The age-herald., 1899-07-09
SALE OF ROLLING
 MILLS CONFIRMED Register in Chancery Now Pay
 ing the Debts, T.C. 6 |. co. LARGEST CLAIM Though Absorbed by the Republic Company the Plant Will be oper-
 ated Independently Under
 Separate Board of Officers
I. C. &I. co. LARGEST CLAIM

The sale of the property of the Birning- ham Rolling Mill company to William A. Walker of this city, representing the Re public Iron and Steel combany. was con- firmed yesterday by Chancellor John c. Carmichael upon the petition of John H. Barr, Jr., and Thomas Ward receivers and assignees of the Birmingham Rolling Mill company, who were authorized to make the sale some weeks ago under a decree of the court
 According to the report of the receivers the real property, consisting of the real estate, buildings, machinery, tools, boil CTS, engines fixtures, motive power appl- ances and all equipments. were sold for the upset price of $275,00O cash, and the personal property, consisting of raw and finished material, for 92,G9777, making a total of St67 ,09717, which was duly paid into the court.
 Under the decree the receivers and as- signees are authorized and directed to con- vey to the purchaser the said property by decd or conveyance in the usual form.
 Paying the Debts
 A decree was also rendered authorizing and directing the register in chancery to pay forthwith out of the funds delivered to him by the receivers and assignees all claims against the Birmingham Rolling Mill company. which had been duly and regularly filed under the instructions of the court, and which were approved as cor rect by the receivers and assignees.
 A decree of reference was also made on the petition of the receivers and assignees tn register of the court to hold a reference to ascertain and report what, if any, sum should be allowed them and their attor- neys as a just compensation for services rendered..
 In accordance with the direction of the court w. C. Garrett, register in chancery. at once began the payment of the approved claims, which amount to something over $i67,000. large number of attorneys rep resenting the creditors were present, and MT. Garrett was kept busy the entire after noon, during which time he paid out $s25,- 030
 The largest claim against the Birming- ham Rolling Mill company was filed by the Tennessee Coal, Iron and Railway com pany, the amount being $11O,OOO, which will plOpdDiy De pulu lOiNOIIOW.
 Over Half Million
 The total value of the property, as re- ported by Register Garrett under an order of reference, made some weeks ago. was $615, ,40S.02, including the real and personal property and the outstanding notes and &C., counts which have not yet been sold.
 The total indebtedness ascertained under the same reference was $IS0, 4S07O showing a net surplus of $13i,927.32, which will be di- vided among the holders of the common stock.
 It has been understood for some time that the property had been absorbed by the Re- public Iron and Steel Company and the court proceedings were in reality only the formalities which were required to be gone through with before the formal transfer was made.
 Win be Operated Independently
 The property will at once be taken in charge by it's new owners, and while it will be under the control of the Republic company, it is understood that the plant will be operated as an independent mill un- der complete set of officers which will be made up of the old officers of the Birming- ham Rolling Mill Company.
 Several of the old officers were seen last night but refused to either confirm or deny the report, which was given out on good authority.
 The receivers and assignees have been represented in the litigation by Garrett, Underwood & Thatch the well-known at torneys, who will probably collect a fat fee.