People's Pilot, Volume 2, Number 53, Rensselaer, Jasper County, 23 June 1893 — OVERWHELMED WITH DEBT. [ARTICLE]

OVERWHELMED WITH DEBT.

An Oil Well Supply Company Forced to Make Application for a Receiver. Pittsburgh, Pa., June 20.—The Oil Well Supply company, one of the most extensive corporations in Pennsylvania, has gone into the hands of a receiver. The corporation is capitalized at sl,500,000 and its assets aggregate $2,500.000. The total indebtedness is placed at $1,100,000. The debt is pressing and cannot be met and to save a sacrifice of the assets by forced sales and disintegration of the numerous factories and works and preserve the whole plant as a unit the appointment of a receiver was decided upon. The principal offices and iron and pipe mill of the company are located in Pittsburgh. They also have foundries and shops in Oil City, Bradford and other places, and own property in New York, Ohio, Indiana, Illinois and W’est Virginia as well as in Pennsylvania. They employ over 1,500 clerks. President Eaton has issued an address to the public saying the company waa prepared if given time to get on its feet again. There will probably be a meeting of the creditors.