Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-23
4 GREAT COLLAPSE.
Failure of the United States
Rolling Stock Company for
Almost S4, 100000.
A RECEIVER APPOINTED,
Who Will Continue the Business the
Same as Formerly.
ASSETS PLACED AT S6.O53,OO0,
And officials Say That the Storm Will Soon
Blow Over.
THE MAGNITUDE OF THE ENTERPRISE
A RECEIVER APPOINTED,
PLACED AT s6.O53,OOO,
And officials Say That the Storm Will Soon
Blow Over.
THE MAGNITUDE OF THE ENTERPRISE
ESPECIAL TELEGRAM TO TIE p1srArcH.,

ESPECIAL TELEGRAM TO THE DTsPATcH.l
CHICAGO, November 22.-The United
States Rolling Stock Company, one of the
largest concerns OF the kind in the world,
is embarrassed. The assets, as scheduled by
Cyrus ID. Roys, the Vice President, are
Sc, ,O53, 900, and liabilities S,S16, O00 The
existing monetary stringency and the inabil-
ity of the concern to collect outstanding ac-
counts from various railroads are given as
the immediate cause OF the collapse.
At late hour this afternoon Cyrus D.
Rows, a stockholder and director of the
stock company appeared before Judge
BIodgett in the Federal Court, and on
behalf of all the stockholders, made appli-
cation for the appointment Of a receiver,
SO as 10 protect all the creditors. The
application set forth the fact of the
inability of the company to collect large
portion of its outstanding accounts, and al
legged if the concerns affairs were placed in
the hands of a competent receiver, so that
no creditor could gain any advantage over
another, the present storm would soon be
over and the company would eventually
regain its former credit.
RECEIVER FOR THE COMPANY.
Judge Blodgett appointed as receiver A.
Hegewisch, who has been President of the
company for the past 19 years, and placed
his bonds at $500. 000 The Court also or
dered that the business be continued as
heretofore without interruption. w. P.
Rand signed Mr. Hegewisch's BOND. The
appointment OF Mr.. Hegewisch as receiver
is made upon the unanimous request of all
the interested parties. He is familiar with
the details OF the business and had the con-
hdence of the creditors.
The stock of the company is held princi-
pally in England. Mr.. Hegewisch and
Mr.. ROys are said to be the only stock
holders IN this country. The managers
deny that the company is insolvent, and
say they intend to continue business as
formerly. The company has 9, 200 men in its
employ. Its works are located at Hegewisch,
Ill; Decatur, Ala: Admission, Ala, and
UrbGna, .. These works will continue
under the past management. The capital
stock of the company is 81. 900, 900. OF this
$780, 900 has never been sold or issued. The
company maintains that its assets exceed the
Liabilities so much that there is no cause for
alarm among the creditors.
SCHEDULE OF THE LIABILITIES.
The company scheduled its liabilities as
follows: Six per cent debentures, unsecured,
$50 600: ) per cent debentures, secured by
81, 0O0 600 car trust bonds as collateral,
$50, 900; 6 per cert bonds, secured by first
mortgage upon its Hegewisch works,
$4,000; per cent consolidated
bonds, secured bv first mortgage upon all
shops and property of the company, except
that at Hegewisch, and by second mortgage
upon the latter, ST. O0o, 900; bills payable,
maturing from time to time within 80 davs,
tor supplies and current expenses, $500, 900;
bank loans, S266, 600; miscellaneous ac-
counts, $780, 900; total Liabilities, IS, SIG, 900.
To offset this, the following statement of
assets is made: Value of Hegewisch plant,
81, 400, 900; value of Admission, Ala, plant,
100000; value of Decatur Ala, plant,
$500, 600; value of Urbana, O., plant, $780,
900; timber lands in Alabama,
1000; Car Trust bonds, S1,533,-
coo; rolling stocks leased under ordinary
leases $500, 900; supplies and materials in
various shapes. 81, 100000; outstanding ac-
counts collectable and good, $780, 900; total
assets, ST, ,05S, 900; excess of assets over all
liabilities, s., 257 900.