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

business, and keep a full and accurate &C
count OF all his acts and doings as re-
ceiver. and apply to the court from time
TO time for such further orders as might
be necessary.
Provided with a certified copy OF the
courts order of appointment. and accom-
for the plaintiff, and Judge Byron
X. Elliott. attorney for the Premier
company, Receiver MoGettigan proceeded
to the cOmpany's office and works on S.
Tennessee-st., and made his formal de-
Inand for the property upon William II.
Coen, secretary and general manager, who
Immediately turned over the custody and
control OF the works to the receiver.
An Invoice Must BE Made.
Under the law the entire property of
the company will have to be invoiced and
this, it was estimated last night. will &C.
cupy week or ten days, during which
time the works OF necessity will be closed
down and the 1000 operators,
all of whom were paid in full,
last night. will be thrown out of employ
ment. As coon as the taking of stock"
is completed the works will at once be re-
opened and the business be allowed to
proceed without interruption under con-
troll OF Receiver MeGettigan, as provided
in Judge Browns order.
On the LIST of August, 1891, the Premier
steel company. Tor the sake OF enlarging
and undermining its great plant and
extending its facilities, issued 500 six per
cent. gold coupon bonds, each for 81, coo.
THESE were taken by the American trust
and savings bank of Chicago and the
Bank OF Commerce of this city. The first
installmsnt of these bonds is included in
the liabilities about to mature as specified
IN President DePauw's complaint for the
recelvershlp.
4 Member Talks.
GAS a matter of fact" said one Of the
general officers OF the Premier company to
q SENTINEL reporter last night, there is
no startling sensationalism in this ap-
pointment of a receiver for our company.
1t was not forced upon Us by overanxiuos
credit ors, but was the result OF a calm
C consideration OF our situation on
the part of Mr.. DePRuw, who is
by far the heaviest stakeholder, and
all the other officers OF the company. As
you are probably aware there has for
some time existed a very tightistress in
the money market and a depression of
tie iron and steel trade west of the Ale
gbenies, already severe snd largely and
unexpectedly augmented by the recent
failure of the Pennsylvania steel company,
which went under for Sl5,000000. This
condition of things caught US. unfortu-
nately, at time when we had Just fin
ished an immense PLAINTIFF most thor
oughly equipped west of Pittsburg-at a
= I N NJ 81 II
syivanis steel company struck a terrific
blow at the heart of our industry.
and this, coupled with an ex-
ceedingy tight money market
brought US TO the necessity OF studying
out a solution of the problem how to tide
ourselves over the trouble il possible.
The result was the creation of this re-
ownership. Ii ia simply on expedient
through which we hope and confidently
expect we will be able ultimately to re-
sumo operations in a normal and health
fui cord ton. We have great abund-
ance Of assets and in ordinary times what
would be large backing. We
have considered it best TO have
a receiver appointed purely for the pur-
pose OF cleaning up the financial fall of
our business and taking new start. This
is al there was in it. Nothing more or
less"
The indebtedness.
From one OF the company's principal
officers il was learned that tho company's
indebtedness in Indianapolis ia very
small and the outside liabilities
not large this in comparison
with the actual assets. lie said
that the company had from s. to 81 for
every dollar OF its indebted ness; that the
company had large contracts completed,
but. as is always the case in the steel
trade, collections are long deferred, and
the company could not realize on the work
for some time. In addition TO this there
were in course OF completion a very large
number OF especially valuable con.
tracts which would be completed under
the supervision OF the receiver. The com
pRny. he said. had not been asked for
dollar by any of It's creditors. and would
in time settle every dollar of its indebted
ness and open out once more with re.
newed energy.
Tie present organization OF the Premier
steel company was effected in 1887 with
the present official heads, Charles W.
DePauw, president, and William III.
Coen. secretary and general ma mayer
The company has manufactured every
class OF steel products, including archi-
tectural STEEL, billets. blooms, tn.plat0
bar cheap bar. noel bar and all sorts of
merchantable steel
As the Premier steel company the great
concern has. up to the present pinch. en-
joyed large prosperity. As the old indianap-
oils rolling mill ii had checqueIed career
extending through many years OF BUSH
ness ups and downs, making some men
independently rich and others irrevo-
cably poor. The present situation summed
up. may DO taken as a gigantic squeeze
OF the big industry instead OF a hopeless
failure. The hope OF all Indianapolis and
the state At large will be that il may