18890306_2_failure

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18890306_2_failure - The American Life Insurance Company, of...
The American Life Insurance Company, of Philadelphia, held an indebtedness of $1,000,000 against the iron company up to within a short time ago, when $400,000 of the debt was paid off, and a new mortgage for $600,000 given. About the same time, on January 1st laBt, the company borrowed $600,000 for 30 years at 6 per cent, interest, for the purpose of takinir ud a orevioua loan of $527,000, and to pay off a mortgage of $25,000 on Philadelphia property owned nv me company, xne balance ot the loan $48,000, was to go into the treasury. Not withstanding the reported decrease in the debt, the company ia said to have lost $80,000 last year.. It is also said that the erection of the new tube mill resulted in loes. It has never run stead il v. the orders not being sufficient to keep it going. President Coil's salary was $10,000 a year; Manager Smink received a salary of v,(iuu a year; ueo. . tfaer, fisq., solicitor, solicitor, $2,;"00: Horatio Trexler. aunerin - tendent of furnaces, $3,500; Simon Seytert, superintendent of rolling mills, $3,500; Edward W. Wolfe, superintendent pipe works, $3,000 ; A. F. Rrghtmyer, assistant superintendent ot rolling mill, $1,500 William A. Quick, superintendent sheet mill, $1,500, aud salaries of under bouses in proportion. The Llahllttlea Very Heavy. A director of the company said yesterday yesterday that at the meeting to be held on Ihursday shareholders will be asked to take stock or bonds in exchange for their ciaimB. He added that, uuiess this was done, the company would be forced to liquidate, aud the creditors would then get very mtie.

Clipped from Reading Times06 Mar 1889, WedPage 1

Reading Times (Reading, Pennsylvania)06 Mar 1889, WedPage 1
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  • 18890306_2_failure

    email209 – 29 Dec 2013

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