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18890306_3_failure - very mtie. Tbe companv has issued $250,000...
very mtie. Tbe companv has issued $250,000 first mortgage and $150,000 second mortpapa bonds. In addition to this, ther is $500, - 000 of preferred stock and $500,000 of common. X be floating debt is said to be heavy. Jt was stated yesterday afternoon by a prominent bank president that the company has sold a large amount of paper wiimn ine msi mix months, and that some ot the fbiladclphia banks are heavy creditors. creditors. The works were originally owned by Seyfert, McMunus fc Co. The firm failed some years ago, and the creditors then organized and decided to continue the business under the title of the Reading iron noras. .ionn renn 15 rock was elected President and Edward W. Coit General Manager. Mr. Brock died about eight years ago and was succeeded by Mr. toit, who has since been the executive head of the Company. Shortly after the organization of the Companv there was some trouble caused by business depression, - u n extension was astied lor and granted. A portion of the indebtedness was paid in cash and a nortion in d referred stock. Dividends on the stock have been paid for some time past. The Com nan v continued to do business after the settle ment was made, and, under Mr. Coit's able management, enjoyed a period of prosperity, prosperity, but dullness in the trade and shrinkage in prices finally overwhelmed it. A stockholder of the company said yesterday yesterday afternoon : "I think that the plant is worth $1,500,000. I do not know just what our liabilities are. On January 1 the company had $500,000 of mortgage bonds outstanding. A new mortiraee for $600,000 was made and bonds were issued. Of these $500,000 were issued to retire the old bonds and $100,000 to acquire additional additional property. The company owns bout 70 acres in Reading and valuable property on Lehigh avenue, Phila. We did a Marge business, and two years ago were in very good condition. We put our money into the business as fast as we made it, A lartre business was formerly done in piping natural gas wells, and this has fillco off considerably duriug the past y?ar.

Clipped from Reading Times06 Mar 1889, WedPage 1

Reading Times (Reading, Pennsylvania)06 Mar 1889, WedPage 1
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  • 18890306_3_failure

    email209 – 29 Dec 2013

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