The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-23
A BIG COMPANY HARD UP.
IT'S ASSETS GIVEN AS $4,000, 900
AND IT'S DEBTS S3.e1e,ooo.

The Concern the United States Rolling
stock Company-Its President Ap-
nointed Receiver-Inability to Float
longtime Railroad Paper the Cause
of the Trouble.
CHICAGO, ILL. Dee, 22.-The United
States Rolling Stock Company, having
large plant at Hegewich, was last night
placed in the hands of receiver. The liza
Iiities are given at IS, SiB, ,0O0, and its assets
at $1,000, coo. Attorney J. L. High of the
company says the failure was precipitated
bv slow collections and the depression in
the money market. This company is one
Of the largest, if not the largest, builders of
railway cars in the world, and has plants at
Hegewich. Ill; Decatur, Ala; Admission,
Ala, and Urbana, o. The capital stock of
the company is $4,0Oo,000, of which
s.. 100000 is paid up in cash. and
there is s5OO,0O0 of stock not yet
issued. The assets of tha company consist
of the shops, yards, real estate and ma
chinery at Hegewich, which originally cost
81 100000, and which are now claimed, by
reason of the advance in real estate values,
to be worth at least $G0O0,000; its shops
and works at Admission, which cost 500, 900;
its plant at Decatur. costing $500. 900; its
shops and works at Urbana, $780, 900; and
timber lands in Alabama, 81, 700. All
these properties, it is claimed by the COM
pany, have greatly enhanced in value, the
figures given being the original cost.
THE ASSETS AND LIABILITIES.
The other assets Of the company are: Car
trust bonds, 81, 523. 600; rolling stock leased
TO various railroad companies, $500, 600;
supplies and material in process of manu-
facture 81, 100000; oueltanding accounts,
good aud collectble, 100000. making
total assets of Sc, coz, 900.
The liabilities are; Six per cent. debent-
ures. unsecured, $S70,0C0; 5 per cent. de-
bentures, secured by Sp,0O0,0OO car trust
bonds as collateral, $4,000: per cent
bonds, secured by first mortgage on real
estate aud the wortss at Hegewich,
S25O,0OO ) per cent. consolidated bonds
secured by first mortgage on oil the conf
pany's shops, yards and property. except
the Hegewich plant, and by a second mort
gage on the Begewich property. 81, ,000. 900;
bills payable for material, supplies and cur
rent expenses, maturing within ninety days,
$j0JO0l; bank loans maturing within a
short time, 266,000; miscellaneous ac-
counts, 100000. Total liabilities, 1885,
00. excess of assets over Liabilities, So
$4,000.
CAUSE OF THE TROUBLE.
James Ligh represents the company, and
IN speaking of the affair to-day said the
company had in its employ at It's various
works 2,200 men. 1t has been obliged to
pay cash to the employees and for material
TO the extent of 100000 monthly. The
present stringency in the money market has
compelled the railroad COMPANIES which
laye bought cars OF the rolling stock com
pauy to pay their bills liz long time paper
instead Of cash, and it mas bsen extremely
difficult to discount the paper MIR. Rows.
i'll his bill, states that he fears that unless
receiver is appointed sosae creditors of the
company may attach the property aud
thereby gain an unjust preference There
are abundant assets to .pay all of the debts
II 2 little time is allowed the company
10 collect its outstanding accounts
THE PRESIDENT MADE RECEIVER.
Judge Blo4Zett Immediately appointed
A. hegeNlch receiver. Mr.. Hegewich is
tle president at present. and has been for
nineteen years. The judge also ordered the
receiver to continue the works and not let
any Of the plants be shut down. Mr.. Hege-
wien gave bond ia $500, 900, with W. p.
K9nd as suretv.
4Ge rollng stock company is owned prin-
G.paty by English capitalists. Messrs.
heSeWl,h and Roys are the only American
socknoders. Most of the creditors are
saiu 10 be eastern firms Snd banks. Whether
VI Aot Other firms are so involved as to be
embarrassed TO one connected with the
matter could saw.