The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-03
RECEIVER FOR j. T. POLK
EMBARRASSMENT OF THE RIG
GREENWOOD CANNING PLANT.
Liabilities $4,000, While Assets VIII
Exceed This Figure by 100000
a of the Failure.

Late Saturday evening Grafton Johnson.
of Greenwood, was appointed receiver for
the immense business Of James T. Polk,
whose canned goods are known all over the
country. The embarrassment of Mr. Polk,
it is hoped by the community at Green
wood and his numerous business friends in
this city, will only be for the present sea-
sen. His liza utilities are $50. O0o, of which
amount $65, 600 is secured. The assets are
worth probably 500, 900 more than the liza
bilities. The hard times of the last few
years, together with the enormous early
production this season of the vegetables
which MIR. Polk canned, causing him con-
siderable loss on goods which he carried
over from last season, brought on the fail
IRE. There was a meeting of the principal
creditors in this city yesterday morning,
and it was concluded best to have the
Greenwood business continued under the
receiver. 1t has been known for a day or
two that Mr.. Polk was in straits, and when
a receiver was appointed Saturday evening
at Franklin upon the petition of County
COMMISSIONS Tyndall, of Johnson county.
there was not a great deal of surprise
among the few people who knew of the
action. The court proceedings did not be-
come known until yesterday.
Mr.. Folks plant for canning tomatoes at
Greenwood is the largest and most COM
plete of it's kind in the country. In con-
nection with the canning factory is a ware
house about go feet in length and 20 feet
wide, consisting of three stories and a base
ment. The attic of this big warehouse was
fitted up as a public hall. capable of seat
ing approximately four thousand people.
1t was built by Mr.. Polk in 1893 at a cost
of about $40. 600. This warehouse was in
tended to answer the purposes of his bust
ness for many years 10 come. and would
have been more than ample for the largest
industry even in Indianapolis. The public
hall was dedicated with ceremonies which
attracted great crowds of people to Green
wood. Visions of entertaining huge con-
ventions entered the minds of the people
in the modest town of Greenwood at the
time of this dedication. Mr.. Polk is a very
public-spirited man and the people knew
that the coming greatness Of the place
canning business increased.
EARLY SEASON HURT HIM.
But after 1898 Mr.. Polk found that the
panic and the consequent hard times were
TO affect him as much as men engaged in
other industries. The consumption of can
ned goods had been growing at a remark
able rate before that time, but the panic
caused it to fall off suddenly. The output
of the Greenwood plant had been as high
as 150, 900 to 100, 600 cases a year, but last
season it fell to about so, 1000. AT the close
of last year it seemed that this year the
demand would increase on account of the
cleaning OUT of goods in stock in the pre-
ceding two years. But nature had a hand
in disappointing the packers. Vegetables.
particularly tomatoes. were on the market
thirty days earlier than in many years
before. and at a time when people were
supposed to be still eating goods canned
- LFA-@ tLA-- $3.50 4,-fa eel
vegetables on their tables. Goods that Mr..
Polk found he might have obtained S1-50 a
case for last fall he was compelled to sell
for prices in the neighborhood OF $l.lO.
This entailed a considerable loss.
The pack this year was to be a big one.
but of late years Mr.. Polk has protected
himself from a deluge of stuff by limiting
his contracts with farmers. Before that
time he had agreed TO take all that was
offered him at a price fixed in the late win
ter. Hundreds of armer raised tomatoes
and other vegetables exclusively for the
Polk factory, and those that heard of his
embarrassment yesterday manifested a de-
sire to assist him all in their power by
waiting on him for returns. He has been
so anxious to have a good quality OF to-
taiEed a hot house at Greenwood and dis
tributed plants of fine quality to the farm
ers. He was progressive in every sense
of the word. Twenty-Five years ago he
started i'm business with a few tin cans. a
few bushels of tomatoes and a stove. He
was the pioneer in the business in the
west. As a DuS4ueSS man MT IOlN mas
been held in the highest esteem. and his
conscient ovs ess was shown not only n n s
business dealings, put in the character OF
his goods. AT no time would he permit a
poor grade of stuff to be used.
Mr.. Folks milk is as fine as his tomatoes.
His dairy farm, on which he has $50 Jersey
cows, is known over the State as q model
farm, while in indianapolis Folks milk is
taken as a standard. The barns and sheds
on the place are kept ~scrupUlously clean.
and il is said the cows are scrubbed and
cleaned with more care than usually de-
voted by a lady's maid TO the boudoir poo
die. This milk is brought to Indianapolis
at midnight in wagons and distributed over
the city from the depot at Seventh and
Park avenue.
Between coo and 500 people are employed
by Mr.. Polk at Greenwood when the season
is at its height. The creditors, at the
meeting yesterday, showed a disposition TO
give the Gamer an opportunity to get on
his feet. The $4,000 unsecured liabilities
are due to foreign creditors. One of these
outside creditors stated yesterday that his
firm. after investigating Mr.. Folks stand
ign and character, was willing TO give him
all the time he wanted.
New Suit Filed.