Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1890-11-23

A BIG CONCERN
In Trouble-U. S. Rolling Stock Company
Goes Into a Receivers Hands.

CHICAGO. November 22.-The United
States Rolling Stock Company, having a
large plant at Hedgewich, was last night
placed in the hands of a receiver The liza
bilities are given at S3,sl6,000, and the
assets at 81, ,053,000. Attorney j. l.. High.
of the company, says the failure was pre-
cipitated by slow collections and the de-
preston in the money market. This COM
pany is one Of the largest, If not the largest
builder of railway cars in the world, and
has plants at Hedgewich, Decatur, H.,
Admission, H., and Urbana, o. The capi-
tai stock is $1,000 900, of which 8, SOC, 900 is
paid up in cash, and there is S500,000 of
stock not yet issued. The assets of the
estate and machineryat Hedgewich, which
originally cost 81 10000 and which
are now claimed by reason of the
advance in real estate values to be worth
5000, 900, and its shops and works at Annis-
ton, which cost 800, 900; its plant at Deca-
tur, costing $500, 600; its shops and works at
Urbana SlS0000, and timber lands in Ala
bama $4,000. All these properties, it is
claimed by the company, have greatly en-
hanced in value, the figures given being the
original cost. Other assets OF the company
are car trust bonds, 81, ,533. 900; rolling stock
leased to various railroads, $500 900; sup
plies and material in process of manufac
ture, 81, 100000; outstanding accounts good
and collectable, $4,000, making the total
assets S6,000,053.
The liabilities are per cent. debentures,
unsecured, $4,000; 5per cent. debentures,
secured by Sl,000,000 car trust bonds as
collateral, $4,000; q per cent. bonds Sc
cured by first mortgage on real estate and
works at Hedgewich, S2a0,000: per cent.
consolidated bonds, secured by first mort
gage on all the cOmpany's shops, yards and
property except the Hedgewich plant, and
by second mortgage property, Sl,0O0,0Oo,
bills payable for material supplies and cur
rent expenses maturing within ninety
days, S500,O00 bank loans maturing within
short time $3.50, 900; miscellaneous ac-
counts, $4,000. Total liabilities, S3,Sl6.000;
excess Of assets over liabilities, =, 231 600.
James l.. High, who represents the COM
pany, in speaking of the affair to-day said
THE company has in its employ at its va
riouS works 300 men. II has been obliged
TO pay cash TO the employees and for mater
ial 10 the extent of $780, 900 monthly. The
present stringency in the money market
has compelled the railroad companies
which have bought the 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 unless receiver is appointed that
some creditors of the company may attach
the property and thereby gain an unjust
preference. There are abundant assets to
pay all of the debts if little time is al
lowed the company 10 collect its outstand-
ing accounts"
Judge Blodgett Immediately appointed
A. Hegeswich receiver. Mr.. Hegeswich
is the President at present, and has been
for 10 years. The Judge also ordered the
receiver TO continue the works and not let
any of the plants be shut down. Mr..
Hegeswich gave bond in the sum of 5000
with W =. Rend as surety.