[Newspaper]
Publication: The Morning News
Muncie, IN, United States
vol. 22, no. 147, p. 2, col. 2-3
LEASE OF LIFE
Again Granted Citizens
Enterprise Co.
TRUSTEE IS APPOINTED
Expert Accountant Williams Placed in
Responsible Position by Judge
Leffler — Sketch of Organization.
Jordan D. Williams was appointed trustee for the Citzens' Enterprise company yesterday by Judge Leffler, on application for a trustee made in behalf of the company by the board of directors.
The company was organized for a period of five years. Afterwards the time limit was extended three years, when it was found that business could not be settled in the first-named time limit. The action of yesterday was to further the life of the corporation for the same reasons.
The last extension will expire next month, and the company has the Whitely land property to dispose of, a suit against John Williams in the Superior court to settle, and other business to transact that necessitates further time.
The statement made by the officers show the liabilities of the company to be but about $10,000, with more than $12,000 assets, figuring the Whiteley property at the low sum of $9,000. This shows conclusively that the company is entirely solvent, and the action of yesterday is simply to enable the important affairs to be settled in a satisfactory manner to all persons interested With this understanding, the court quickly granted the application of the board of directors, and appointed Mr. Williams, who is an expert accountant, and who will conduct the business satisfactorily.
The total subscription, or capital stock of the company, was $200,000, and the directors report that 70 per cent of that sum, $140,000, has been collected, leaving $60,000 of the original subscription yet uncollected. All of which is past due. Most of this amount is made up of subscriptions from irresponsible persons, and will not be collected.
PURPOSE OF APPOINTMENT
The action is simply to further wind up the affairs of the company, which has about done its mission, and not without leaving a monument well built to show how well the work has been done.
This monument consists of an addition of nearly twenty thousand people to the population of the city, almost as a direct result of the big manufacturing industries that have been located through the agency of the Enterprise company.
It was in 1892 that Fred W. Heath conceived the idea of the novel organization of such vast enterprise. At first Mr. Heath expressed the plans and probable result to his closest business friends, some of whom laughed at the idea of launching such a ponderous undertaking, that of inducing Muncie property owners and other public spirited citizens to donate $200,000 to build up the city, Mr. Heath figured that this amount of money woould locate factories that would in less than ten years increase the population to 35,000, the money to be used in furnishing free land and fuel, with a small cash donation for manufactures in other parts of the country to move to Muncie. Their coming would bring the workmen and mechanics, and homes for these men would enrich properties in and around Muncie. The advance resulting from demands in the sale of real estate would reimburse the doners [sic] donors, and the picture has more than been realized by most all.
The company was organized with James Boyce president, George F. McCulloch secretary, and George L. Lenon treasurer, and the plan of securing the donations was begun. First the property owners were listed, and then an assessment pro ratio was made. It was figured that other donations would be secured, and agents were employed to approach these people. Public meetings were held, speeches were heard, and the people were worked up to an exciting pitch before the total amount was secured. When the task was completed there was a general jollification
The officers named here served throughout the period of the company with the exception of Mr. Lenon, who died. His piece was taken by Mr. John W. Little, the present treasurer, who has been an untiring worker with the other officers.
WORK OF COMPANY,
Among the factories end mills that stand as monuments of the company, are the following:
The Midland Steel works.
The Indiana Iron works.
The Muncie Iron & Steel works.
The McVoy Corrugated Iron works.
The Consumers Paper works.
The Whitley Malleable Castings works.
The Over Window Glass works.
The Muncie Flint Glass works.
The Hemingray Glass works.
The Maring-Hart Window Glass works.
Gill Bros.' Glass Pot factory.
The Muncie Wheel works.
The Hollowware works.
The Bell Stove works.
The Muncie Knitting mall.
The Common-Sense Engine works, the White River Iron works and other mills and factories belong in the long list also, the combined plants employing more than 6,000 hands.
The present board of directors of the company, the men most instrumental in the work of the company, are: James Boyce, A. L. Johnson, G. F. McCulloch, C. H. Church, John W. Little, Frederick Klopfer, J. G. Greisheimer, J. A. Meeks and F. J. Claypool.
The advisory board was: J. A. Heinsohn, T. H. Kirby, D. T. Haines, Arthur Patterson and Emmett Smith.
The work that will be dropped by this company has been taken up by the Commercial club, and will be carried on, there being at the present time important negotiations along the same line.
