The morning call., 1891-07-16
FINANCIAL DISTRESS.
An Attachment Served on an ImmenSa
Lumber Firm.

OMAHA, July 15.-The mammoth lumber
interests represented in Omaha by the
Howell Lumber Company are in financial
distress This afternoon the company exc
cuted bill OF sale to G. L.. Chaffee of the
entire stock, book accounts, etc., of the
local house. the consideration being S112 355.
This was Immediately followed by au at
tachment in favor of the First National
Bank of Chicago to secure large claims
The amount is not made public. Nothing
definite is known here of the extent of the
trouble or the amount of the company's as
sets or liabilities The main office and yards
Of the company are in Chicago. where R.
Howell, the President, lives and manages
the business. The Omaha branch is run
under the name of the Howell Lumber
Company, aud another at Atchison, Kans.,
is under the name of Howell & Co. The
local yards form one of the largest lumber
interests In the city. Under the manage
ment of b. n. Jewett the Howells have the
reputation of doing business after manner
OF their own, and do not let rivals know
their modes of commercial transactions.
CHICAGO, July 15.-The work of attach
ing the property Of the S. r. Howell Lum-
Der Company, which was begun yesterday
at Omaha, Nebr., and AtchisOn, Kans. by
the First National Bank of this city, was
completed here to-day, when 0. n. Charm
ley, representing the bank, took possession
of the property in this city on a claim for
100000. The firms attorney says il can
pay dollar for dollar and have surplus of
S5000O0 left.
President Gage of the First National
Bank, speaking of the matter, said: "While
SpoOner howell has almost unlimited credit
personally in the bank, we find it necessary
TO foreclOse for protection. Howell's
brother was going at such a rate a. to scare
every bank in the city. 1t was rumored
that other creditors were about to swoop
down, and we had to take this step to save
ourselves"
The local attorney for the firm said: THE
trouble has been brought about by George
Howell, who managed the firms affairs IN
the South. He made breaks of huge pro-
portions which the local end had to see
through. As result they overdrew their
accounts, and finally the banks threatened
to foreclose. The First National got there
first. The firm will pay the liabilities and
resume business at once"
President Howell said: "The trouble Is
all In the Western branches. Here the firm
was making money, but out there they have
been paying it out, until the pressure be-
came too great"
Several months ago Howell, as President
OF the company, was indicted by the Fed
eral Grand Jury for violation of the inter-
state commerce law, the company being
charged with bribing the weghmasters Of
various railroads. Many ruInors gained
publicity at the time, one being to the effect
that the railroads had forced the company
TO pay large sums in damages. Howell to-
day admi tied that rumors Of this kind were
an element in the financial trouble, as they
had damaged the compaDy's credit. The
exact standing now is not known, but last
March the assets were placed at 81, 500 900
and the liabilities at 5000, 600.
PITTsBURG. July 15.-Alexander Nimick,
chief partner OF the firm of Nimick & Co.,
metal-dealers. has announced his intention
TO wind up affairs, when the company will
go into voluntary liquidation. The prlnci-
pal reason given Is that for long time the
firm has been carrying great deal of un-
profitable mill property and much of the
paper has shrunk in value. The liabilities
are 81, 900, aud will be paid i'll full.