The star-independent. [volume] (Harrisburg, Pa.) 1904-1917, 1915-05-11
Central IRON { Steel Co.
lost S116,439 IN Year

estimated losses through operation is
accounted for by the receivers, who say
that interest on bonds and notes, doubt.
full accounts and State taxes totaled
$s4,7S1.S5. From that, however, must
be subtraeted $2,271.05, representing
credit given for sundry receipts
Besides setting out that they passed
bond interest due on August l, 1914,
and February l, 1915, the receivers
make this comment:
Bad Conditions of Business
The iron industry was very bad in
1914 but we know of plants in the
same line of business as this one whic h
experienced Nworse conditions than they
have faced for twenty years. This
plant was operated under exceptionally
unfavorable trade conditions.
:" An improving tendency became
manifest during the months immediate.
ly preceding the war; the receivers
continue, "'but the overshndowing eff.
feet of the latter was to bring about
a practical paralysis of business. 1t is
necessary TO go back sixteen years to
hnd an approximate parallel for such
low standard of business and in view
of the very material increase in the
cost of labor. fuel and supplies, the
relative comparison becomes more sig
niieant. -
The Central plant, the receivers as
sert, was run on a forty per cent. basis
in 1914; iifty-seven per cent. in 1913,
and seventy-two per cent. in 1912.
The receivers fix the 1914 business at
1899, ,426.06: 1913 at S2,S94,SS6.29
and 1919 NJ n nA-
The Mohow Mining Company. operat.
ing mines near st. Louis, Mo-, under.
lying concern of the Central company,
was operated on a reduced scale during
the last year, The Connellsville Basin
Coke Company, another underlying
company, has not been operated since
May, 1913, because of the bad iron
market, the receivers assert.
Departmental Changes
Mention is made of departmental
changes which include the following:
j. w. Sheperdson made assistant gen.
eral superintendent, on March |, 1914;
William Brown appointed Open Hearth
superintendent on September 1, 1914;
H. ). Evans, appointed assistant super
intendent of No. mill, on January
l. 1915, and the Philadelphia Sales
District changed from a commission ba-
sis to salaried Office in charge of H..
5. Moore, on November 1, 1914. Then
the receivers add:
We desire to make mention of the
efficient work done by the operating
committee, consisting of Robert H..
Irons, general superintendent; Francis
). Hall, general sales agent, and L..
ID. Perry. comptroller. -
The receivers accounts set forth
that the financial condition of the com
pany on February 2S, last. was as fol
lows; Assets, $S,65S,37S.07 habili-
ties,-less hquidated secured loan
claims totaling 1851,
7O7.55; assets in excess of liabilities,
S554,927.3S
The receivers make no comment or
reference to the suggestion of the Cir
ard Trust Company, of Philadelphia.
which, as a committee for the com.
pany's bondholders, has called upon
the bondholders to approve of plan
whereby the Centrals capital stock
would be increased and additional
bonds floated for the purpose of put.
ting the plant ON working basis and
diseharging the receivers from their
duties.
That question. however, rests alone
with the bondholiers who, on or before
May 20, must either approve or disap-
prove of il.