Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1901-01-03
CHESTER r. BAIRD,
The Big Iron rIan, Forced
Into Bankruptcy.
HE HOPES TO REsU1E BUSINESS.
His Attorney Says that Plan of Ad-
justment will Soon be Sub
mitted to Creditors.
Philadelphia North American.

philadelphia North American
Chester R. Baird, iron dealer and
manufacturer, operating as G. r. Baird
& Co., was, on his own petition, ad-
judged bankrupt yesterday by Judge
Mcpherson in the United States Dis
trict Court The liabilities aggregate
81 ,500,0 900, and the assets, unOfficially,
are estimated at S1,000,0OO. John N.
M. Sinner, of L. & r. Wister & Co.,
and Attorney William I'll. Stake were
appointed receivers, and each entered
security in the sum of $4,000.
The failure is invested with peculiar
features. Ten distinct manufacturing
properties, rolling mills, blast furnaces
and iron works, scattered through four
States, are involved. These properties
are: The Elmira Steel Company, Ell
mira, n. Y; the Cumberland Nail and
Iron Works, Bridgeton, N. j.; the Full
erton Rolling Mills, Fullerton, Pa; the
Catasauqua Rolling Mills, Catasauqua,
Pa. the Chickies Iron Company, Chick
les, Pa; the Danville Rolling Mill, Dan
vile, Pa; the Roanoke Rolling Mills,
Roanoke, Va, and blast furnaces at
Emporium, Pa, and Roanoke and Iron
Gate, Va.
None of these plants is in operation
now, having been closed through legal
entanglements precipitated by credi-
tors. Most of them are in the hands of
receivers.
PLAN OF ADJUSTMENT.
James Q. Jones is attorney for Mr..
Baird. He said: "We have nothing to
say beyond the statement that the
bankruptcy proceedings were invulun-
tary, and that a plan of adjustment,
now preparing, will soon be submitted
to creditors. By means of this plan we
hope to meet all obligations and resume
operations"
Mr.. Jones declines to make any cor
rection of the estimate of assets, as also
did Mr.. Baird, who said:
ut is an unusual complication, and
although the amount of calculated as
sets may seem strange, cannot make
statement until my plan is submitted
to creditors. believe it will be possi-
BILE to pay dollar for dollar"
Mr.. Baird is quite young man, and
bears good reputation in the steel and
iron trade. The cause of his financial
distress is not low price for iron, but
the fact that he undertook an enterprise
of too great magnitude for his re-
sources
Mr.. Baird began six years ago as
commission dealer in iron, under the
name of @. R. Baird & Co, with gen.
eral offices in the Bullitt Building. He
was moderately prosperous from the
start.
When iron prices slumped in the lat
ter part of 1898 he discounted the big
boom of 1899, and contracted for large
quantities of pig iron for long future
delivery. When the boom came it
made him rich. On the bulk of his pig
iron contracts he realized in profits the
difference between $3.50 a ton, the price
of purchase, and 800 ton the boom
market price.
1t is estimated that Mr. Baird cleared
more than s1,000,0O0 on that deal, and
it made him reputation in the East
ern iron trade.
The climax yesterday had long been
expected, and was little more than
formality to forestall less favorable
action.
CREDITORS INDULGENT.
Attorney John Dickey, Jr, repre-
sents creditors with claims aggregating
$3.50, 900. He intimates that these
claimants will be indulgent, and be-
lieves the business will speedily be re-
organized
Receiver John N. M. Sinner is
practical iron man, and he is said to be
confident of putting the concern on it's
feet.
1t is understood that a plan of reor-
ganization provides for a stock COM
pany to be formed under New Jersey
laws, with capital of 81 800, 900, and to
be called the Baird Iron Company. 1t
is then proposed to issue twenty-year
five per cent. bonds for the outstanding
claims. Creditors are said to look up
on this plan with favor.
James M. Swank, general manager
of the American Iron and Steel Associ-
alton, said: "There is not the slightest
danger that panic will result from the
Baird failure. 1t is simply caution to
dealers who are selling to persons whose
paper or endorsements they might be
asked to accept"