19380212_3_liquidation

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19380212_3_liquidation - Presages Scrapping of Plant "According to Mr....
Presages Scrapping of Plant "According to Mr. Taggert, this all means that the plant and equip ment of the present Reading Iron Company will undoubtedly be sub sequently dismantled and scrapped unless other interests may be induced induced to use all or part of the plant and equipment. "The management quite naturally naturally is most sympathetic with Ihe employes of this large , organization. The closing down of the plant, however, is apparently apparently due to the pressure brought to bear by the various bondholders' committees' of the Philadelphia & Reading Coal & Iron Company. As we view this situation, it is most imperative imperative that the people of the community, community, through the Chamber of Commerce or any other agency, must most promptly bring to the attention of the bondholders' committees any suggestions that can possibly be offered for delaying this action until an alternate plan may be developed. - "From a preliminary study of this critical situation, your committee feels that there is enough market for the operation, at a profit, of the wrought iron pipe manufactur ing facilities of this company, pro vided that the non - productive di visions of the company are discontinued. discontinued. When it is considered that this company manufactured over 50 percent of the wrought iron pipe made in this country last year, it seems to us that the proposed complete complete wrecking of this company at this time is most unlortunate.

Clipped from Reading Times12 Feb 1938, SatPage 2

Reading Times (Reading, Pennsylvania)12 Feb 1938, SatPage 2
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  • 19380212_3_liquidation

    email209 – 30 Dec 2013

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