New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-22

amount, il is thought, TO over 100000. 1t Is
further stated in the petition that the company
has large number of contracts, including the
building of several vessels, on hand which, when
performed, will be Of considerable profit. 1t was
also stated that the company was solvent, but
that il its business was interrupted 1t would
become largely insolvent.
The Court accordingly granted a petition for
the company to continue business. and there Will
he no suspension Of work at Sparrows Point The
PENNSYLVANIA Steel Company the principal petit
toner for the ecevership for the Maryland Com
pany. holds $3.50 out Of the 900 original shares
Of stock.
The financial condition Of the Maryland Company
is about as follows: Original cost Of property
and plant, $3.50, 900; bills receivable, 100000
raw material and manufactured products on hand.
81, OOO, 900; total assets, S0,050,00O mortgage,
secured. 81, 100000; floating debt unsecured, 81
GOO, 900. Total liabilities, S360O,O00. No one
seems TO doubt the ability of the company to re-
alize and pay more than 900 per cent on tue dol
lar. but 80 much OF the working capital Is tied up
in plant and materials that it is more than ST.
900 900 short on cash working basis
President Wood as receiver, filed a bond for
$500, 900, furnished by the Fidelity and Deposit
Company. lie said that the immense works Of
the full force of men would be employed. as the
company has n number of big contracts on hand.
The ac ion taken here the result OF the appoint
ment OF a receiver for the PENNSYLVANIA Steel
Company in Philadelphia. President Wood did
not Seem at all worried, did any vi the officers
Of the company.
Tie Maryland Steel Company was incorporated
eighteen months ago. The company was orIel-
nally called the Maryland Extension Of the Penn
sylvania Steel Company, and was established at
SparrOws Point in 1851 About S1,oOOoO0 mas
been expended about the plant and colony at spar
rows Point during the last five years Ii was the
intention of the company TO make the comp, ,te
works represent Sl0,o0O.000 in value when the
additions had been made About 5000 men are
employed, and "A good sized town mas sprung up
about the works.
HARRISBURG Penn, April 2l.-The news that the
PENNSYLVANIA Steel Company had gone into the
hands of a receiver created the greatest excite
mcnt at Stcclton. where the company has about
1 900 men employed III lis extensive plant. SUI
perintcndent FELTON, says the receiver was appoht"
as a measure OF protection TO the stockholders. ana
that the company has enough orders ahead 10 Keep
the great works in operation at least four months.
Tomorrow will be the scmi-monthy PAYDAY. and
more money will be paid ont than ut any time in
the recent history OF the company.
Blake Bros & Co.. bankers at No. Nassau ST.. have
handled Il large amount OF the paper of the Penn
sylvania Steel Company. Arthur W. Blake mem
Der Of the firm, said The failure was complete
surprise to u.s. as there no premonory indica-
lions II was doubtless due to the string"ncy Of
money, which prevented the company from renewing
notes falling due to-day. think that the company
will make a good showing after the strngency Is
over as 1t has extensive plant and large business
Its Stockholders wealthy men. and we understand
that the Pennsylvania RAILROAD owns tenth Interest
In the stock. We not affected. We buy their
paper outright and place II through New-iork State
and New Jersey, while Boston house places IL
through New England. | do not think the failure
will embarrass other Interests, the paper Is widely
distributed and generally with strong people About
the situation In Pennsylvania We know nothing. We
lieve that the will be able TO work out OF
Its difficulties all right" II Is said that about $3.50.
600 worth OF the notes OF the company are held by
N.w-Iork City banks The amount Is well dis
trbuted, and bankers do not think the failure will
cntse trouble here.
stephen W. Baldwin. the New-IOrk agent OF the
Pennsylvania Steel Company. said that the erbaTass
mcnt would only be temporary. The company had
been doing large volume Of business, but the profits
had been small because Of the low prices due TO the
unfortunate condition Of the money market Two
years ago the company had surplus OF S55ll.l.i.
When Il acquired control OF the Maryland Steel Com
pahy. the Ashland Steel Company OF Maryland. ana
the Jumnqur Iron Company of Cuba. the surplus was
rapidly reduced. and lately the company was forced
10 make heavy loans.