New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-06-11
MILLlKEN BROS. FAIL.
Continued from first page.

tohtinucu lFOih Hrst page
supplying the structural steel work for the
pennsylvania terminal, the largest contract of
the kind ever let in New York. It also had
contract for the steel work for the Singer Build
ing in Broadway. and another for the construc-
ton of a plant for the Singer Manufacturing
Company at Eliza bethport, besides others with
the Otis Elevator Company in Yonlkers, and had
contracted for the reconstruction of many build
ings in San Francisco.
Among the buildings IT built abroad were that
of the American Tobacco Company in Havana
and the Barnato Building in Johannesburg.
South Africa. 1t also had large contracts with
the Mexican government for the construction of
the National PostofHce and the National Theatre
in the City of Mexico.
Mr. NIiIlken said IN his letter.
Milliken Brothers have plant covering TWEEN
ty-hVe acres a site oe 100 acres for the max
ing of structural steel and bridge work on the
northern shore Of Staten Island. with water
front of one-third of d mile tide water. The
Baltimore e. Ohio tracks enter the yards. It
has the only rolling mill located tidewater.
The, first installation at the Staten Island
plant five ffty-ton open hearth steel fur
naces with capacity of output of 10000 gross
tons year.
BY the addition of seven open hearth furnaces,
Mr. Milliken thought the output could be made
at least 900 gross tons a day at a cost for
the additional plant of SS5OOO0. The plant af-
forded opportunity for twenty-One furnaces In
all, with a capacity Of 1000 gross tons day
With the construction of the new steel MILL
President Minken estimated after conference
with experts. that the value of the plant would
be S6,242,3o7, exclusive of good will. The real
estate was valued at about 81. 10000.
In the five years beginning January 81. 1897.
and ended December 81. 1901. the net average
profits OF the concern We're $1G3S64 10 1902,
1903 and 1904, In which period the plant was
moved to the present Staten Island site from
New Jersey the net profits We're $1.2124G7 and
in 1905 $45O49S giving a general average for
nine years of $3.50 100.
Reckoning in 1906 on the basis of the existing
price of pig iron. sep iron. coal and labor and
the existing selling prices of structural steel
frames, the company looked for an annual
profit of s1,O2O.OOO or a net profit Of 81 80 a
steel ton for finished product
OF the output Of 1876 900 gross tons MiIliken
Brothers, according 10 the president OF the firm
could dispose of 40 per cent in their
struction work and with the operation Of the
additional furnaces 65 per cent of the product
The directors OF the company Foster Mill
liken. Francis Dykes. Henry s. Manning, CLAIR
ence Lewis and Jules S. Bache.
After the conference last night Mr., Cromwell
said: at is manifest to all concerned that the
ness by placing IT under tho jurisdiction OF the
court without preference and with perfect equal
ity to all and thereby prevent discrimination
and ruinous sacrifice. Application therefore,
was made to-day to Judge Holt for the appoint
ment OF a receiver. He now has the matter
der consideration" Mr. Cromwell said he had
In contemplation a plan for the speedy reor-
ganization of the company, and intended 70 sub
NIT it TO the creditors at early date. Mr.
Cromwell said the application for the receiver
was an emergency measure" and that permits
sion to continue the business had also been re-
quested OF the court. We do not fear the
scrutiny OF a court IN bankruptcy" he said
THE whole aim OF this proceeding is not 10
wind up the business OF the corporation. but 10
resurrect it."
According TO the creditors. the alleged bank
rupt corporation. one OF the largest in It's line In
the CITY has unsecured liabilities of about
81 100000 Besides this amount. II Is said that
about 81 100000 Of the company's Indebtedness
s secured
II was learned from OF the directors Of
the concern that long drawn out meeting OF
the board was held Sunday night, at which IT
was decided to apply for receiver until the
corporation could be reorganized on a sound
financial basis He said that he had talked
over the affairs OF the company with It's most
tn,nortant creditors and that all had agreed
that recourse to the courts was the best solu
t,on Of the difficulties OF the concern. Another
director declared that the statement In the in
voluntary petition In bankruptcy that the cor
rora+,op had unsecured liabilities Of S3.5OOOOO
was most unjust and unfair, az the corporation
had property more than sufficient to meet ell
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