Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-06-20

PIrTsBuRG, PA, June 19.-The oil
Well Supply Co., one OF the most exten-
siye corporations In Pennsylvania, and
the largest concern OF its kind In the
world, to-day went into the hands OF .
receiver.
The corporation is capitalized at ST.
500, 600 and it's assets aggregate 81, S0o,-
600. The total Indebtedness Is placed
at Sl,l00, 900.
The debt is pressing aud on account
OF the depression in business, cannosoe
met. To save a sacrifice OF the assets
by forced sales and the dtslntegFation
of the numerous factories and works
and 10 preserve the whole plant as
uuit, the appointment OF a receiver was
decided upon.
The principle Offices, and iron and
pipe mill of the company, are located
in Plttsburg. They also have fonn-
dries. shops and Offices in OH City ana
Bradford. Pa. and In ConnecWcnt ana
Ohio and own property In NeN YORK.
Ohio. Indiana, Illinois and WeA Vir-
glnia, as we'll as Ia Pennsylvania. Khey
employ over /, 800 clerks and operatiseA
The proceedings for the appolntment,
OF a receiver were taken this afternoe
before Judge Buifinton In the Unite
States Circuit Court The bill pro-
sented was in behalf OF Edward Il.
Cole, and L. Park CODY, both OF Brook
lyn, \. Y.
The former is a stockholder TO the
amount OF $3.50, 600, and the latter Is
creditor. The bill stated that the COM
pany owed over Ss00,000, the greater
part OF which Is In promisory notes
and endorsements, and that IL was ut
terly unable 70 meet its indebtedness.
which will shortly and from time 70
time mature. II the business and fac
tories are kept together and continued,
the result will be beneficial
to all Interested, stockholders and
creditors. In conclusion II was asked
that the company be required TO an
swer, that II be decreed insolyent. and
receiver appointed 20 take full charge
and carry on the business and en1oin
creditors frem interfering. The CON-
pany admitted the truth OF the allega-
tions and John Eaton was appointed
receiver. Mr.. Eaton was president OF
the concern. Subsequently The ~ :
ing statement was issued by rlo CONF
pany.
cit is with deep regret that we have
70 announce our inability TO meet ma
turing obligations and that this con-
pany has gone into the hands OF a
receiver. We have depended largely
on Eastern financial instritutlons
In consequence OF the gem
eraI distrust that has existed
the last few months, II has been ek-
ceedingly difficult 10 obtain necessary
discounts, and the last few weeks al
mcst an impossibility. Until the last
moment we expected 10 weather the
storm, but We were finally forced 70 tbe
conclusion that we had better stop and
shape matters to prevent waste.
"Our assets are largely In excess OF
liabilities. On January lst the quic
assets, viz: cash, bills recelveable AZ
book accounts, with about half
merchandise, were enough 10 pay
biitles. There has been no mate<lsS
change in the proportions since. We
feel confident, therefore, IN saying we
can pay all liabilities with interest aud
have large properties left.
1--WE expect TO ask an extension from
our creditors, agreeing % make monthly
payments, commencing soon after con-
sent is obtained. and pay all 10 the
shortest time possible"
Among the other plants owned and
operated by the company In this city
was the Elbe Iron and Bolt Works