The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1907-03-22
Business Has Been Temper
arily Suspended But 1t Is
Hoped to Resume Within
Six Weeks Time at Least.
WILLIAM DUDLEY FOUlKE
FILES THE PETITION.
Henry 7. Burns Is Named as
Receiver and an Invoice
Has Been Ordered to Deter
mine the Exact Condition.

The Richmond Mill Works. which
best known manufacturing establish
ments. has suspended operations and
Judge Henry Fox of the Wayne cir
cult court has appointed Henry T.
Burns receiver for the concern. The
appointment of the receiver grew out
of the petition of William Dudley
Foulke. large stock holder in the
concern. The plant for several years
has not been operating on a paying
basis, and as nothing was made by
the operation, Mr.. Foulke thought the
plant should be placed in the hands
OF receiver to find just where the
company stood so far as assets and
liabilities We're concerned The ac-
ton of Mr.. Foulke was taken through
Attorney John l.. Rupe and is entirely
friendly. The owners and stockhold.
ers of the concern state that they wish
1t understood that the firm is not
pressed by outside creditors. as many
people would believe. but the action
is by one of its own stockholders
whose motives are friendly, i'm that the
entire thirty-five stockholders and di-
rectors hope to resume operations
within the course of few weeks.
Invoice is Ordered.
According to the statement given
out it will take at least six weeks To
finish up the business of the COM
pany as it stands at present An in
voice was ordered and the assets are
expected to be large as only the fin
est of mill working machinery is in
the plant. The real estate owned by
the company. in the neighborhood OF
the factory probably will be the larg-
est asset, as this is of considerable
extent as well as value. Outside of the
bonded Indebtedness there remains
about 100000 liabilities. according 10
the statement of one of the stock.
holders. To liquidate this the assets
can be called upon and the company
would owe nothing outside of tho
bonded indebtedness, and operations
can be resumed after the receiver
makes his disposition of the case. The
bond issue held by the company is
secured by mortgage upon the
works, and the bond holders in COM
pany with the present directors may
resume operations of the plant Jointly.
This however is indefinite and no
plans have been laid for future oper-
alton
Competition Not RESPONSIBLE.
When asked as to whether or not
the trust, manufacturing milling ma
chinery is largely responsible for the
closing of the operations of the plant,
temporarily at least, Jesse S. Reeves
stated that it is true the company has
met opposition on the part of its COM
petitors, and the fight has been a
warm one. but this had no direct bear
ing upon the closing of the plant as
during the past four years the machin-
cry made at the plant has been placed
at profit. The great trouble is
series Of financial reverses to the
plant about four years ago which
greatly reduced the working capital
The operations since that time have
ben carried on with limited capital,
which has proved inefficient in that it
was not large enough for the plant To-
carry on an increased business. which
was necessary to place machinery of
such quality in the field as to protect
the local concern against larger manu-
featuring companies. The competi-
tors however were not directly respon-
sible for the closing up of the busi-
ness of the works
AS soon as the invoice of the hold
ings of the company is made, the
will have some working
basis and the exact amount of the
liabilities will be known, and plans for
future operation can be laid. The lat
ter depends largely upon the size Of
the liabilities.
All Paid in Full.
The Richmond Mill works has for
the past two months, been gradually
pursuing a policy of retrenchment in
its forces, and there were only fiftI-
men laid off Thursday evening. All
were paid in full the amount which
was due them.
At the height of It's prosperity the
works employed about one hundred
and twenty-five people, and the wages
paid out in Richmond, since the date
Of establishment. have almost equalled
81 500, 900 The factory has been
great benefit to the citizens of Rich
nond. and those men thrown out OF
as well as the merchants
If the city will feel the loss of the
ions may be suspended only for a pc
.iod of six weeks
President Reeves Statement.
Jesse s. Reeves president of the con-
,ern. Is authority for the following
statement in regard TO the actual situ-
ltion of affairs of the company: