Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-05
IN ASSIGNMENT
Made by the Brilliant Pipe and Tube
Co., Yesterday Morning.
The Failure Said to Have Been
Caused by Dissensions Amorg
the Stockholders Par.
ties Largely Interested-A State
mont From Attorney j. M. Cook.

II was great surprise in business cir
Giles yesterday morning TO learn that the
Brilliant, o., Pipe and Tube Works Com
pany had made an assignment at 4 a.
m, and that John l. McMasters was
made assignee. This firm was looked
on as being one OF the most solid in the
valley, as the officers and directors were
experienced and wealthy and they would
have made the plant a success il inter-
nal disselsions among the stockholders
had not arisen as TO policy. The Pitts
burg stockholders, Messrs JOS R. jack
son and Thomas Hackett, and the
Wheeling stockholders were az logger
heads over whether the tube works
should be built, and other matters. For.
some days iron and scrap has been
shipped away to pay off the general
creditors, and Monday some excitement
vas caused at Brilliant by the citizens
seeing barge load OF pig metal
and some rolls which were taken cut Of
the mill and placed in a heap labelled:
ms IS the property OF the Tennessee
Coal and Iron Co"
The miners were taken out after goins
TO work, and the mules were taken out.
The deed OF assignment includes the
personal and real property and machin-
cry and all privileges of the company.
Hon. j. NJ. Cook, who is attorney in
the case, makes the following statement
about the condition OF the business al
fairs Of the cOmuanV.
The company was incorporated under
the laws OF West Virginia last fall and
the stockholders are not personally LA
BIZ The mill began work last Deem
Der and has run ever since with several
cessations. The Brilliant Tube and Pipe
Works Company is composed of Joseph
K. Jackson and Thomas Hackett. CT
Plttsburg. and Joseph Speidel and Geo.
K. Wheat and others. Of Wheeling.
Racket and Jackson each had $4,000
IN the business and the Wheeling par
ties $4,000; Of this 100000 there was eX-
pended $4,000 upon improvements, leav-
ing working capital of $4,000. Th4
business IN which they were engaged
was making pipe ircn and muck bar.
This department c. the iron business
has been bad during the past year and
the $4,000 Of working capital was soon
sTallow d. TIE Wheeling parties were
the same interested in the Brilliant Iron
and Steel Company, from whom the
properly was originally purchased by
the Brilliant Tube and Pipe Works Co
At the time of the purchase the Bril-
liant Iron and Steel Company received
$13,6G0 cash and two notes for $500
each payable in che and two years. and
in addition the Brilliant Tube and Pipe
Company assumed tn payment of the
old mortgage against the Brilliant Iron
and Steel Company upon the property
OF about $4,000 OF which $4,000 has
been paid by the present company. The
Wheeling parties have received S34, 900
as Improvements upon the property and
$4,000 in cash, making nearly $48. 600.
and rs they put into the concern but
$4,000 they have done pretty well One
Ct the notes OF 81 500 became due Au-
gust 4th, and the Wheeling parties re-
fused absolutely 10 extend the time OF
payment, and as there was about $780,
000 due general creditors. Messrs. Jack
son and Hackett, president and secretary
OF the company, did transfer the per-
sOnal property to these creditors the
past week to pay claims which were due
with the exception Of about $1,000. Be-
fore the transfers there was a general in
debtedness Of 100000. The capital stock
was $500 900 made up Of the 100000
cash and real estate and machinery and
was divided, two-thirds being owned by
Jackson and Hackett, and one-third by
Wheel ir!g parties. Their Indebtedness
is $4,000, and their assets about $780,
600.