tube and Pipe works. was seen BY a