The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-11-23
IN fHE HANDS OF A RECEIVER.
Thsunited States Rolling Stock
Il Company Fail.

The sr,ngcncy OF the Money Market and
the Inability of Railroad Commnics
toH'ay Their Bills Promptly the Cause
ofkhe Difficulty.
CnifAco, Nov ss.-ISpcciall Tho
unitef States Rolling Stock Company,
having large plant at lIegewicl5, was
last night placed in the hands of 4 re-
ceiveS Its liabilities are given ut
S3,Sl6i000 and assets at six million dol
lars. attorney j. l.. High, of the com
pany, says the failure was precipitated
by SLOW collections and a depression in
the money market
This company is one of the largest if
not the largest, builders Of railway cars
in heSworld, and has plants at EIege-
wick. ILL.,, Decatur. Ala, Admission. Ala.
and Urbana. Ohio. The capital stock of
the company is Si,0OO,OO of which
s3,5O0,ooo is paid up in cash and there is
S5OO,OG0 of the stock not yet issued
The assets of the company consist of
Shops yards, and rcal-estate and ma
chinery ut llegewick which originally
cost Sl,i00,00O, and which arc now
Claimed by reason of the advance in
real-eState values to be worth at least
two million dollars, its shops and works
a t Admission, which cost 500, 900: its
plant at Decatur costing $1,000, 900; it's
shops and works at Urbann, SlSO.nOn.
"a, nj IN lip l,,, L.. 4 l.,I,.
All these properties, it is claimed by the
company, have greatly enhanced in.
value, tho figures given being original
costs.
The assets are: Car trust bonds
Sl,323,0 900: rolling stock leased to va
rlous railroad companies $500. 600; sup
Plies nnd material i'll process of manu-
facture 81, 100. 900; outstanding accounts
good and collcctable. $500, 600, making
total assets Sti,O0O,O30
The liabilities are Il per cent. dcbcn-
Iu.c unsecured, $50. 900; per cent. de-
bcntulSs secured by ST 900. 900 car trust
bonds as collattaral, SS7O,000: per
cent. bonds, occurred by first mortgage
on real estate all works ut lIegewich
$3.50, 900; j per cent. consolidated bonds,
secured by first mortgage on all the
company's shops. yards anu. property
Sl,0OO,OOo, bills payable for MIA rial,
supplies and current expenses, matul-
ing within ninety days, $500. 0O0: bank
loans maturing within short time,
S266. 600: miscellaneous accounts. $50. 600.
Total liabilities S3.Sl6,OOO: excess of
assets over liabilities s., 237 900.
james l.. High represents the COM
pany. and, i'll speaking of tho affair to-
day. said:
The company has in its employ at
its various works 2,200 mon 1t has
been obliged to pay cash to its employees
and for material TO the extent of $500, 600
monthly The present stsingency in,
the money market has compelled the
railroad companies, which have bought
cars of the rolling stock company. to
pay their bills in longtime paper instead
OF cash. and it has been extremely diff
cult to discount the paper. Mr.. Roys,
in his bill, states that he fears that un-
less receiver is appointed, some of the
creditors OF the company may attach the
property, and thereby gain an unjuss
preference. There are abundant assets
to pay all of the debts, if little time is
allowed the company to collect it's out
standing accounts. Judge Blodgct
Immediately appointed A. llcgewiclS
receiver.
Hegcwick is 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 lIegewick gave bond in
100000, with w. f. Rend as security.
The Rolling Stock Company is owned
by English capitalists. lIegcwicl1 and
Roys are the only American STOCKHOLM
ers. Most Of the creditors are said to
be Eastern firms and banks. Whether
or not other firms are so involved as to
be embarrassed no one connected with
the matter could say