The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-12-01
ROLLING MILLS
HAVE ASSIGNED
No Reason Publicly Known for the
Failure.
SURPRISE TO THE OFFICERS
Local Management Of the Concern We're
in the Dark.
SURPRISE TO THE OFFICERS
LIABILITIES NOT GIVEN CUT
Held That the Deed of Assignment is
Illegal-Plant Supposed to Have
Money on Hand to Meet
All Obligations.

| The Birmingham Rolling Mill company
| filed deed of assignment in the PROBATE
judges office yesterday afternoon
| The assignees named are John w. Barr,
Of Louisville, vice president of the rolling
mill company and Thomas Ward, the gen
| eral manager of the mills at Birmingham
| There is no publicly known reason for the
| assignment.
But it is understood that it will not inter-
| fere with the running of the great plant at
| it's fullest capacity.
| The Directors Deed
The directors met in this city on Tuesday,
and voted to make general deed of as
| Segment for all the creditors of the cor
| poration.
With the deed assigning the property
| there was filed schedule of assets or
liabilities. In legal circles this is held to
| be not lawful, and the deed might be at
| tackled in the courts
| No statement of the company's business
affairs has been given out. Those persons
| in authority to give such information de-
| clined to impart it to the Age-Herald re-
| porters.
The Why and Wherefore
| The whole transaction is as dumb as
clam, except conveyed in the brief deed
filed. That is hopelessly inadequate.
The deed was signed by j. G. Caldwell,
president, and C. P. Burgess, secretary.
Mr.. Caldwell refused to talk Mr. Burgess
| was not SEEM
| r,l.- -1II
property and to use the money in settling
claims against the company, without pref
| erence
1t is asserted that the assignees have in
structions from the company to get the
property Immediately inso shape for sale
| and transfer.
| Plant in Perfect Condition
The condition of the plant is better now
| than it ever has been, and it has orders for
material away ahead of time.
| The company is understood to have ample
money in hand to pay all obligations ac-
crung at the moment, including the pay
roll of $4,000, due in most part today. This
deepens the mystery attaching to the APP
| parently hasty assignment
| Louisville Directors Act
The matter was precipitated by the Louis
vile directors of the company and came as
surprise and shock to the local manage
ment. The wisdom of the proceeding is
| gravely questioned by business men.
| Up to two or three years ago the COM
| pany paid satisfactory dividends, it is I'M
derstood. Since that time dividends have
not been paid 1t is thought that perhaps
the personal assignment of President Cald-
| well, which occurred a fortnight ago, may
have had something to do with the present
| apparently precipitate action of the direct
ors. 1t was given out that President Cald-
wells affairs did not concern the COM
pany. Mr.. Caldwell himself said as much
Some Stories Current
One reason alleged is that certain large
| stockholders desire to close out their in
vestment, and there is said that some of
the Louisville investors were rather sple-
netic about one thing or another.
Yet another story lis that Mrs. Hetty
Green, the New York millionaire, held a
lot Of the bonds in hypothecation, and,
firing of her investment, took steps to real
| ize
Capital of the Company
The outstanding capital of the company
two years ago was $is9,4OO. large amount
of bonds, estimated anywhere at $4,000 to
| 100000, were authorized, but it is not known
that they were issued Possibly these bonds
have been hypothetical for loans, in part
| or in whole to Mrs. Hetty Green, as inti-
| mated.
Value of the Property
The actual value of the property and
stock in hand cannot be estimated with any
| degree of accuracy, but probably amounts
| to S60O,OOO. The liabilities also are mere
guess work, without any real grounds for
| guessing. The deed of assignment bears
revenue stamps to the value of 5000, which
| would indicate the property to be worth
$500, 0OG-a proposition apparently absurd and
almost meaningless.
Last night none of the local stockholders
or directors would give out any information
as to the assignment. President James G.
Caldwell said that he was not in position
to say anything at all.
Word With Mr.. Barr
]. w. Barr. of Louisville, the vice presi-
dent of the company and one of the cred
itors to whom the assignment was made
gave but little information.
Il could not tell exactly how much the
assets and liabilities of the rolling mills
are" said he last night, "even if 1 wanted
to- Our officers are hard at work now get
ting the books in shape, and think 1t is
probable that there will be full statement
of the rolling mills finances made today or
tomorrow. Until that time can give you
nothing definite.
what about the 5000 worth of revenue
stamps on the deed of assignment, you ask?
THAT is the estimated amount of the as
signment-the exact figures to be given
later.
IT cannot say at present just what course
will be adopted as to the future manage
ment of the-pills. cannot even say wheth-
er we will continue It in operation or not.
1t is for the directors to determine after
they know the full facts the case what
plan will be for the best interests of the
stockholders"
The Birmingham Rolling Mills
The rolling mills constitute the greatest
single industry In Birmingham and employ
about 1000 men. the pay roll amounting TO