The daily enterprise. [volume] (Livingston, Mont.) 1883-1884, 1884-07-07
of the Montana Lumber Conn
pany.

| Assignment of the Montana Lumber Conn
|. pany.
This morning IL telegram was re-
celved Ivy j. E. Mintie from Billings
saying that the Montana Lumber com
lany had on Saturday last assigned all
its property for the benefit of it's
creditors to Harry Allen, the COM
paEy s book keeper at the head office
in Billings. This intelligence was Il
great surprise to everyone in Livings.
| ton. and rs we'll d source Of universal
regret. The NJ. l.. company has been
IN important factor in the work Of
building Livingston: it's policy of as
sisting by giving credit for stock al
most every person who wished to
erect buildings. has gone far to assist
lin making IA large town and Il good
class Of buildings, but that same poll
cy has doubtless contributed largely
to the company's present embarrass
ment. in that it has been easy with it's
creditors and has not forced it's col
lections, thus depriving itself of the
ready money needed to pay bills and
replenish stock.
MIR. MINTIE STATEMENT.
+. l.. Mintie, secretary and treas
urer of the company and its manager
ut Livingston, returned from Billings
this afternoon. and said to our repor.
ter: Il was summoned by telegram
on Sat,r lay to come Immediately to
Billings. Not knowing for what l
was wanted, went. Arrived there l
found that in the absence of Mr.. Hath.
way, II. Clark & Co., of Billings, had.
without the slightest warming. at
tached us for bill of $1,000 for sup
plies furnished our mills aEout 80 days
ago. We then learned that certain
stories had been given to G. n. Mel
son & Co., our heaviest st. Paul cred :
tors. which might make them follow
with an attachment. We were short
of ready cash. l was asked by the
other directors it I could raise some
in Livingston. said it could be done
but would not force our debtors here.
We could have borrowed money for
thirty days to pay the pressing claims
but that would have helped us but
little. and we therefore concluded to
assign and give ourselves little time
to make our collections. protect our
own debtors. pay our bills and go ahead
after thirty CT sixty days in better
shape than ever. BY SO doing attach
menrs would he prevented and our
yards and mills would be kept free in
the hands of the assignee. This we
did. Onr liabilities are little less
thad 500 900; our total assestS are
$1l5. 900 over and above the company
stock. We therefore have SIS to pay
ever 81 (and not touch our capital
stock that we owe. Our heaviest
creditor is C. n. Nelson & Co., lumber
dealers, of st. Paul, to whom we owe
$4,000. We owe only a little in Liv.
ingston and the one concern to which
we are indebted here is perfectly con.
tented to wait. The amount owed us
here is SIS 900 all in good securities.
This morning we paid Clark & Co. and
raised their attachment. Our affairs
are in excellent shape and in month
or two we Will pay our entire indebt.
einess and proceed in better condition
than before this assignment. In proof
of this assertion any person that may
he so disposed can come to our office
and look over our books. Had we not
known that c.. n. Nelson & Co.. Il firm
with an immense capital. were hard
pushed and that they had been
alarmed by stories told them about MS
an / were liable to attach we would not
have assigned; but for the purpose Of
GAINING time to re-adjust our affairs
without crowslng those who owe us
we made the assignment. Ne one will
lose a cent by the Montana Lumber