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Show rim b nc at rAiLUKt Or AllisChalmers Company Will Default on Its Mortgage Interest New York, Dec. 30. The AlUs-Chal-raers company will precipitate ltbeir Into a receivership by defaulting the Interest on Its first mortgage five per cent bonds on January 1, according accord-ing to the Sun today. A statonient by Vice President W. W. Nichols, says : "The directors have decided that, In view of the continued depression In business affecting especially this company, the decrease In earnings and the curtailment of credits, It would not be advisable to pay the Interest In-terest on the first mortgage five per cent bonds duo January 1, 1912 "The directors arc of the opinion that the business cannot bo profitably profit-ably continued In the future, unless additional working capital Is sup- plied, and the fixed charges reduced, nnd additional working capital can only be obtained by a readjustment of the company's capitalization The stockholders' committee are endeavoring endeavor-ing to agree with the bondholders' committee upon a plan of readjustment, readjust-ment, and it Is expected that such a plan will bo shortly submlttod to the security holders for their approval." The Allls-Chalmers company, which manufactures all sorts of heavy machinery, ma-chinery, was in corporated in New Jersey In 1901 as a combination or four smaller western manufactures of machlnorj'. It has outstanding about $19,820,000 common and $1G,-150,000 $1G,-150,000 preferred. The bonded deDt is $11,118,000. The company's general gen-eral offices are In Milwaukee. oo |