People's Pilot, Volume 2, Number 49, Rensselaer, Jasper County, 26 May 1893 — In Financial Trouble. [ARTICLE]

In Financial Trouble.

Eau Claire, Wis., May 24.—Proceedings were taken Tuesday by which the National Electric Manufacturing company’s plant passed into the hands of Ralph E. Rust as receiver. The event caused great surprise. It was decided that this course was best in order to preserve the business in its entirety, the company being just now deeply embarrassed by pressing claims. Under the receiver the business is to be carried on without any interruption whatever, and a reorganization will probably be effected in a few days. The plant is worth $300,000. The assets are about $500,000, liabilities $375,000.