The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1890-11-28
BIG FAILURE.
u. $. Rolling Stock Company Make I'm AN
signmcnt because of the None
tary Stringcncy.

CHICAGO, Nov. 26-Thc United State:
Rolling Stock Company. having a large
plant at Hcgewich, was last night place.
in the hands of Il receiver. The labilltle:
arc given at $3,Sl6,O00 and the assets al
$4,000 900. Attorney J. L. High, says The
failure was prccipitatcd BY slow collect
ions and the depression in the none!
market This company is one of tho
largest builders, if not the largest builder
of railway cars in the world, and has
plants at Icgcwich. H.; Decatur; Ala.
Admission. Ala, and Urbana. Ohio. The
capital stock of the company is $l,Oo0.-
600. of which S., 800 900 is paid up in cash
and there is $500, 900 of the stock not yet
issued
The assets of the company consist OF
the shops, Yards, real estate and machin-
cry at Hcgcwich, which originally cost
81 400. 600. and which are now claimed. by
reason of the advance in real estate ca-
ues. to lie worth at least $2.00O,GO0; its
shops and works at Admission, which cost
$10O000; It's plant at Decatur. costing
$500.000: lis shops and works ut urbana.
$lo0000, and timber lands in Alabama.
$4,000. llthcsc properties ii is claimed
by the company, have greatly enhanced
in value, the figures given being the orig
inal cost.
The assets of the company are. Car
Trust bonds. 81 ,.j23 900; rolling stock
leased to various railroad companies .T500,-
900; supplies and material in process OF
manufacture, 81 .I00,000; outstanding ac-
counts. good and colcctablc. $3O0.000.
making the total assets s6,O00,0o0.
The liabilities are 6 per cent dchcnturcs
unsecured, $S10,0O0; ) per cent dcben-
lures, secured by 81 ,00O,000 Car Trust
bonds as collateral, $s70,0OO; & per cent
bonds secured by first mortgage on the
real estate and works at Hcgcwich $3.50
000 } per cent consolidated bonds secured
by first mortgage on all the company :
shops, yards and property, except the He
gewich plant. and by second mortgage on
the Hegcwch property, 81 100000; bills
payable for material supplies and current
expenses maturing within ninety days.
500 900; bank loans maturing within Il
short time, $2G6,0O0; miscellaneous ac-
counts, $G0,000. Total liabilities, $3,Sl6,-
600. Excess of assets over liabilities, ST.
237 900
James L. High represents the company
and speaking OF the affair to-day he said
the company has in its employ at its va
rious works 1900 men. II has been
obliged to pay cash to employees and for
material to the extent Of $4,000 monthly.
The present stringcncy in the money
market has compelled the railroad COM
panics which have bought cars Of the
rolling stock company to pay their bills in
long time paper instead of cash, and it
has been extremely difficult to discount
the paper. Mr.. Roys, in his bill, states
that he fears that nnlcss a receiver is APP
pointed some creditors Of the company
may attack the property and thereby gain
an unjust preference. There are ahund-
ant assets to pay all debts if little time
is allowed the company to collect lis out
standing accounts. Judge Blodgctt i'm
mcdiatcly appointed a. Hcgewicl re-
csiver. Hcgcwich is the president at
present and has been for nineteen years.