General Laundry Machine
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General Laundry Machine was a Troy, New York firm which became a casualty of the financial collapse during the Great Depression.[1] It failed as a result of the impact of the nationwide economic decline in the United States, in the 1930s.[2]
Company history
[edit]The company was formed in June 1927 from a merger of the Tolhurst Machine Works and the Wiley-Ellis Company. Tolhurst corporation was started in 1852 and was based in Troy and Green Island, New York. Wiley-Ellis was founded in 1889 and maintained properties in Chicago, Illinois and Columbia, Pennsylvania.
General Laundry Machine acquired the primary assets of the Paramount Laundry Machine Company of New York City in December 1929. The takeover was made possible by an exchange of stock. It brought about satisfactory economies of operations through the combination of the sales forces of the two companies.[3]
In May 1931 the corporation's assets exceeded its liabilities, yet it became insolvent because it was unable to pay its debts as they came due.[1]
See also
[edit]References
[edit]- 1 2 General Laundry Machine, Wall Street Journal, May 20, 1931, pg. 15.
- ↑ Laundry Machine Interests Merge, Wall Street Journal, June 2, 1927, pg. 7.
- ↑ Gen. Laundry Machine, Wall Street Journal, December 20, 1929, pg. 6.
- Defunct manufacturing companies based in New York (state)
- Troy, New York
- Manufacturing companies established in 1927
- Manufacturing companies disestablished in 1931
- 1927 establishments in New York (state)
- 1931 disestablishments in New York (state)
- American companies disestablished in 1931
- American companies established in 1927