New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-23
HOW WALL STREET HEARD THE NEWS.
TALKS WITH THE vICE-PREsIDENT OF THE ROLL
ING STOCK COMPANY AND OTHERS IN

TALKS WITH THE vICE-PREsIDENT OF THE ROLL
ING STOCK COMPANY AND OTHERS IN
TEREsTED IN IT.
The announcement of the failure of the United States
Rolling stock Company came TO Wall Street first In a
dispatch from Chicago stating that receiver had been
appointed. The did moi reach the tapes until
the stock market had closed but comment after that
would indicate that the general opinion was that the
cnects would lie purely local. meeting OF The
directors of the company held In the afternoon tc
conplete some of the transactions required by tie
situation President Hegewisch was absent in Cbicag'
but the other directors were present !
Vice President Roys yesterday denied one OF me
Wall street that the United states Rolling SOCK
Company lad a.. 900 of assets and S4,000,OO OF
liabilities. lie said:
"Thc capital OF the company is 81 100000. mthe
depressed condition OF the money market we we@ I'M
able get money TO any great extent from the vrous
railroads for which we have been building car. but
have been compelled 10 take seven eight an nine
months papers In instances. and In no dse less
than sixty ninety days paper. We have 200 men
the payrolls who must be kept employed constantly,
and the pay rolls together with material and supplies,
make an aggregate monthly cash payment by us OF
about 500 600 There is limit this SOFT of thing
when we receive paper and pay out cash and not
outstanding this. condition was so god that the
president believed should come throu:h all rght'
and until last Friday In the nineteen yers IN winch
have been in business, we have never sheu rehe"a
Of our paper.
AMOR would ask renewals II even one-quar-
ter of the amount due us was paid I we had today
all that is past due paid 10 us in cash. we wouio
discount every obligation have In the worln ana
have than 100000 good hard pillars in bank to
our credit and this in manner tHlches our proper
ties real or personal have all mis- left. 1t is not
of insolvency in the popular ense OF insolvency.
In the legal sense. of course it is. because
man nav have $50 100000 of the best possible
assets, and il note for 800 should become
due which lie did not have the ready money
to meet, his assets would GU no figure. In the
legal sense he would be insovnt and it is in this
sense only that insolvet. This step is taken
TO tide over to that period wien the money market
will be easy enough to enablcthose who are indebted
to us pay up, and when tft Is done every creditor
OF every kind and sort will De paid in full with in
terest and we shall have NOR than 100000 in bank
to credit.
Tho president" confined Mr. Roys, OF course
was the only one who lIrw the business in its de-
tails sufficiently to give tn most perfect protection to
all creditors and all Shareholders, and assume that
there is not creditor wio would not be as anxious
that the president shout manage the assets OF the
concern as the shareholders or the Board OF Directors
are For that reason h has been appointed receiver
by the United States curt, and all tho properties OF
the company in Ohio Alabama, Illinois and New
York have been convyed to him. Auxiliary pro-
ceedings will be had all the other States where the
company has property The London committee who
represent the entire ;ody of the Shareholders know
ing the stringency q the money market and appre-
h.nsye that we alo might feel a money necessity
and that some creditor might unwsely make trouble
BY attachment and disspate the properties because
OF the present condition of the market there are no
buyers, and there1re all properties sold now would
be Sacrificed advted the president to prepare himseh
10 that II there Ger came such emergency, which we
hoped to avoid s would have himself appointed re-
ceiver This feeling Of the London committee has
bean fully reci,pcated by the Board of Directors in
New-York ant the Board has passed a resolution
ratifying ard confirming all that has been done by
the president n obtaining receiverslp'
The drectrs Of the United States Rolling Stock
Company area Hegewisch, Herman X. Baltzer, III. X
Du Val and Jorge Place, Of New York, and Cyrus d.
Rows. OF ChiAs. The onhcers are President A. lIege
stsch: yjc,president, Cyrus ID. ROys; treasurer,
C. Benn ad secretary Thomas +. b. Parker. Mr.
BaItzer is well-known merchant in Exchange Place;
Mr. Place a large dealer In machinery supplies, etc,
and Mr. In Val is president Of the Florida Central and
Peninsula Hroad The company has its main Offices
I'm this city occupying extensive rooms on the seventh
floor OF IND Mills Building. The principal works are
1t HegewiJi, near Chicago where the company owns
100 acres ground and has shops with capacity
Of turning ont thirty ears day. There is also a
foundry fc softcastng iron The company OWNS
6ftysix aces of ground at Urbans Ohio At Annis
tom AIa the centre OF the iron district there is
valuable liant, consisting of carshops, with an av-
craze cauity OF twenty five cars day, axle forge
works sr-wheel foundry, softcasting foundry, ma
chine she's and various other industries The com
many a6oyns large car works and land at Decatur,
Ala
n cepapy was organized IN 1871 with . capital