The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-13
LANTS WILL NOT
SHUT DOWN BECAUSE
OF RECEWERSH|P
Paul G. Ray Here to Take
Charge of the Plant
at Bessemer
CENTRAL FOUNDRY co. IN
TEMPORARY DIFFICULTY
Inventories VIII BE Made of Property
at Bessemer and Admission Fol-
lowing Which Plants VIII
BE Run As Usual

/ decided factors in the development of the
district. Waddill Catchings, ex-president
of the company, was appointed receiver
by the courts and in turn he appointed
Paul c. Ray, the southern representative
of the firm, to take control of the plant at
Bessemer. Mr.. Ray arrived in Birming-
ham last night from Admission and made
a statement in regard to the affairs of his
company:
1.-THE petition in bankruptcy was made
primarily for the purpose of reorganiza-
ton" said he. During the past few
years Of financial depression the company
became heavily laden with stock, and It
became necessary to take this step as the
only way out of the difficulty. The plant
| at Bessemer will be shut down one day.
It will begin work Tuesday morning and
will continue without interruption as Mr..
| Catchings has given me full power in the
matter.
IT received a message from New York
today calling for an inventory of the
| stock to be given to the receiver. tele-
graphed my company that it would mean
at least a week of inaction to do this and
received message from them tonight or
dering me not to close down on any &C.
count This puts a very roseate hue on
the aspect of affairs. I will be in Bes-
semer Monday morning and will remain
there for some time, just how long l do
rot know. / WAS In Admission this after
noon and found the citizens there much
disturbed at the prospect of having the
plant closed down. This would be seri-
Gus blow to the town, as we work about
800 men in that plant, and have a pay roll
of $1,000 per week. Before leaving 1 was
able to reassure those interl sted and to
| tell them that there will be no Interrupt
ton of the work of our plants in the
| SOUTH
1t is expected that the receivership of
the Central Foundry company will have
no i'll effects on the Central Iron and Coal
company, which operates furnace at
Holt and coal mines at Kellerman. J. w.
Shook. general manager of the Central
Iron and Coal company, stated yesterday
that his company is operated as an en-
tirely separate concern; that while the
Central Foundry company holds a certain
proportion of the stock of his company.
the operation is separate and distinct. Mr..
Shook was requested by Receiver Catch
ings to continue pig iron shipments re-
Gently held up to the soil pipe foundries
of the Central Foundry company, with the
understanding that such shipments will
be paid for by the receiver.
Report From New York
The following dispatch bearing on the
receivership was received by The Age
Herald last night:
| New York, February 12-(Special.)-
Judge Hough in the United States district
court today appointed Waddill Catchings
as receiver of the Central Foundry COM
pany Of 81 Wall street, $4,000. 900 cor
poration, alleged to be insolvent with a
bond of 100000.
The order authorizes Receiver Catch
ings in his discretion to continue business
and also allows him to issue certificates
of 100000.
| The receiver was appointed on petit
ton presented by A. Leo Everett of No.
40 Wall street. representing the vinton
Colliery company Gerry & Murray and
Albert w. Secor creditors. to the amount
of $4,000
The Central Foundry company. which
is a New Jersey corporation, the petit
tioning creditors say has liabilities of
over $4,561,000 and possesses property
worth s1,eoo,Ooo.
The property of the company consists
of which 1t owns real estate, buildings
and general foundry equipments, at New
ark, N. j.; Dundalk, Me-; Admission, Ala.
Bessemer, Ala; South Pittsburg. Tenn
Vincennes. Ind, and Medina, N. Y.
Heckscher Makes Statement
August Heckscher, president of the
company, issued the following statement
tonight:
THE Central Foundry company has
been handicapped in It's growing business
| by lack of adequate banking facilities
and working capital. The result is en-
barrassment, which we believe to be
temporary.
United action on the part of creditors
and shareholders can promptly make eff
fective a reorganization which will admit
of large economies and of better earn
ings."
Waddell Catchings. the receiver, issued
a statement at the same time in which
he says:
1.-The court has authorized me to con-
tinue the business of the Central Foun-
dry company without interruption and
to borrow such money as may be neces-
sary toado this up to 100000.
1.-THE Central Iron and Coal company
and the Central Radiator company. the
two subsidiary companies of the Cen
trail Foundry company, are not affected
by the legal proceedings which have been
brought and they will continue to oper-
ate their own plants
Continue Operations mt Admission
Admission. February l2.-Special.)-E. p.
Cooper manager OF the local plant of the
Central Foundry company, who has been
apr ointed agent under the general re-
ceiver, stated this afternoon that. the APP
pointment of a receiver for the concern
will. in no wise affect the Admission In
dustry for the worse Mr.. Cooper says
that he ordered the plant closed down for
The purpose of taking an inventory imme-
alately on receipt of the appointment OF
a receiver, but this afternoon he re-
Il tleived a. telegram from New York In
structing him to continue operations al
full capacity. A
u was rot at all surprised at this turn