The daily morning journal and courier., 1907-10-03
COMPLETE WIRE GO. SALE IN NEW YORK Receivers Go There To-day to Meet Representatives of the U. s. Steel
 Company. FOUNDRY NOT
 INCLUDED IN SALE New Owners Pay $650, 900 for Plant Capitalized
 at One Million
 Dollars.

By the sale of the plant of the Ma tional Wire corporation of this city, which was efrected Tuesday afternoon at an adjourned meeting of the cred itors of that organization, the United States Steel company the purchasers of the plant, will enter this city. At tho creditors meeting Tuesday the bid of the United States Steel com pany, which was s65O,O00 for the wire company plant alone without the plant of the National Foundry company, which is entirely separate and is still In the hands of the receiv- CTS, was accepted by unanimous vote. After this action had been taken the matter was confirmed by Referee Newton, which makes the sale final, unless 1t is held up by the appeal of some creditors who were not present at the meeting, which appeal must be taken to the United States district court and is considered improbable. The United States Steel company has been notified of the acceptance of it's bid and meeting with the officers of that company will be held in New York to-day to arrange the details of the sale, At this meeting the three receivers, II. Stuart Hotchkiss, Fred erick B. Farnsworth and II. r. Mar tin of Philadelphia will be present representing themselves, and also At torney John K. Beach of this city. By the agreement entered into for the sale of the plant will be sold for $65O,000 and in the sale the pur- | chasing company will secure a clear title The receivers will take care of the bonded indebtedness of the con- cern, which amounts to S47O,00O. The National Wire company is capitalized at S1, ,000, 900. In addition to the sale price the receivers retain the funds now held for the company in the bank here, which amounts to about S20O,- 900, and also the accounts outstanding for the company. It is figured that these accounts represent about $2O,- 900, which can be collected so that the receivers will probably have about $900,00 with. which to meet the claims against the company when set clement of the concern is made.
 Practically all of the capital of the company is held by the National Steel and Wire company The wire com pany was placed in the hands of the receivers December 19, 1908, and was operated by them until about the firss of last April. since which date it has been closed down.
 The plant of the National Foundry company, which was not included in the sale and which is separate com l pany, capitalized at $3OO,O0O. The receivers still have charge of this con | cern, which is also practically owned by the National Steel and Wire com pany.
 It is understood that the United } States Steel company intends to make extensive alterations in the plan which | it has purchased here after which it will operate the plant and the out look Is that the plant will be buster and larger than ever before under the new management
 The receivers for the National Foundry company will present their recommended list Of claims to be al- lowed against that concern in the su- | perior court to morrow morning,