The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1899-08-08

it of the firm became much greater and
was inflated, although General Grubb did
not learn this fact until afterward. His
partner attempted to extend operations,
and disaster 10 the firm followed"
General Grubb returned from Spain in
the autumn of 1892, and he discovered in
the following spring that the firm was in
serious difficulties. He found that it was
making a great deal of money, and he
thought that, by proper care, it could be
kept on its feet He later discovered,
however, that an enormous amount of
paper had been given without his knowl-
edge, and when the panic of 1898 came
the firm was ruined.
Drafts of the firm amounting to half
million dollars were accepted by General
Grubb, who pledged everything he had to
liquidate the debts of the concern He
furnished ore to keep the furnaces in
operation, hoping thereby to further reim-
burse the creditors and give employment
to the men. The debts of this firm were
the only obligations General Grub had,
and he resolved to pay these obligations
even if it ruined his fortune.
Friends of General Grubb now relate
with great pride an experience through
which he passed at that time. In his eag-
erness to see that creditors lost nothing
through him he sent his wife to her home
in England and went to live at the iron
works in Sheridan. There he remained
for seven months, living in small room
in the works and allowing himself but 90
cents day on which to live Nothing
could have been in sharper contrast with
the Generals luxurious mode of living at
his home in Edgewater Park, and it is to
the pluck he then displayed that his
friends attribute his present success.
When in 1896, iron went down to the
lowest value ever known the creditors of
Kaufman & Co. declined to continue the
enterprise along the lines General Grub
had suggested. He then went to London,
and, through the aid of his father-in-law,
the Hon. Thomas Sopwith, succeeded in
interesting several English capitalists. A
syndicate was formed, and the Sheridan
works were turned over to this company
in April, 1898, under lease from General
Grubb. The company operated the fur
naces until June last. During 1898 there
was no recovery in the iron business, and
the foreign stockholders accepted an Of
fer from General Grub to take an option
on the property and to return to them
every dollar they had invested, in addi-
ton to five per cent. interest on the money.
General Grub explained that he was con
| fdent the iron situation would improve,
and his judgment has been vindicated.
Returning to this country last spring,
General Grub organized the Sheridan
Iron Works Company, of which he is
president and in which he has a very large
interest. The company is operating the
Sheridan furnaces to their full capacity,
and the works will be greatly enlarged as
soon as the new 5000, 900 company can
be incorporated in Pennsylvania. As a
result of the increased demand for iron,
the company has contracts from which it
is understood to be realizing profits of
$4o, 900 month. When the improve
ments in the Sheridan works are complet-
ed it will be one of the largest iron found
ries in the state.
Mr.. Stern, discussing a report that Gen
eral Grubb's splendid estate at Edgewater
Park was to be sold by the Sheriff, said
there was no foundation whatever for the
statement. He said no execution direct
ing the sale of the property had been is
sued to the Sheriff.
'eThe truth is Mr.. Stern said, " fore
closure proceeding had been commenced,
and, acting on the ADVICE of his counsel,
General Grub permitted the foreclosure
proceedings to go as far as a decree. This
was done by an amicable agreement be-
tween his counsel and the counsel for the
plaintiff in an old action. The mortgage
on the house was given as part of the pur.
chase payment for the property. 1t was
distinctly understood that no execution
should be issued under the decree, and
none ever was issued"
General Grub, now that the financial
clouds that have been hanging over him
since 1892 have disappeared, has reopened
his home in Edgewater Park. and is look
: ing forward to the early return Of his wife
from England. There are twelve acres II
the estate The rroDertv OverlOoks tht
? Delaware River at one of its most beauti
: full points. General Grub spent $I2S,
= 600 on the estate. The furnishings of tn
] house are rare and costly, and many nc
table gatherings have been held there.