The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-11
BIDS ON PREMIER PLANT
HI OUR BELIEVES THOSE
OPENED YESTERDAY TOO Low.
Highest Offer Was s125,1OO-Other
Parties Promise a High
err Bid.

Yesterday was the date set apart for the
sale of the Premier Steel Company's plant.
situated on South Capitol avenue, near Mer-
rill street. At 2 o'clock yesterday afternoon
John e McGettigan, receiver of the plant,
carried several sealed proposals into the
Circuit Court and they were opened by
Judge Allen. II was decided that the bids
were too low. and the court announced
that he would not finally pass on them be-
fore next Tuesday.
The highest bid was by William j. Car
lin, of Pittsburg. who offered s125, 100 for the
property. This bid covered the real estate,
buildings. machinery and personal property,
besides n one-ffth interest held by the Pre-
mier Company In the capital stock of the
Indiana Steel Company. In stating his bid,
Mr.. Carlin estimated that the stock was
worth TO him about $500. Two other bids
on the plant, personal property and the
company's interest in the Indiana Steel
Company's stock were received. One was
from CT. B. Shaw and Jay Morton. who rep
resented the American Trust and Savings
Bank. Of Chicago. one of the creditors Of
the Premier Company. Messrs. Shaw and
Morton offered s91, 159 for the plant and per-
sonal property. on condition that they would
be allowed to purchase the Indiana Steel
(OAlpdiy STUN lOE S0sUDp. II. Il. OOulilWClis
Of Chicago. another creditor Of the COM
pany, offered $50. 1000 for the property, the
purchase to include the Indiana Steel Com
pany stock. Mr.. McGettigan says the per
conal property referred to is largely COM
posed Of iron lying about the yard OF the
plant. A Borinstein, of this city. offered
S6, $50 for the personal property.
II Is understood that the reason the sale
or the plant was postponed was that the
court was informed that other people were
rQadX IN hid "A hfOhar 6Qllrp Hinder the
law the court had a right to reject the bids
after they were opened, on the assurance or
other parties that an offer Of 10 per cent;
expressed himself as much disappointed that
the bids were not higher. He thinks the
plant should bring az least 500. 600.
The Indiana Steel Company mentioned in
the bids is a part of the Premier plant. The
Premier Company leased some Of its ma
shinery to the other company several years
the hands Of a receiver. When the Premier
Company closed down the Indiana Steel
t diompann II w nsse organised nV With 40 a e capItal 0 Stock
of $3.50, 600, the Premier Company taking
$4,000 of this amount.
The ground on which the Premier plant
is located comprises about sixteen acres.
The plant is composed of the following
mills: A Bessemer mill with two converters,
tons OF ingots a day. double turn: an OPEN
hearth plant. composed of two ~open-hearth
furnaces with a capacity of seventy tons
Of .ingots a day, double turn: a blooming
mill plant. with a capacity of rolling the
full product Of both the Bessemer and
open-hearth into shapes and billets; a large
beam mill plant. with a capacity OF making
about $50 tons of structural beams a day,
double turn; a foundry and machine shop,
with capacity sufficient to make all castings
gas converters for making gas for reheat-
ing purposes. and In addition there Is the
old Indianapolis rail mill. which Mr.: NC
Gettigan says can readily be converted into
a bar mill.