The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-05-12
American Tin Plate and American
Wire Nail Companies VIII Operate
the indianapolis Mills.
WILL EMPLOY 1000 MEN
STEEL BILLETs AND STRUCTURAL
IRON TO BE MANUFACTURED.
Lease at q Minimum Rental Of $25, 600
AnnaaIly-After q Three Years.
Shutdown.

mented by the addition of a formidable in
dustry. The new venture involves the two
big mills OF the Premier Steel Company. at
the corner of Capitol avenue and Merrill
street. Within the next sixty days, barring
accidents. these mills will start up again
with full force of men, The mills are to
be operated by two OF the largest industries
Of their class In the world-The American
Tn-plate Company, of Elwood, and the
American Wire Nail Company, of Anderson.
Yesterday afternoon the representatives of
these corporations, with John E. McGettigan.
receiver Of the Premier steel works. signed
a two years lease for the Premier mills,
the transaction being approved by Judge
Brown, of the Circuit Court.
For more than a month Receiver McGet-
tigan has, through an agent, been negoti-
ating with several corporations and capital
lists for lease on the Premier mills. The
matter has been kept quiet and not until
late yesterday evening was anything known
OF the pending deal. The mills have been
idle since May g. 1885, when the affairs OF
the Premier Steel Company passed into the
hands of the court and Mr.. McGettigan
was appointed receiver. Since then a great
deal OF litigation has sprung up affecting
the DePauws and their interests, prominent
among which was that of the Premier steel
works. Both the court and the receiver
have felt that the mills should be earning
something during the tendency OF this liti-
CATION, and for several months the receiver
has been on the alert for prospective
lessee.
Six weeks ago, when the large steel trust
was formed in New York, Receiver McGet-
tigan was impressed with the belief that
the time had arrived for a profitable dispo-
sition of the Premier plant. It was his
plan to lease the establishment to a large
concern that would consume the product
of the mills and thus be independent of the
steel trust. Through a Chicago agent the
receiver Immediately commenced negotia-
tons with the larger American industries
that use steel billets In turning out their
product. Until two three weeks ago
the competition promised to be spir-
tied The Illinois Steel Company. Of
Chicago, one Of the largest concerns
in the country. had an eye on the Premier
mills. but withdrew without making a bid.
MAYOR & Co., of Pittsburg. dealers in steel
billets and pig iron. and representatives Of
| English capital, sought 10 secure control Of
The mills at one time within the last six
| weeks, but several days ago its agent in
| formed the receiver that the company would
not submit a bid This left but two bids
in the field-that of the Consolidated Wire
| Nail Company, with branches in different
cities, and the combination bid of the Amer
| lean Tin-plafe Company, of Elwood, and
| the American Wire Nail Company, of An
| derson. Since last Saturday the receiver
| has been busy with the representatives of
| these three concerns. Yesterday 1t was de-
| termined to accept the offer of the Amer
lean Tin-plate and American Wire Nail
companies, and the lease was prepared and
signed.
RENTALS TO BE PAID.
The lease will be in effect for two years,
| provisions being made for an option at the
end OF that period. The lease covers the
| entire plant of the Premier steel works at
Capitol avenue and Merrill street. The con-
siderations of the lease require a guarantee
rental OF not less than $4,000 a year and a
maximum rental OF $4,000 year. The rent
to be paid by the iessees. is to be based on
the tonnage output of the mills. the receiver
| getting IS cents on every gross ton of the
| output. Mr. McGettigan thinks the rental
income from the mills will run between
$4,000 and $4,000 a year. The capacity of
the mills for steel billets alone Is estimated
at 100000 tons year.
The gentlemen with whom the receiver
dealt In making the lease are among the
best-known capitalists of the gas belt. The
lease was signed by w. B. Leeds, president,
| and d. p. Reid, vice president and treasurer
of the American Tin Plate Company; l.. II.
Gedge. president OF the Wire Nail Com
pany; E. ]. Burlington. treasurer of the
Wire Nail Company, and c. p Garvey,
secretary Of the same concern. According to
the provisions of the lease. the mills are to
be put in operation as soon as the neces-
sary repairs can be made TO the. machinery.
the manufacture of steel billets and the
other 10 the manufacture of steel beams
and structural iron. There Is a growing de-
purposes. The new operators Of the mills
| expect 10 Use 50 per cent. of the product
turned out The entire output of steel billets
Will be Consumed at the tin-plate and nail
| works at fawood and Anderson.
Received McGettlgan says that when both
mills are in operation there Will be employ
ment for 1000 men. A double force of men
Is ordinarily kept at work and the mills are
run day and night When the DePauws
closed down three years ago on account OF
! financial embarrassments. they had spent
/ nearly half million dollars in supplying
the mills with improved and modern ma
chinery. Although tie plant has been idle
since then, the machinery remains intact
and the receiver says IL Is in almost perfect
repair, large force was employed by the
preparing to increase the force to 1000 mer
when the financial collapse came and they
DePauw management, the plant was oper-
ated by the indianapolis Rolling Mil Com.
pany In the manufacture OF railroad iron
making railroad iron in the near future bu
they may go into this branch of the trad,
after awhile.
A THOUSAND MEN.
1--WE can't ten Just what we will do unit
we get fully established here" said a rep
rcsentative OF the lessees yesterday evening
I'VE intend to begin at once getting tn,
machinery In repair and the plant in read
ness for work. OF course. we expect I,
work the mills TO their fullest capacity wher
we get them started. 1 suppose after awhil,
There win be work for a thousand people
Many OF cur workmen belong to the clas
| known as skilled labor and we will hav,
TO bring them here from other points bu
| we will need a small army OF men who car
do the ordinary work and We will hire then
here in Indianapolis far as this is posi-
bic. We can't state definitely just when W,
will start. but il is not improbable that tn
mills will be running at full blast within
! the next sixty days. OF course, this con
Germ IS independent OF steel trusts and com
; bines. The great portion OF our product vii
be used in our concerns at Elwood and An
derson and we Will not have TO look TO othe
sources for our supply OF material"
IL was intimated last night that Mafo
Doxey, OF Anderson. was interested In tn
/ lease of the Premier mills. but this Is de
not been known in the deal The lease II
| no affo he In a,I NJ