Jasper County Democrat, Volume 10, Number 11, Rensselaer, Jasper County, 15 June 1907 — BIG FIRM FORCED INTO BANKRUPTCY [ARTICLE]

BIG FIRM FORCED INTO BANKRUPTCY

Mill!ken Brothers Cannot Borrow the Necessary Funds and Have to Fall. New Tori”., June 12.—With more orders on its books than ever before and with its big steel factory at Mariner’s Harbor, S. I, running night and day,, the flrnrof Millikan Brothers, structural steel manufacturers and constructors, with business in all parts of the globe, has. gone into bankruptcy, with liabilities of $6,500,000. Of this enormous total, $3,500,00 of the debts are unsecured, and the remainder Is secured by a first mortgage on the Staten Island factory. Federal Judge Holt will appoint a receiver. Lack of working capital and inability to borrow necessary funds because of big loans already negotiated from various banks, coupled with the tight money market, are the causes assigned " for the failure. There will be no cessation of the work in hand. It is stated. *•-- ... . .