Griggs courier. (Cooperstown, Griggs Co., Dak. [N.D.]) 1885-1902, 1886-03-26
The Lenllaln Failure.

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DULUTH. Special Telegram, March
2l.-The Lenllam Elevator company
failed to put up margins on it's wheat
trades this afternoon, and the announces
ment of its suspension was made on
the board of trade by President Forbes
shortly before afternoon close. 1t is
difficult to get anything definite as to
its losses or the true condition of its
cannot be learned for a day or two at
least The company is an Incorporated
one under the laws OF Dakota. and has
an office at Sanborm. Dak., where George
l.. Lehman is manager, as well us Il line
Of elevators III Dakota. The paid up
capital is SI33,oO0, n l.. Lehman is
manager here. The other members of
/ the company are the father o.! George
l.. and n. l.. Lapllam aud Rudolph
Herr. treasurer OF the company. Who is
stationed here. n. J.. Lehman was
absent today in st. Paul. and the true
condition of affairs cannot lie learned
until his return, which is expected to-
morrow morning. The sharp decline in
wheat this morning induced the calling
OF margins on all sides. The l.emhams
had 4 large amount of wheat. and The
calls on tile company We're pretty heavy
! NH the margins were rroni ,ly pat mp.
uAtiI A&y wheat reached aDl. With The
market still! @oimg down. Further calls
Were made. but tile hall: account WAS
here exhausted. ind the company had
to notify those Who called for their
margins that the could not pay them
Then commission merchants having
deals with them began to protect their
trades by selling out the wheat, and
pretty soon the public announcement
was made that the company had sus
pended payment. The market, which
was already denoralized, broke rapidly
here. The news was sent to Chicago,
and the announcement there broke that
market badly, which in turn caused a
further break here. 1t is impossible to
tell how much wheat the company had l.,
but it is generally believed that about
100000 bushels were sold out on Its
accounts, which are thought to be about
the amounts held here. 1t was reported
from Chicrgo this afternoon that GOO, 900
bushels had been sold out there OH it's
account. Grain men here generally
believe that if Mr.. Lehman had been at
home the catastrophe would have been
avoided, and that the company will re-
cover when its affairs are
Strengthened out, and go along with Its
business. Mr.. Lenllam is very popular,
tand a good deal confidence in him is
expressed here, and the general hope is
that the company will come out all right
The Lehman Elevator company owns
eight elevators at points along the line
of the Northern Pacific railroad i'm Min
nesota and Dakota. The headquarters
of the company were moved from San
born, OAK, to Duluth early last spring.
n. l.. Lehman. the manager. is thirty
five years Old. and has enjoyed The
reputation of being one Of the shrewdest
operators on the Duluth board. He
built up large commission business
very quickly after the company began
business at Duluth, and managed to get
control of the business of some of the
largest firms in Chicago. His company
handled the bulk l.. Y. Lester & Go. S
business and one or two leading New
York houses operated at Duluth
through him. lie has been a persistent
bear since the war scare subsided last
summer. aud was supposed to be making
money very fast. He turned bulish
when May wheat got down to about 90
cents, and is said to have gone very long
at about those prices. lie bought a
half-million bushels of Owen Fargussen
at 915 in one deal, but it was reported
at the time that he protected himself
to nearly the full amount by puts at