The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1889-11-13
A CROss.pETITIoN

Hleu IN the suit OF the Boston Safe Do
posit and Trust Company Against the
Ohio a Western Coal aud Iron company
That VIII Cause q Sensation. IN
COLUMBUS, o., Nov. IA special to
the Press from Logan, o., says: Some
weeks ago the Boston Safe Deposit and
Trust Company filed suit in the Hooking
County common pleas court, to foreclose
Q mortgage securing the bonds Of the
Ohio " Western Coal and Iron Company,
whose recent failure Is still so severely
felt throughout the valley. Monday the
answer and cross-petition Of w. ID. Lee
was filed, and 1t bids fair to make wide
sensation and to expose to the public
curiosity some Of the Interesting history
Of the various coal speculations in this
part of the country. s.s,,.i,.p.,s.,
The Ohio & Western Coal and Iron
Company was formed on the ruins OF the
Hooking Coal and Iron Company, the
Buchtel Iron Company, the Xxx Com
pany, the Hop Furnace Company and
the Standard Coal and Iron Company,
the last named having been the imme-
date predecessor of the Ohio q West
ern,,l These companies were owned by
various eastern capitalists, and included
among their projectors number Of we'll
known public men, as we'll as q number
OF men who were equally as we'll known
on account Of their bold speculation in
the mineral resources OF this State.
Among the latter, and by far the most
prominent, was w. ID. Lee, formerly Of
Newark, O., but now arosident Of New
York, whose answer and cross-petition,
now on file, is Of most interesting
character. The answer covers fifty
pages Of type1written matter and fully
sets out the scheme by which the new
company, which had mo- existence, his
tory or capital Of It's own, obtained the
title to 5000 acres OF, land in consider
alton of assuming the Liabilities upon it
and which we're to be paid by bonds, Sc
cured in turn bya mortgage on the iden-
tical property transferred from the old
companies to the new.
l.. Among the creditors Of the old COM
| panies was w. d. Lee, who, by the
terms of the agreement, was to receive
the enormous sum Of 81, 1908, $50 in bonds
of the Ohio & Western. These bonds
we're to be part Of the authorized issue
Of S3,50O,0OO, secured by mortgages to
the Boston Safe Deposit and Trust Com
pany, which is about 10 be foreclosed.
Lee claims, however, that the bonds
were never issued to him but put in
soak or sold by j. M. Glidden, the presi-
dent of the company, Of Glidden &
Curtis, whose failure year ago preci.
| pitated the ruin Of the Ohio & Western.
1t is also charged that bonds were fraud.
ulently issued TO other parties without
consideration and accepted by them in
bad faith. The answer insists on these
bonds and the ones converted to the use
Of Glidden being turned over to Mr.. Lee
30 that he may pro-rate with Other
creditors who hold their bonds in good
faith, out Of the proceeds of the mort
gagged premises, which include about
5000 acres OF coal lands In Athens
Hooking and Perry counties.
The great mineral resources owned by
the Ohio & Western in these three coun
ties has necessarily been inactive since
its failure, which has, therefore, beer
most far-reaching in its extent and char
acter and has greatly depressed the in
dustries and enterprises OF the Hooking
valley and speedy decision Of this sui
is anxiously looked forward to by ouI
| peOple.