New-York tribune., 1909-04-06

RECEIVERS GET 90 DAYS.
Petition to Court RercaLs Gloomy
Vie1c of Steel Conditions.

The ne,itiop Of the three receivers Of Miillken
FrtheIs the structural steel concern. for another
extension of the receivCrshp which Judge rio!I OF
the United States District Court sFehteo sFs'ei
day reveals gloomy view of the eklsuH5 eo4ial-
tions IN the steel industry. Although an accom-
,,a,,;,s, statement by J. Van Nechen Olcott, VIII
lam l. Ward and August HeckscheF iile f'.cei'
shows that in the two years OF the rSeel' q St'P
substantial financial recuperaton has been ina1e'
the tiron 70 the court relates that the petitioners
have 10 report that if anything the cohtitohs III
the steel business are worse to-day thah tney nav
l,eeD even at the time when they have beeh re-
ported heretofore The failure OF me }. d q
/ N Cornell Company mentioned as an AIustIa-
ton The petition continues
An additional element Of grave and faTrea cnihs
sffest * fbe announced policy OF the American
f{rdge Company q subsidiary OF the l Uh!ed oldtFS
Eereep bpcssibie TO take such work as IS offered
With the recent activity o. inc Ael ar I've tG7n
any time during the PERIOD OF @ 1Sp ne Sn1eyi-
can Bridge Company and others at prices "Hoh
must show heavy loss
The receivers Of MIliken Brothers asked FOR an
extension Of sixty DAYS and the order OF Juose non
Was il, accord with the desire Of the RECEIVERS ana
not Of the creditors. The receivers seek 10 eiIII
: reoreanization and dissolve the recelVershiP d9
the difficulties involved in conducting the a"aHS
Of the company under the conditions imposed upo"
the receivers place the concern nnaef GiSaI -
ages in competing for business. Mr. HecAse-ei
said YESTERDAY: -.
one nf these difficulties that Ve cannot 'ahe
advantage Of low prices az other companies 81
r,, ordering material ahead Then, too me re
oei,ersrip interfcres with the proper "orkl's ~
the 4ne organization Of employees or the ''nPsh' .
which pant 70 keep intact
The petition Of the receivers READS.
7-fa receivers have operated through . perfoG 81
unprecedented financial depression IN IN. lSs[e
i-Exs and Al q time when most conpetl'.tS -
hen oreratinc al a loss and the net fesfllt 9I ~ ~
orerstions 10 date allowances helng li!eue
rsrai-Frs- expenSss. the interest on bpno> Gnu
r7r5ft of s2lS 600 The receivers found Sto.oo" ~
Tie company treasury. and now nave more '
$3.50 00u 49,, .-orc,, the
Your receivers cannot impress too stTchsis .;S lS
necessity for early action 10 produce more CT 80
,e--. srd noliry Than anv receiVershIp can ma
in the operation OF the business as at present
The receivers announce that the have recehtF
got the contract for very large building 10 De
erected 1t Sixth avenue and 51st and so streets.
known as the Gimbel Building This coHtract VIII
give Niilliken Brothers excellent Work TOT hNe u
si> months 10 come. The receivers say:
This large work has the additional advantage OF
not absorbing : large part OF the cSpaCLt33 cSp3 W +6a
Ir01,r petitioners have been able 10 develop ~ IL
Shons Of Nilken Brothers, and II VII pe possoles
+o receive The full benefit Of the large Tonnage I
his lob in tie shop. and the same tlTnN Sucl
from time 10 time IS may ue 9ptaI-eH
~ y,rof5rshle figures This insures the oper-
alton Of the business upon a pFo!ltdn'e 'a''' '-
considerable period Of time
Judge Holt in his order directed that no neV bus
mess be undertaken.