The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-01-16

granted and the mills continue in operation, the
men set about to devise some means to aid the
firm meeting of the workmen of the Woods Run
mill was held tonight, and it was unanimously
decided to return to work at the reduction
which they refused last week. To-mor-
row meetings, will be- held at
by the firm, and it is thought that similar' n
will be taken.
John w. Chalfant one of the oldest iron man
ufacturers in the city, said the cause OF the
trouble was that the firm had put too much
money in extensions of their works, new ma
chinery and other improvements. Their
works are now in most excellent con-
dirion, and every assurance is given that
no money will be needed for a long
time to come. Notwithstanding the nisi.s are
mortgaged to a limited extent, they are so val
liable and have such producing capacity that
with the stock on hand the book accounts and
other assets there will be shown to be large
excess of assets over liabilities. He did not
thinkthe suspension would have any effect on
the iron market
The suspension was freely discussed among
iron men and in financial circles. 1t created no
surprise, as several of the manufacturers had an
mixing that something was going to happen. AS
rule they refused to talk of its probable effect
ON the iron trade. A general opinion prevailed.
however, that the firm will resume business very
soon after it has made arrangements with its
creditors.
"All they,want," said a leading manufacturer
who requested that his name should not be used,
lis an extension Of time. They have valuable
| property, and plenty Of men are ready and will
ing to advance them money The supposition
is that the suspension is only temporary. The
price of iron is SO low at present that it don't pay
! to work it."
| There is nothing new tonight regarding the
! liabilities, and the cause of the suspension is
| still mystery to all save those directly inter
| ested 1t is a general impression. however, that
the liabilities will reach So 00G 000 with assets OF
about 81 600 900 more
| Cozad's Title Insurance Company has made a
record of the mortgages entered against the lrm,
embracing all those entered prior to Nov. 20,
| 1883. That was over year ago, and an exami-
nation of the records for two years past shows
another half million entered. The
principal one falling due this quarter is one for
$l20000 given to the New York Mutual Life In
surance Company and due March l. of the
half million listed by Cozad, perhaps those equal
| to 100000 have been satisfied, leaving the
| known Indebtedness on mortgages alone to be
$8O0,OGO. The largest mortgage reported, but OF
which no record &C Id be found, was one for 81,
! 400OO Two gentlemen have seen the record
of it, but say that their recollection is that it
was only made to secure discount in bank, and
was penalty mortgage of most unexamped
severity.
AN INTERVIEW WITH Mr.. OLIVER.
| Fl. W. Oliver was seen at late hour to night.
| He looked decidedly careworn, but displayed no
hesitancy whatever in expressing himself on the
| situation.
Every dollars worth of property we own,
said he, twill be held for our creditors"
when will the meeting of creditors referred
| to be heidi"
Just as soon as we can get them together.
| We are preparing statement to submit to them
! now"
"Would you care to say anything about the
more important features of the statement
'lt would not be right for me to do so at pres
| ent. The creditors interested parties, and
| they should first be made acquainted with our
| affairs. After the situation has been explained
to them we will be in position to talk with
more freedom to the newspapers"
Have you anything to say regarding the
causes which led to the suspension 2"
| Il hardly think it necessary to make. any ex-
! plantations on that point. The people OF this
| country are not totally blind to what is going
on, and the condition of business for the last
year or more contains enough pertinent sugges
tons"
How about the liabilities of the frm2"
| "All | can say is that we have ample assets
! to pay every dollar we owe which will GER
| tainly do. We have enough, continued Mr..
| Oliver, land the public need have fears about
our meeting every obligation in full"