St. Paul daily globe., 1888-07-08
REACHED A CLIMAX.
G. @. Wolcott Assigns-SomeO of th'
PecuIiarities Of the Elevator

G. G. Wolcott tAssigns-Some of the
Peculiarities of the Elevator
Company.
G. G. Wolcott, well-known grain
and commission man, and man
ager of the Scandinavian Elevator
company, made an assignment yesterday
to Frank A. Rlakeslee. Mr.. WOlcott
states in the deed OF assignment that
the assignment was precipitated by d.
3. Doty d Co. beginning a suit against
&C: WOlcott. Dennis O'BrIen and j. A.
Peterson as partners under the firm name
of G. G. WOlcott & Co., for $4,000, bor-
rowed money, and attaching number
of elevators in the counties of Waseca.
Big Stone, Redwood, Kandiyohi, Free
born. and Wright, in which he
is interested. and also on ac-
Henry d. Bliss, his travelling salesman,
for $50, as salary due. and the garnish-
ment of funds in the hands of Frank A.
Blakeslee belonging to Wolcott. 1t is
said to have been one of WOlcott's
schemes to open house at some point
where an older company had an ele-
vator and stir up things by ad-
vancing the price of wheat. A good
deal of wheat was consequently
bought at prices which were of advan-
tage to the farmers. but the grain dealers
have fought shy of the Scandinavian
Elevator company, and made the claim
ing to warrant it in assuming
to do the business it advertised
Mr.. DOty, who began the suit for $4,000,
is the secretary of the Scandinavian
Elevator company, of which Mr.. VOL
colt is manager, and has been in charge
OF the cOmpany'S Office in the
chamber of commerce building.
The Scandinavian Elevator company
has had corporate existence
since April 10, two days after the date
of Doty's loan to Wolcott. The amount
of capital stock, under the terms of the
articles of incorporation, was to be ST.
100000, of which the first issue was to
be $4,000 of ordinary so share stock,
and 1000 shares of $40 promoters
stock. The promoters stock had
the advantage over the other
stock of drawing dividend of extra
size, the exact amount being $40 per
cent OF any revenue earned, exceeding
10 per cent, in any year." This in ad-
dition to the ordinary dividend. The
ordinary stock was to be Of
fered fere doo for public subscription,
the preference. The remainder, $780,
600, was to be offered for public sub
scriptiOn in Great Britain and Ireland,
millers and grain importers in the
united kingdom also to have the prefer
ence In the allotment. 1t was
with the idea of placing some
of this stock, SO it was given out,
that WOlcott went EaSta short time ago
to do. 1t is said that it was the policy
of the company to transport wheat
still belonging to farmers, and
storage, to foreign ports, and
great many of the country
papers, and especially those printed in
the Scandinavian language, have waged
an lnceSsant war on the company and
warned the farmers against its peculiar
methods of doing business.
Yesterday the Manitoba Railway COM
pany began an action against WOlcOtt
for s2S9.07 for freight OH wheat trans
ported from his elevators to Minneap-
oils. 1t is alleged in the complaint
which they filed that their agent, George
ID. Breed, presented bill for $1S1.SS of
Wolcott's check for the amount, but
when the check was presented at the
bank for payment, Breed was told
that there was no money in the
1t is reported that c. G. Wolcott
has gone to Europe to look after the in
terests of the Scandinavian Elevator
company, and the deed of assignment
which was filed yesterday was
signed by his attorney in fact.
Some of his acquaintances say
again in these parts and that he has
probably gone to Europe to dispose of
the wheat which has been stored in his
elevators by the farmers, and which,
under the peculiar methods followed by
the Scandinavian Elevator company,
has been shipped to foreign ports. George
III. White, his attorney, says that VOL
cott's liabilities will not exceed $4,000,
and that he has plenty of money and
that his creditors will receive a hun
dred cents on the dollar for their
time cashier of the FIRST National bank
of Larimore; Dak., which position he
resigned in the summer of 1856 and
came to Minneapolis, and has since been
operating in grain commission and real
estate speculation. Some of his
have been of such nature
that he is reported to have lost con-
siderable money in his various ventures.
He was formerly engaged in the hard
ware business at Nashville, Mich,
where. according to reports, he failed
and settled with his creditors at twenty
cents on the dollar. He then went to
LarimOre, ID. T., where was made CASH
ier of the First National bank. Mr.. VOL
colt now owns considerable real estate
there and it is alleged that he recently
transferred the title of this to his wife,
daughter and father-in-law. The same
property was levied upon under an at
tachment proceeding last September by
the claim was afterward adjusted in
some manner and the attachment with