, 1874-03-31
JOLIET.
Tho Financial Condition OF the Iron |
mud Steei Company.

Special Dispatch to The Chicago Tribune.
JOLIET, ILL.,, March 30.-Ou Saturday evening
last tho bondholdors Of tho Joliet Iron aud
Steol Company put In an appearance hero and
too; possession Of the works. To-day the works
are hold by them under guard. The action o1
the bondholders is little mystical, and has
orcsted q grent deal Of uneasincss among the
creditors Of the company in this city. It appears
from tho court records here that tho partiee
holding the bonds, who are scattered al over tue
country, alBo hold two trust deeda Of the prop.
erty Of the Company, ono for 81 ,000, ,0O0 and the
othor for 9500, 900. It appears to bo tho prevail
possession
TO SAVE ruEMsELvEs AGAINST LOSS
which right is guaranteed them III the doodB tho
moment the intorost Gu the bonds is duo mud un-
paid. The Company has boon embarrassed for
Bone time. A fow months ngo the Prosident of
tho Canada Trunk Rairoad visited tho works in
company with some American capitalists to look
after Investments here. An Interested party to-
tneY went to Chioago, and that the English gen-
tlon>an spoken Of above and tho Iron aud Steel
Company, entered into IN agreement. The
gentleman i'll question agreed to take $500, GOO in
stock for himself and friends, and at the same
timo obligated to advance $l25,000 annually to
tho Company ii necessary to keep it up. I'm
lnedlateIy after this reported agreemont, tho
presidont OF tho Company, Mr. A.. B. Meoker,
went to Europe, it was understood, to
NEGOTIATE LOAN.
Ho returned few days ago, aud it ia reported
was unsuccessful, This, 1t il supposed, forced
tho bondholders to the course they havo taken.
On Wednesday laBt tho Superintendent of the
Wogke stated to several gontlomou that tho
MILLS WOULD RESUME OPERATION
on the 18th Of April, positively. The Vice.
President Of the Company, 1lr. H,nckley, also
told Senator Brooks on Saturday, tlat the uuls
would resume in a fow days.. From this it would
Boein that the action Of the bondholders WAS not
anticipated. Tho bondholders now hore are very
reticont, aud refuse to disclose anything more
tllan their intention to hold on to the property
until thelr interests arc better sccurol. On
Wednesday, the Board OF Directors Of the Com
paIly aud stockholders meet to
SETTLE UPON SOME LINE OF ACTION.
What they will do ia not foreshadowed.
1ha value Of the Oompany's property is COM
pu:ed at from -, 900, 600 to $3 100000. 1ts float
ing debt is computed at from $aoo, 600 to s7oo,-,
0UO, about 100000 OF which is held against it
in this city. Add to this the bondholders' claims
OF II, $40, 900. and you have public opinion Of
the Company's financial condition. Tho local
debt il for labor IN the works, some of which
in due-bills, and the due-billB arc in our mer-
cl,,.ntB' hands, who have bought thom at din
count Of from 10 to 20 per cent. On the street
to-day the CompanyH paper has no buyers. The
f.ted at q discount Of 38} per cent, 90 great is
tho uncertainty Of tho situation.
Statement OH Ixe2lnIf of tho Company.
i TRIBUNE reporter called on Mr, Torrence,
thu manager Of tho Iron ald Steel Works, laBt
ovonlng, md handed him tic dispatch printed
above. After reading it, he said that Mr. Potter
dbl not agree to take S50O,0 900 Of the stock, and
tl.1t the amount OF indebtedness Was incorrectly
stated. He declined to give tho correct amount,
seying q report OF tho liabilities OF the Com
p:.ny would ho submitted to the stockholders,
who arc to hold their annual meeting to-mor-
row. He adrnittod that young man repre-
scnting tho bondholders WAS at the
MILLS looking after tho interests Of his
employers but all lie did was to sleep in the
olllco. and 500 that nothing was disturbed. Mr..
Torrence had never said Tint the mills would
positively start on the 18th OF April; but TINT he
Lad had orders from the Company to be roady to
start at TINT time. He thought that matters
would be satisfactorily adjusted Wednesday, and
that work would probably bo resumed On the day
mentioned. At all evontH, some definite action
will be determined at to.1norrow's mooting, and
it waa not probable that any creditors would
tako action before tho results OF tho meeting arc
known.