New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-23
WORKS TO BE RUN AS USUAL,
EMBARRASSMENT OF THE UNITED STATES
ROLLING STOCK COMPANY.
THE PRESIDENT APPOINTED REoEIvER-PLANTs
OF THE COMPANY IN ILLINOIS, OHIO AND
ALABAMA ORDERED by THE COURT
TO CONTINUE BUSINESS.

TO CONTINUE BUSINESS.
Chicago Nov 22-The United States Rolling
Stock Company, having large plant at liegewicn'
WIS last night placed in the hands Of a receiver
The liabilities arc given at $3,sl6,00o. and tine
assets at SO, 053, 000 Attorney j. l.. High, Of the
company, says the failure was preciptated oy $40"
collections and the depression In the money mar
ket This company is one Of the largest. II no'
the largest builders Of railway cars in the woria
and has plants at Hegcwich, ILL.,, Decatur Ahn,s0'n'
Ala. and Urhana, Ohio. The capital soooA y.
tAe company is 100000. Of which SS'oso.eo"
IA paid Up In cash, and there is $aoo,ooo oi ''o0N
not vet issued. The assets of the company oon'
siso Of shops, yards. real estate ana mao'Ano.S
st Hegewich, which originally cost Si'4oo'oOv'
and are now claimed. by reason OF the a"' "no'
In real estate values, to be worth az leas0 800
600; it's shops and works at Anniston' WHICH
-. S7oo 400. its ulant at Decatur. costing
$500. 600; it's shops and works at UI'ana'
q, 90 600 and timber lands in Alabama, S4V'oo''
An these properties, it is claimed by tho company
h.v. greatly enhanced in value, the figures sNoh
h,no the original cost Other assets OF tne company
.,sr Car Trust bonds, 81, 5SS, goo; rolling s'ooA
Laced 70 various railroad companesSSoo'ooV' sup
plies and material in process OF mahuiacVuie %i'
100 900: outstanding accounts, gooo anu ooiieo"
able. $500, 600; making the totai assets S''''o'
900 The liabilities are per cent oepehtures' uh-
..ourea ss70 900: per cent debentures, Sc
curd nv 81 900 600 Car Trust bonds as collateral,
es7o 900: G per cent bonds, secured by hrst mort
oaee On real estate and works at Hegewioh, $780,
600: & per cent consolidated bonds. secured by
Arst mortgage on all the company's shops. yards
and property, except the Hegewich plant. and by
second mortgage on the Hegewich property. ST.
600 600: bills payable for material, supplies and
current expenses maturing within ninety days,
$500 1000: hank loans, maturing within short
time S26e, 900: miscellaneous accounts. $66,O0O;
total liabilities 1881 600; excess OF assets over
liabilities, $22S7 900. james l.. High who repre-
sents the company, in speaking of the affair to-
day. said
sThe company has in its employ at Its various
works 2,200 men. 1t has been obliged TO pay cash
10 the employees and for material to the extent OF
$500, 900 monthly. The present stringency in the
money market has compelled the railroad COM
panics which have bought the cars OF the roiiing
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 some creditors of the company may at
tach the property and thereby gain an unjust
preference. There are abundant assets TO pay all
Of the debts if little time is allowed the company
to collect its outstanding accounts.
Judge Bodgett Immediately appointed MI liege-
witch receiver. He is the 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-
witch gave bonds in the sum of 100000, with
w. p Rend as surety.
The United States Rolling Stock Company is
owned principally by English capitalists Messrs
Hegewich and Reyes the only American stock
holders Most of the creditors said to be
Eastern firms and banks. Whether or not other
firms are so involved as to he embarrassed, no one
connected with the matter could say.