The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-04
END OF PREMIER PLANT
RECEIVER JOHN e. M'GETTIGAN
FILES HIS FINAL REPORT.
The Property Has Been I'm His Hands
Since 1S93-Other Cases i'm the
Local Courts.

John E. McGettigan, receiver of the Pre-
mier Steel Company. yesterday filed his
eighth and final report in the Circuit Court.
The receivership has been pending since
May. 1898. and this is the wind up. The
case has been marked by much litigation
and of great magnitude, but the knotty
problems have been untangled one by one
by the receiver. all creditors are satisfied
and the affairs of the Premier Steel Com
pany in Indianapolis are finished.
The final report of Receiver McGettigan
contains a full statement of all the facts
relating to the receivership in detail II
shows that the receiver brought suit against
II. E. Southwell, of Chicago, who claimed
to hold first lien Oh the property. The re-
ceiver won the case and the Circuit Court
set aside Southwells prior lien. Southwell
appealed to the Supreme Court, and after
a number of years the Supreme Court re-
versed the decision of the lower court and
ordered a rehearing on the ground that the
receiver representing all the creditors did
not have the right to bring suit against any
particular creditor. Pending the rehearing
a large number of creditors filed interview
ing petitions, but before trial Southwell
settled by purchasing all the claims of the
intervening petitioners, thereby securing
about 80 per cent. of all claims. Then, by
consent, the court entered judgment in ia
vor of Southwell.
In the settlement made by the receiver
all creditors who have not interviewed
shared in the distribution of what was
left after Southwells big claim was salts
fed, the dividend declared to those who
did not file intervening petitions being 7-10
per cent. The receiver in his final report
asked to be discharged and that his bonds
filed on April 2, 1900. when there was a
balance on hand of $780, 227. 81, which was
used to satisfy all claims.
HISTORY OF RECEIVERSHIP.
Several years ago the Circuit Court or
dered the property of the Premier Steel
Company sold. Sealed bids were asked for.
The highest bidder was w. j. Carlin, of
Pittsburg. The court accepted his bid,
which was about SIPS 900. After purchasing
the plant a company was organized, COM
posed of ID. p. Erwin Of this city, Crawford
Fairbanks of Terre Haute and Major Col
Inns of Brazil which became known as the
Central Steel and Iron Company. This
company operated the plant for about six
months Since then it has been dismantled
to a concern In Canada, which is putting
up mill similar to that of the Premier
Steel Company. 1t is understood that the
remaining property including the real es-
tate, is now owned by Crawford Fairbanks,
d. p. Erwin and Major Collins.
The property of the company was in
volved in litigation independent of the re-
ceiver after it had been sold, a part of the
stockholders of the Central Steel Company
filing petition for an injunction to pre-
vent the sale of the machinery to certain
firm. This was tried before Judge Nc
Master, of the Superior Court, and nineteen
attorneys represented those interested in
the case. The petitioner lost the suit, but
a settlement was effected
Now, ii is said, another effort Is on foot
to convert the old plant into large foun-
dry. John d. Briggs, of Chicago, has made
overtures to the owners of the plant and
also to the Commercial Club to establish
a foundry, providing the citizens of Indian
apolis will subscribe $4,000 OF the stock.