The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-12-03
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RECEIVERS FILE
......... THEIR BONDS
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viii Take Charge and Operate
Rolling Mills.
MEETING OF STOCKH0LDE
Will be Held in Louisville Next Tues
day The Heavy Creditors of Con-
Germ are Willing to Wait for
Their Money.
MEETING OF STOCKHOLDE

The appointment Of receivers for the
Birmingham Rolling Mills was the most in
teresting topic of conversation in Bir-
minghams business circles yesterday and
everybody rejoiced that such happy set
Element of the affair had been made. 1t Is
now an assured fact that the mill will con-
tinue its operat ons without interruption.
There was a conference held in the Stein
er bank yesterday afternoon between
committee appointed by the Birmingham
investors, who hold about $4,000 worth OF
the preferred stock issued to build the steel
mill, and several officers of the company, TO
see just what the status of the Birming-
ham stockholders was. W. H. Kettig, b.
Steiner, j. A. VanHoose and M. V. Joseph
were the committee representing the local
interests and Receivers ]. w. Barr and
Thomas Ward and President Caldwell rep
resented the company.
The officers of the company talked with
out reserve concerning the affairs OF the
concern, and answered all questions Wiling
ly. 1t was stated that about 100000 would
be needed to put the property in a first
class working cond ton, and to decide this
and other questions of finance meeting
of all the stockholders has been called to
meet in Louisville next Tuesday afternoon.
The Birmingham stockholders will send
one or two representatives to be present.
There are several plans proposed by
which this money shall be raised, the most
plausible of which is to make an issue or
bonds to the amount required, or to assess
the stockholders according to the amount
of stock they hold. However, neither Mr..
Barr nor any of the other gentlemen con-
nected with the mill could say just what
plan would be adopted. The money will
have to be raised in some way. though, as
it is not possible for the receivers to make
a success of their management without
more funds.
The heaviest cred tor of the company is
the German bank of Louisville, which has
it's debt secured by the company's bonds.
The Trust company in Louisville, of which
Mr. Barr is the vice president, is another
heavy creditor, having its loan secured by
warrant yard certificates of pig iron and
steel. The First National bank of Bir-
mingham has it's debt secured by bonds
Also The Sloss Iron and Steel company,
the Tennessee Coal, Iron and Railroad COM
some of the other big creditors, none of
which have their debts secured.
All of these heavy creditors, representing
largely over $780, 600 of the debt have ex-
pressed the utmost confidence in the abil-
ity of the company to get on its feet again,
and are willing to let their claims wait
while. 1t Is only few of the very small
creditors who are clamorous for their mon
ey and among this number are those who
filed the bill in the United States court to
have the company declared bankrupt. If
the case gets into the United States court
1t will mean the shutting down of the mill
for an indefinite time, which would be of
the greatest disadvantage to Birmingham.
There will be another meeting of all the
Birmingham stockholders this morning at
the Commercial club rooms. at which time
the committee appointed to find out just
where the Birmingham interests in the con-
Germ "were att will make its report.
Another little complication has arisen in
the case, which is that of the Fort Payne
Rolling mill. It will be remembered that
a month or two ago the Birmingham Roll
ing mill bought from the Fort Payne con-
Germ lot of ingredients for the manufac-
ture of Steel at the same time leasing the
Fort Payne property for one year with a
view to operating it. The Fort Payne COM
pany, of which E. N. Cullom is president,
now has about $4,000 due it, and they have
filed petition asking that receiver be
appointed to look after that part of the
property sold to the Birmingham company.
Judge Bush. acting associate judge Of the
city court, has granted this petition filed
by the Fort Payne people through Robert
j. Lowe, and has appointed John H. Wal
lace of this city, as the receiver.
Yesterday morning in the chancery court
]. w. Barr and Thomas Ward, the two
receivers, made Their bonds, which the
chancellor placed at 100000 each, and they
are now authorized to take charge of and
operate the mill.
Al HCn hHA.HCC