Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-08-21
Tho largest Manufacturers In the
World, Of Wheels for Vehicles,
insoiyenl.
rHr srRinoENcY or rHc MONEY
mARNrr THE CAUSE.
shops and Plants In Six States Closed
anl $500 Employees Made
Idle.
The Great American wheel gompai
fnsolNruf,

tnsotNeut.
CHICAGO, August a0.-Thc Amofi.
can Wheel Company, said 10 be the
largest manufacturers In the world u
wheels for vehicles, Il iusolvont. No.
bic =. Butler has boon appointed TO-.
ccivcr ani has possession u the differ
oni plants Of the company. The total
assets VI the company are si,iOj,O0U,
ana the liabilities sl,sD0,O01. Tho
atungcncy Of the money market and
the Inability " secure the extension Of
obligations caused tho collapse. An
the shops and plants of the company. IN
six different States arc Temporary
closed aud 900 employees made Idle.
Thosc most heavily Interested aud who
caused tho appointment Of tho
receiver assert That the company
viii DO abic 10 llquidate ali ~
indebtedness and pay the stockholders
dollar for dollar ON their In.
vcstmont. The application for re.
celver was made very quietly late
"Wednesday afternoon aud the bill
suppressed until late this afternoon ia
order that the receiver might secure
full possession and forestall attaching
creditor, this being done In order 10
ablo sharc IN the proceeds.
Tho company's principal works nro
In Indiana, Ohio, and Michigan, but
II has plants In New York, Pennsyl.
yanln aud Massachusetts. II IL au
Illinois corporation, but has little
property In that State. The principal
stockholders are In Indiana. The com.
pany was unable 10 issue any part Of
ia unused capital stock, ON which II
had depended for funds.
Its credit became impaired and
u was unable 10 pay large obligations
falling due from day 10 day. The hill
sci forth that manufactures Of vehicles
throughout the country are largely lie.
pendant on II for wheels, M 1t supplies
seven.eighths Of the entire demand OF
the country. A receiver was asked for
In order that tho plants might 20 kept
IN operation nnd TO prevent forced
'alos nj a sacrifice 10 the dulrlmcnt Of
the many creditors aud the injury Of
the employees. None OF the officers
OF the wheel company could be seen
this evening, but the company's nj.
torney, Jacob Newman, said that now
that n receiver had been appointed
for the whole concern, he was suro tho
embarrassment would last but two or
three months, when buslneAs would DO
resumed.
Receiver Butler was appointed by
Judge Woods Of the United States Dis
trlct Court Of Northern india, and by
United states District Judge Blodgott
In this city. Judges la the other
states named also appointed Butler.
The I'LL asking "A receiver states that
tlic assets consist Of tho sites, mRnu-
featuring plants, machinery, products,
etc., divided IN follows. Indiana,
81 100000; Ohio, 100000; Michigan,
: 100000; Pennsylvania s920,O10; New
York, $3.50, 900; Massachusetts, $500, 900
Illinois, Stu, 900; other assets aud cash
on hand, $4,000. The liabilities are
made up " bills Of exchange, promis.
sorry nOtez, Indebtedness for labor etc.
The corporation was organized In
December, 1859, and business at once
begun ON n large scale. Plants
were established at indianapolis. Fort
Wayne, Terro Haute and ST. Mary's,
Ind; Miami Asburg, Sidney, Gallon,
Sandusky and Ottawa, o., Jack. |
son and Kalamazoo, Mich; Westchcs-
Ter. Pa, and Syracuse and Shortvllle,
MY. Tho plants at all these points arc |
IN operation, except that at Wcstches. |
Ter. a large amount OF property Is |
also owned In Huntington, Mount Yer |
non, Osgood, rltusville, Auburn and |
salmony, Ind; Lansing, Mich; aud |
Van Vert and Scott, q. The company |
'ound Itself under enormous EXPENSE
v hen Il had established all tsbranohcs |
.nd was compelled 10 incur large la.
iebtedness, pledging It's credit by pro.
nissory notes, etc. The business haa |
leen carried on at a profit until the last |
tx months. Since then II has been |
dun, and, TO make matters |
yorsc, the financial stringency caused
he creditors 10 refuse accommodation.