St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-26

reporter for the GLOBE. and he made, a
clear statement of the condition OF
affairs of the company.
ut is just like this" said Mr.. Spen-
GER, "the business of the company has
been placed in the hands of receiver
for the purpose of preventing large
amount of valuable property from be-
ing torn TO pieces and destroyed by the
injudicious acts of certain persons.
Yesterday the attorneys from Chicago
called at the office and they made out
the proper papers in the case.
1t seems that the business of
the company HAD been placed
in the hands of l.. II. DOty, vice pIesi-
dent of the company, with headquarters
in the city of Chicago, and the judge of
the United States court gave the order
for the turning over of the property of
the company to the receiver. The order
was transferred to other cities in which
the company does Observation-Disclosures.
Ashland, Superior. St.Paul. Milwaukee,
Chicago and other cities. We were
notified of the state of affairs
this morning and the lawyers were in
the city One of them went back to
Chicago this evening and the other went
to the city OF Superior. | knew that
something was coming for the past few
days, as had seen in the papers num-
Der of announcements of the business
difficulties of some of the men who are
interested in the company. l Was over
in Wisconsin looking after some wood
when | saw in the papers something
which caused me to hurry back and
wonder whether | would gel back in
time.
1.-The trouble is this: A number of the
men who are interested in the company
have become INVOLVED in some enter-
pIises which have taken their money
out of their pockets. The creditors of
the men involved knew that they had
interests i'll the company. and they
made certain attachments for the pur-
pose or securing themselves. The af
fairs of the company were placed in the
hands of receiver for the purpose of
preventing the breaking up of All i'm
mense property. We have in st. Paul
about 100000 worth of property. There
is not much coal i'll stock, and
it is our plan to get rid of all the
surplus coal in the sheds before the 1st
of May. We have twelve teams, build
ings and other property in St Paul, and
in the city of Minneapolis there is about
the same amount of property. L sup
pose the company has about 100000
worth of personal property in the places
where the different offices are located
and it is not the fault of the company or
the management that the affair has ~.
Cured. We have been making money!
the year has been successful one from
the stanpOint of the making of money,
and i'll st. Paul we have money i'll the
bank.
.'The trouble has been caused by the
failure of number of companies. A.
q. Yates, president Of the company.
lives at Rochester. n. Y, and l saw i'll
the papers about a week ago that he had
failed. Then the Ohio Coal Exchange
company, of Chicago and Columbus,
went up, and the Lehigh & Franklin
company, of Milwaukee, went under.
These failures are the cause of the
trouble with the company. Their inter
ests were fixed UP, and it is my i'm
preston that the failure has been
brought about by some of the men i'll
terested, who are determined to pool
their interests and get possession of the
property. Blu ii cannot say this 1Or
a certainty.
I'VE will continue business in the
same manner under the instructions of
the receiver, and it is my impression
that it will be carried on for some time.
We have been making money. have just
the 1St of May is the close of the fiscal
have occurred at more suspicious time
We have no coal Ill the sheds. and the
period of comparative inactivity was
just commencing tor us. 1t is my i'm
preston that the company will not suf-
fer from the state of affairs, and that the
business will be continued i'll the same
manner. The trouble has not been
brought about by any fault of the com
pany. | think that some of the banks
in the East have been pressing the
members of the company, and this has
been the cause of the difficulty.
I'VE will prepare schedule of assets
tomorrow If we can, and ii we cannot
get it ready by that time, it will be fill
iShed as soon as we can. 1t will then
be filed. The agent of the receiver will
be in the city tomorrow, and he will be
in the Office with us. To the outside
public there will be no knowledge of
any trouble as connected with the trans
action of business"
In Minneapolis.
Yesterday the front door of the Office
of the Lehigh Coal company in the Col
ION block was adorned with notice
that the office was closed on account of
the affairs of the company having
passed into ths hands of l.. X. Doty. a
receiver appointed by the court in Chi
cago. Manager c. G. Taylor, of the
Io5al business, was asked how the ap-
pointment of the receiver affected busi-
ness in Minneapolis.
There is no local capital in the CON-
pany, and the company's trouble will
not affect any creditors here" said
Manager Taylor, land the business
which we have carried on here success
fully for six years will be continued, as
usual. The cause of the appointment
of a receiver was, in the first place, the
failure of Arthur &. Yates. of Roch-
ester, N. Y, and E. Ii. Warner, of
patent medicine fame. This was fol-
lowed by the failure OF the Lehigh 81
Franklin Coal company, of Chicago,
and the Ontario company on account OF
the Yates and Warner interests. Those
failures caused the failure of the Cres-
cent Coal company, of Columbus, o.,
and the Ono Coal Exchange company.
of Chicago, yesterday, and these caused
the assignment of our company. be-
cause Yates was interested in it heav-
ily."
PHALEN PARK.