Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1884-07-24
In the Hands of q Receiver.

FOR some weeks vague rumOrS IN REFER
ence to the troubles of the St. Louis Ore and
Steel Company have been worrying the resi-
dents of the Valley, but no definite informa-
ton could be obtained until Monday last.
Then the daily paper came with the unwel
come news that the Company was about to go
into the hands of receiver. As the matter is
enc Of the greatest interest to our people, we
give the news in full, as it appeared yester-
day morning-inaccuracies, guesses and all.
We copy from the Post Despatch:
Mr.. Ethan A. Hitchcock, president of the
ST. Louis Ore and Steel Company, was not
present ut his Office to-day, and hence it was
q matter of much difficulty for the reporters
Of the different papers and of the commercial
agencies to discover anything, definite about
the failure Of the company. The fact that
the Lsflin- Rand Powder Company sued out
che attachment for 81 ,227 20 against the COM
pany was indeed the first definite informa-
ton which was to be had. Mr.. Garrison, the
secretary of the company, stated that Mr..
Hitchcock had been appointed provisional
receiver by the United States Court ut Leav-
enworth and that he would conduct the af-
fairs of the company until August Z, next, at
anyjrate in that capacity, that date being set
by the court for the hearing of testimony on
the question of the appointment of perma-
nent receiver. Mr.. Hitchcock is to-day Mt
work upon o statement OF the affairs Oft the
We
press before to-morrow morning, and which
will show the condition of the company to
be very much better than many believe. The
largest single unsecured creditor is the Ju-
pitor Iron Works of Carondelet, to which
$50, 600 is due. Mr.. Garrison was not pre-
pared to state what the whole amount of I'M
secured indebtedness is, but said that no
bank held any claims against the company at
all, and that the other amounts were not of
a bulk to cause any trouble in the different
quarters where they were held. From other
sources it was learned that the suspension
was determined upon after conference be-
tween the New York and st. Louis stock hol-
ders, and that it was pressure on the part of
Ment of receiver 1t appears that the st.
Louis Ore and Steel Company which was
made up of numberof different enterprises
including the Vulcan Iron Furnace, the Pilot
ting and Transportation Company. The con-
sclidation took place earlyin 1881, and the
stock Of the new concern was put at $0, OOO,-
600, Of which = fs understood that s., 500 900
Of the old companies was assumed by the
new, and the value of the works over this
debt was supposed to be about So 500 900 the
almount of the. stock. The company also
RAILROAD, on which they have issued $500, 900
bondst guaranteed by the StsLouis Ore and
Steel Company, The great depression in the
iron trade, the tremendous fall in price of
genoy throhghout the country are said to be
the calsoSof the suspension, and not as in
correctly reported, the failure OF C0mmo-
5 dpre Garrison, who was not a stockholder.
= The st. Louis shareholders are Ethan and
<H1nrys Hitchcock and L; A. Coquard. The
New York owners are Thomas Dickson, LIE
Grand cannon, David Bows, Scion Hum
lAreys, Henry Marquade, Jay Gould.
lanes Bur6en and Grant, the New Jersey
. - 40 - fs4aid to be in these hands "a