The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1893-08-04
Receivers Appointed for the American
Tube and Iron Company.
LIABILITIES OVER A MILLION.

A futter was created in Harrisburg
July ~, by the appointment of receiv
ers for the American Tube and Iror
Company, of Middletown, and the
subsequent announcement that the
Harrisburg Rolling Mill Company had
shut down its works, throwing out o.
employment about 400 employees. l,
was rumored few weeks ago that the
tube works would likely 60 to the wal
owing to the stringency of the money
market, and the announcement that i,
had passed into the hands of receiver.
therefore did not cause the excitemen,
that followed similar action on the
part of the Pennsylvania Steel Com
pany.
Next to the Pennsylvania Stes
Company, the Tube and Iron Com
pany carried on the most extensive
business in this vicinity, employing
1900 hands and having offices In
many of the principal cities IN the
United States. The assets Of the
company are placed at 81 900, 900,
while its liabilities aggregate $r.a5o,.
900. OF the latter amount $I7s,ooc
is indebted to the Harrisburg Rolling
Mill Company, which suspended oper.
ations as the best way out OF the diff.
Guilty into which the collapse of the
Tube and Iron Works puts it.
The American Tube and Iron Com.
pany has plant at Youngstown, Ohio,
as we'll as at Middletown, and enjoyed
good reputation IN many parts of the
country. Colonel James Young, the
millionaire farmer, is its president.
He and r. c. Neal, president Of the
Harrisburg Rolling Mill Company. are
creditors, and instituted the prodeed.
ings in the Dauphin County Court for
the appointment ofrecelvers. Neither
Of the Judges of the court was in town,
and Judge Latimer, Of York county,
conducted the necessary business.
The receivers are A. S. Matheson,
general manager of the American
Tube and Iron Company A. w.
Momeyer, secretary and treasurer OF
the corporation, and r. c. Neal, presi-
dent of the Harrisburg Rolling Mill
Company. They have given a bond
Of SIoo, 900.
The annual output of the tube and
iron works has amounted to $s,ooo,-
900. The Middletown Works are
valued at nearly SI,aoo,ooo, and
there is owing the company about
100000.
The company was organized in 1874
with capital of $1,000, 900, divided
into 5000 shares.
There are no judgments or mort
cages or bonded debt against the COM
pany and the statement is made by its
officers that it will soon be on its feet
again if given proper time to recover
from its misfortune. Colonel Young,
president of the company, says "The
company started with a production of
about 1900 tons per annum and has
steadily increased business until its
production reached about 10000
tons per annum when running to its
full capacity. The company's assets
would wipe out all liabilities, and
leave the plant clear to the stockhold-
ers. There are no judgments. mort
cages or preferences. The present
condition of the company has been
brought about by the existing strained
financial situation of the country.
1t is impossible to get a fair pro-
portion Of collections and what
col ections are obtained consist
largely of notes or commercial
paper, which it is impossible to have
discounted or use to a sufficient ex.
tent.
"The American Tube and Iron
Company has enjoyed the highest line
of credit, which has never been abused
or taken advantage of by it. Under
ordinary conditions of trade and finan.
ces the company's ability to continue
meeting its obligations would be un-
questioned"