The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1909-12-15
Perry J. Freeman Appointed to
That Position After an Ac.
ton Filed by the Union Ma.
ti0naI Bank.
NEED OF READY MONEY
CAUSES THE FAILURE
This Is Shown by Fact That
Assets of the Company
Greatly Exceed Liabilities
To Be Operated.

The Richmond Abattoir companv-
with headquarters on Liberty ayenue
passed into involuntary receivership
this morning A petition to this ef-
feet was filed at O'Clock Yesterday
afternoon by T. J. Study. counsel for
the Union National bank. which insti.
tuition applied for the appointment Of
receiver. as the concern is deeply in.
debted TO II. The bank also brought
suit on account. demanding &13OO.
principal and interest, loaned to the
company.
Perry J. Freeman. a we'll known at.
torney and former mayor and post.
master, was named receiver by the
court. His bond was fixed at Sl50O.
with George and Ed Gates as his sure.
ty. The receiver will continue to on
crate the plant.
Assets Are $4,000.
The liabilities Of the Abattoir are
placed at between $4,000 and $aO.OOO.
by the petitioners. while the assets of
the company will amount to over $40
90. it is believed. The need of ready
money to temporarily operate the plant
which the stockholders are unwilling
to supply. was the cause for the action.
Mr.. Freeman was asked today what
would be his policy in the operation of
the plant. He said that as vet this
had not been determined and will no,
until there is a meeting of the stock
pates that this meeting will be held
tomorrow. in order that the company
may continue in operation without suf-
fering loss in trade. An inventory
Will be taken soon and not before this
time, will be accurately known Just
how deep in the mire the firm is.
Incorporated In 1904.
The Richmond Abattoir was incorpo-
rated in May. 1904. and gave promise
OF being one Of the most successful
meat packing firms Of the city. Its
first capitalization was $4,000. but
within the last two years it was In
creased to S1OoOW. Its paid up stock
amounts to $4,000 out of which the
company expended $26.OOO for the orig
inal construction and equipment of the
plant and last winter added to the
plant by putting in a refrigeratinG
plant, costing $500. #..
Hhe plant was first under the man
agement of Anton Stole. who retired
and is now manager of his own con-
cern. F. c. Jurgenson succeeded him
as manager. and is at present filling
that position.
The plant passed successfully over
| stormy periods until the accumulation
OF bad debts and the cmDezzlement Of
a large sum by a travelling salesman
made it necessary for the company to
borrow money. In the suit. which was
filed in connection with the receiver
cred by promissory notes. are listed:
On April 8. 1903. 5000: on April l..
1903. 81 90: on April q. 1903. x2.OUO:
on May g. 1903. SLIGO; on July II.
1863. s. 100: on August IL, 1919 81.
100; on September II. 1909. 5000.
Stock 10 Below Par.
The stock. which is on the market. IL
its par value. One Of the stockhold-
ers Of the company stated that the
company's financial condition would
not cause hardship to any of the stock
holders. as they are all fairly well to
do men. In addition to local stock
holders there are q number of Cfncin-
natl parties financially interested.
A stockholder In speaking Of tn.
company's history, said that but on,
dividend had ever heeo docI.rod 'rht.
was for IL per cent In declaring
this dividend. he said, the company
borrowed either $1,000 or 5000. the
exact amount he did not remember. It's
purpose was to influence capitalists to
purchase stock.
One Very Heavy Loss.
Before the company put in the refrig-
Grating plant. it lost considerable by
meat spelling on its hands At one
time 1000 pounds were lost in this
manner.
In the past year. since hogs and caf-
tie have been 30 high, the company has
not been making any money. The
stockholder referred to said Il was i'm
possible for the plant to do %, q tbs
purchase price of hogs, cattle and
sheep on the hoof Was % near the
Wholesale price. that no profit could
be made.
The company's officials were: J. H.
Ichtenfels, president; d. g. c. lGask.
ley. vice president: J. p. Evans, treas
urer. and F. c. Jurgenson. secretary
An4 ManAee6 -
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