The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-24
MIR. HANNAT THE OWNER
HE PURCHASES THE FLETCHER IN
TERESTs IN THE ATLAS WORKS..
The Transferred Half Interest Said to
Represent $500, OOO-History of
the Plant.

Hugh II. Hanna has purchased of Messrs.
Charles and Jesse Fletcher the half interest
of those gentlemen in the Atlas engine
works, and thereby becomes the sole owner
of the plant, which is one of the largest of
it's kind in the West. Mr.. Hanna declines
to state the price he paid for the Fletcher
interests, but it is reported on the street
that the figures were close in the neighbour
hood of $500. 600. For a considerable time
Mr.. Hanna has had a half interst in the
concern. Negotiations have been under way
for the transfer for some time, but not un-
til yesterday was the transaction closed. No
inventory Of the plant was taken, although
a fair value placed upon it would be ap-
proximately $500, 900. Mr.. Hanna will make
no changes in the plans or operations OF the
concern, preferring to follow the same lines
heretofore observed.
Much Of the prosperity of the Atlas en-
CINE works was due to the late Stoughton
Fletcher, who was president of the company
at the time of his death, a short time ago.
For nearly twenty years the works have
been operated, and during busy seasons the
pay rolls vary from five hundred to one
thousand men, and the company has done
an annual business of between 81, 5000 and
$~ll,5OO,000: The city has built up well around
the works, which are at Ninth and Martin
dale avenue, although when the plant was
first built it was in the middle of a field.
The works were founded by mechanics
and m~achinistS who were partners in the
Eagle machine works. When established
the enterprise was also in the nature or a
venture in real estate. A large plat OF land
was purchased, plated and placed on the
market at low prices. The plant was orig
inally started as a car works, but the imam
ces of the company were not well handled,
and soon the works were practically bank
rupted. Then the Fletchers, who owned the
ground originally, stepped in and put in
money to equip the works for the building
of stationery engines and boilers, and the
last few years prior TO the depression IN
business the works were among the largest
and busiest in the country, turning out nj
teen hundred engines a year and large num-
bers of boilers. During the dull. times the
force got as low as two hundred men, but
in the last few months business has begun
to improve, and now some four hundred men
are employed. -.
When Mr.. Hanna took an interest in the
concern he was made the financial mana
ger, and handled that department with sucn
ability that prior to the panicky times with
all industries 1t was one of the best money
making manufacturing establishments In
the city, and, besides having a large trade
in the United States. built up a good trade
with foreign countries. The Messrs. Fletch-
err more especially looked after the operat-
ing department, being men of considerable
ability and knowledge in mechanical arts.
In engines the works built some new fea-
lures which gave the establishment much
prominence by the superiority OF their prod
uct.