The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-12-02
BOUGHT IN BY The BANK.
The Merchants National Purchases
the Helena Daily journal at
Sheriff's Sale.
Pays $4,000 for It and Part oil
This the Montana Bank
Wants.
J.. II. Hershneld Tells OF the Plan to Or
ganizc a New Company To Run tho
Paper.

Under Sheriff Hoss yesterday sold the
Helena journal, the plant. good will and
everything that pertained to the business.
The sale was under the Judgment secured
by the Merchants National bank q few
days ago for $50. 307.43 against the Daily
journal. There was quite Il crowd present.
hut there weIe only two bidders-John b.
Clayberg, representing the Merchants bank,
and Lew Wallace, Jr., representing II. Ii.
Harrison. 1t did not take Mr.. Hoss to ex-
cee2 three minutes, after he asked for bids.
to close the plant out. The first was for
$40. 900. from Mr.. Clayberg. Mr.. Wallace
toilowed with an offer of $780, 600 and then
Mr., Clayberg raised him $1,000. That
ended the bidding and the Merchants Ma
tional secured the paper for S2l.000.
l.. II. Hershield, talking after the sale of
his plans in reference to the purchase, said
that in the first place he attached the paper
both to protect the banks inter ests and
those of the owners of the paper. As to
the future he said that arrangements were
now under way to perfect an organization
to publish the paper. He thought these ar
rangements would be completed in four or
five days. The new company is to be COM
posed of the creditors, who will take stock
pro rata according to the amount due them.
In addition his idea is that the new COM
pany have n sufficient surplus in the treas
ury so that it will not be necessary to bor-
row any. Mr.. Hershheld will turn the
plant over to the new company. As all the
debts now due will be wiped out by the
issue of stock. he says the new concern will
be in better shape than the old ono ever
was, as the only liability against it will be
the claim of the bank. and that is the only
one the company will have to take care of.
He also said the proposed syndicate would
not undertake to resuscitate the bust
ness of the journal Publishing company.
Shortly after the sale by Under Sheriff
Hoss the Montana National bank, Of Hell
ena, commenced suit in the district court
against the Merchants National bank. the
Daily journal company. the journal Pub
fishing company and 6. M. Jefferis. In the
complaint 1t is alleged that on Nov. 8, 1892.
the Journal Publishing company was in
debted to the Montana National bank for
$26,424. Is on three promlssory notes exc
cuted on Aug. II, 1891, for $4,000, So 0C
and $6.475 respective y and due in ninety
days. 1t then recites that the plaintiff COM
penced an attachment suit on Nov. 8 last
against the journal Publishing company
and notified the sheriff that the Daily Jour
nal company had in its possession prop
crty belonging to tho journal Pub
fishing company, and that it was also in
debted to the last named company. 1t il
then alleged that the Daily journal com.
pany owed the Journal Publishing company
S3,039. 88, a statement of which it failed &c
furnish, and that this amount is still I'M
paid. Subsequent to the levy the Merchants
National bank began suit against the Daily
journal company. 1t got Judgment on Nov.
rs for this amount and $lO9. 60 costs. Undo
this execution the Daily journal company
assets were sold yesterday. The complaint
alleges that all the assets of the Journa
Publishing company, save the sum O.
$9.0 39. SO, owing to ii by the Daily Journa
company. do not exceed $15.0 900 and that
both companies are insolvent. The plaintiff
asks for an order that the sheriff be directec
TO retain for it 80, 039. SO out OF the $21, 00(
in his hands Delivered from the sale of the
Daily Journal.