Year: 1876




BEND IRON WORKS


A correspondent of the Commercial
writing from Brady's Bend gives the
following:


l suppose that ten years ago no
more thriving town than this edged
the banks Of the Allegheny through
the whole length Of It's industrious
valley. The large mills ard mines of
the Brady's Bend Iron Company in
the full tide of prosperity gave en-
ployment to hundreds of workmen,
whose little homes were supplied with
the necessities and luxuries from the
pretentious stores of the village. The
farmers for miles around found safe
and ample market for the fruits of
their labor. The cir was noisy with
the concussion Of the hammers the
streets we're filled with busy people
and life here so active and prosper
Gus was marked by no doubt of con-
tinuous happiness. Sixty thousand
dollars paid out monthly in wages
found currency in the neighborhood,
made money comparatively plenty
with every one, and those hands that
earned it were in the comfortable con-
dition of we'll -to-do independence.


To-day it is very different. Sitting
this afternoon in front of the three
story hotel, the register of which in.
forms the curious or idle that there
have been two arrivals during the week,
but does not inform them how gladly
one of them, at least, will take his de-
parture, it would be easy to muse on
the changes and varieties of life. The
silence is monotonous and suggestive.
Over the river, where little corner of
Armstrong county pushes up like the
Pan Handle, is seen the long line of
once massive buildings which were the
property of the Brady's Bend Iron
Company. The buildings are deserted,
and the score of smoke pipes and chin
neys pointing idly in the air are empty
and useless. To the right, long in
cline, on which coal went down to feed
the furnaces, has lost its regularity of
outline and half way up box top of
one of the cars lies wheelless, edge
ways across the rails. Down under
the hill and along the bank of the riv-
er two or three long rows of houses, in
which from hundred to a thousand
persons could be comfortably accom-.
modated with homes, are empty and
falling into decay. The windows are
devoid of glass and the doors are off
the hinges, while the brick walls, harm
less of paint, are beginning to sag down
as if they felt the weight of nothing to
do, and were tired of the unnecessary
burden. One tall chimney whose
shadow from the sun is the radius of
this circle of decay, emphasizes the
whole general effect of the picture by
its costly laziness.


In 1863 the iron works had been
running for some years with moderate
success, but owing to various causes
we're understood to be-. for sale. Mr..
Tilden, as attorney for Mr.. William
M. Ogden, and other gentlemen of New
York, came out here, and with his
speculative eye took in the situation.
An offer of $3.50, 900 was made for the
property, which was accepted. A stock
company was formed with a capital of
half a million dollars, one-half of
which was to be working capital. The
principal owners were Samuel J. Til
den, VIM. M. Ogden and George A.
Wheeler, just now suggestive name,
but distant, if any relation of the
Republican candidate fer Vice Presi.
dent. Mr.. L. r. Dudley, of Massa.
chusetts, gentleman of capacity and
integrity, was the Superintendent, and
under his administration everything
prospered. have it from the most
reliable authority that the first year
the profits of the new company far ex-
ceeded the sum of 100000. This
would seem to have been a satisfactory
return, but it did not seem to Eli the
measure of greed of the spectators.
In short time, I think the second
year, in spite of the protests of Mr..
Dudley, mortgage bonds were issued
in the sum of $500,000 and ostensibly
sold at eighty cents on the dollar, but
really distributed among the holders
of the stock. The interest on these
bonds was to be first charge against
the profits, and as the prosperity con-
tinued, the bondholders (Mr. Tilden
and company, it is to be presumed,
were correspondingly contented. They
continued for a time to hold enough OF
the stock to control matters, and in a
year or so decided to issue more bonds.
The sum suggested was another half
million, but as the capital stock was
only that amount aud did rot seem a