The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-05-10

For many years there has not occurred
more startling event than that which
came suddenly and unheralded upon the
community late Saturday evening in the
appointment of receiver for the Premier
steel company, whose business has long
since grown into proportions which
have made it the largest of
the many important industries OF
Indianapolis, not only as to the extent of
the annual output, but the immensely and
completeness OF the plant, which cost its
owners more than 81, 100000.
Application for Receiver.
1t was 4: 80 D. m. Saturday when Judge
Alexander c. Ayres, as the attorney for
Charles w. DePauW, president of the
Premier steel company, appeared before
Judge Brown of the circuit court and pre-
sented an application for the imme-
mediate appointment of a receiver
and the transfer OF the company's
large business interests to his control. In
his complaint President DePauw stated
that be is the holder and owner OF large
portion OF the capital stock of the Premier
steel company, and is also an indorser
upon large amount of the notes and
paper OF the company, the same aggre-
eating more than 100000. 10 was further
stated that by reason of a ssringencv in
the money market and a heavy depres-
sion of the steel industry and business in
which the Premier company Is engaged,
the defendant is unable 10 meet
the demands of it's creditors and to pay
certain notes already matured, and others
which will mature in q very few DAYS
The aggregate amount of bills which had
previously matured was named as S25, 900,
with notes and bills maturing yesterday,
and at the close OF banking hours remain
ing unliquidated. amounting also to So
600, with other bills maturing this week
aRgregating $4,000, in all amounting to
SSS,000.
Part of the Complaint.
In addition to these immediate liabili-
ties, It was alleged that other
large amounts would very shortly
be payable and for the en-
tire amount OF which the plaintiff
is responsible as indorser. The COM
pany," said Mr.. DePauw in his complaint
sis unable TO meet its matured paper and
will be unable TO pay as it becomes due,
other outstanding notes. IL was further
stated that some of the creditors are de-
manding payment and will bring suit I'M
less immediate payment is made, secure
judgments and under executions pat
the expensive plant OF the Premier
steel company on the market on
forced SALE destroy its business
Of completing large number of
valuable contracts now in hand and
dissipate much OF its assets, which could
ultimately be made avaIlabe and be-
sufficient 10 meet IFS present obligations"
The com lainant, in conclusion, asserted
that the Premier steel company had be-
come liable TO the payees and holders OF
notes TO an amount exceeding 100000
and that If a receiver should not be APP
pointed the assets of the company, at
reasonable estimate, would be reduced 10
at least $4,000 lees than the liza
bilities II was asked that u receiver be
appointed and that ma be allowed To keep
the plant in operation and continue its
regular business until the further orders
OF the court
j. 4. 9IcGettigan Appointed.
The complaint. as fled. was supported
by additional aflidavits, and after a brief
but close. examination Of the case as pre-
scented Judge Brown. in accordance with
the request OF the parties interested. ap-
pointed John l.. McGetrigan, presi-
dent OF the indianapolis frog
and switch company. receiver. Mr..
McCettigan was present IN court
aud filed his bond. Under the statutes it
is not required that tho amount OF
bond shall be named in
receiverships, and this was the case
with the bond presented by Mr. McGet-
tigan. His sureties are G. W. DePauw,
James H. Wilson. Otto Gresham. Alex.
ander G. Ayres. The bond was duly APP
proved by Judge Brown, who ordered
that "the defendants. the Premier steel
company, assign, transfer aud deliver 10
said receiver all property. real or personal.
belonging 10 said corporation and that the
officers deliver to the receiver
al assets, materials, tools, ma
chinery, fixtures, effects and
property, and also all moneys notes and
accounts receivable. The court further
directed hat the receiver should continue
the operation and Management Of the