The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-12
All Creditors Will Be Paid In Full and tho
Works Taken Ont Of the Receivers
Hands in the Near Future.
Return of President DePauw and MAJ
ager Coen from the East
Exceptionally Sound Financial Condition 81
indianapolis Industrial Enterprises
Commented On.
PREMIER COMPANY REoRGANIzED.


1t VIII be Taken out Of the Receivers
Hands and Pay Dollar for Dollar
The reorganization Of the Premier steel
works was practically accomplished last
week and on Saturday the invoice of stock
ct the immense plant on South Tennessee
street was completed. Manager William
Fl. Coen yesterday stated to Journal re-
porter that the claims of the creditors
would be paid dollar for dollar. The plant
Is now in the hands of receiver John E.
McGettigan, who was appointed by Judge
Brown on May G. upon petition of Ch arlse
w. DePauw, who was indorser upon the
company's paper to the extent Of 100000.
and who was also one Of the largest stock.
holders in the concern.
Manager Coon and Mr. DePauw have
been In the East and returned to this city
by way of Chicago last Saturday. A aon-
siderable quantity Of new capital is to go
into the company and it was reported on
Saturday that the new capital would
amount TO as much as 81, 600, 900. although
Mr.. Coen intimated yesterday that it would
not be quite so much. He ssId that he was
not at liberty to give the amount just yet
All this new capital will come from outside
OF Indianapolis local parties contributing
no part OF it. 1t is believed part of It will
como from the East and perhaps O part
from Chicago.
week. 1t will take Manager Coen o few
days to go over the figures. When q re-
ceivership was created q considerable
quantity Of manufactured stock was on
ally announced this stock will be placed
on the market The condition OF the mar
ket will in large measure determine tho
matter of starting the fires in the furnaces
immediately upon taking the plant out Of
the RECEIVERS handa The market is said
TO be shade better now than 70 WAS when
tho plant was closed down. although tho
iron and steel interests have suffered oou.
tinually daring the last few years.
A meeting of the stockholders Is 90 be
stock holders have been constantly In touch
slnce the close down, and their efforts have
all been toward putting the concern on its
feet a feature of this resumption that is
exceedingly encouraging In these days or
financial hurrles is that all the creditors
are to be paid In full, and when the com.
pany goes into court and asks that the re-
ceiver be discharged, 10 will file vouchers
showing that all the claims have been sat-
lsiied. The old officers will probably be re-
elected at the reorganization.
IL was currently reported at the time OF
the suspension OF the Capital National
of the Premier steel works paper. and some
reflection was made on the worth of the
paper. Mr. Coen was asked how much of
the ccmpany's paper was in the banks
vaults. He declined TO make any state
ment us to this. The bank. no doubt, holds
some of the paper. but il is not believed
that the amount 10 as large as reported.
Satisfactory arrangements have been made
steel works people. and Ii is not improbable
that big portion of the paper 10 to be
taken out and cash substituted.
Mr.. Coen said yesterday that the invoice
completed Saturday was eminently satie.
factory. The suspension OF the business
last May was due to the depressed condi.
tion of trade and iron and steel values.
The question of wages has been q thorn in
the side of iron and steel men for number
Of years, and this. they believe. has much
to do with the decline of profits in the busi-
ness The scale of wages Is adopted each
year by the Amslgamated Association Of
Iron Workers, composed of men who work
in the mills. This association Is now In
session at Pittsburg. A scale Of wages for
the coming year has not yet been fixed.
and it Is not known whether or not the as
sociation Will reduce the ecale. A number
of mills have been closed on account of the
poor condition OF the market and it would
seem natural that the ASSOCIATION would
consent to q reduction of the scale. The
owners of the Premier plant are of course.
greatly Interested In the meeting now in
Between five hundred and six hundred
men will be given employment when tho
Premier furnaces are again lighted. This
means pay roll of $4,000 . week. money
which goes directly to the pockets OF
people living in Indianapolis. Many of
the men employed when the plant closed
down are still in the city. 1t would cost
over q million to replace plant in Indian
spolis like that of the Premier, and il is
considered quite fortunate for the city that
IL 10 to remain here.
At the time of the suspension over S50.0 900
of the oompsny's paper had matured or was
about to mature. and q number of small
suits wero threatened. and the fear OF
heavy court costs prompted Mr.. DePauw
to take the step towards q receivership. A
short time before q new bloom mill had
been put in at q cost OF S125. 900. and shops
for building elevators erected. AZ that
time tho day and night forces together
amounted to one thousand men. All the
employees were paid in full the day before
she receiver was appointed. The company
had many orders. but collections were
rather slow. In the latter part of April q
mortgage was filed in the recorders Office
to secure the payment of three hundred g.
percent gold coupon bonds of 81, QUO each.
These bonds were disposed of through the
American Trust and Savings Bank Of Chi
cago.