Belfont Properties Will Go Under Hammer Wednesday

Submitted by Peggy A. Wells

Finis will be written this week for the Belfont Steel and Wire Company, long one of Ironton’s most substantial and largest industrial institutions.

On Wednesday at 11 a. m. all properties of the Belfont company, including the nail mill, two furnaces, loading docks and real estate holdings in the city proper and out in the county, are to be sold at public auction by a United States marshal to satisfy a court judgment. The sale is to be conducted at the Belfont offices of north Second street.

The entire property was appraised recently at $88,950, permitting sale at a two-thirds bid of $59, 950. Unless there is a surprise bid of $59,300, the holdings will probably be taken in by a representative of financial institutions now carrying bonds in the amount of $475,000. These concerns include the Fifth-Third National Bank of Cincinnati, First National and Citizens Banks of Ironton and others. Aside from payment of taxes and court costs, payment will be permitted in the now practically worthless bonds.

The Belfont company went to the hands of receivers several years ago was operated by them for a period and more than twelve months ago was closed down altogether. The two furnaces—Belfont and Sarah—have not been operated for many years, though both were improved and modernized prior to the company going into receivership.

Ironton Tribune, 27 March 1932, Sunday, Page 8.

BELFONT COMPANY OFFERED FOR $59,300; NO BIDDER

BARGAIN PRICE FOR PROPERTIES FOES BEGGING

Not Single Bid Made; Re-appraisement Is Next

Holdings of the Belfont Steel and Wire Company, including a nail mill, two modern furnaces, a giver loading wharf and valuable city and county real estate, were offered at the bargain price of $59,300 this morning at a public sale conducted by U. S. Marshal Paul H. Creswell of Cincinnati.

There was no bidder, the marshal submitted a no sale report to U. S. court and re-appraisement and re-advertisement of the property will be the next stop.

It has been rumored that as Fifty Third Union Trust Company of Cincinnati, represented at today’s attempted sale by Wm. A. Stark was to submit a bid on behalf of bond holders. The Fifth Third corporation is trustee for bond holders, controlling Belfont papers and interest in the sum of $603,000. No bid came from the concern, though the bill of particulars gave bond holders the right to submit bonds in their purchase price, following payment of taxes, court costs and the like.

The Belfont properties had been appraised at $88, 950, with a two-thirds bid of $59,300 being the lowest that could be received by the marshal. He started at that figure and stayed there, with absolute silence from his audience at his repeated query of "any bidder." A hundred or more former Belfont workers, and others, attended the auction.

County property owned by Belfont consists of 640 acres in Decatur township and 200 acres in Elizabeth. In addition there is the old Kelly nail mill land tract in the South Side.

Belfont closed down on Nov. 25, 1929, when it was thrown into receivership through court action brought by Hickman-Williams and Company of Cincinnati. D. T. Croxton of the Cleveland-Cliffs Iron Company and I. P. Blanton of Ironton were appointed receivers. Foreclosure was ordered and the local properties were appraised at $88,950 by a board composed of J. R. Paul, A. D. Markin and Clarence C. Massie. Bond holders, including the Fifth Third company, local banks and other institutions joined and the Fifth Third was named trustee to protect the interests of all concerned.

Lack of bidders today means that ultimate disposition of the property has been delayed for many weeks as re-appraisement and re-advertisement will be necessary.

Representatives of a salvage company were present at today’s sale attempt but no offer came from them.

Ironton Tribune, 30 March 1932, Wednesday, Page 2.

BELFONT NAIL WORKS
 

Ironton is to be a great nail center. The recent improvements at Belfont and the near completion of the Kelly Nail Works will make the nail capacity of this town about 500,000 kegs annually. This will make a pretty big stagger toward supplying the nation.