St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-09

a. ANCSSAsSA - - ~ y
a;onds, With St. Paul Men
as Sureties-Particula OF the
Bills Filed in the Cases
Assets Not as Great as the
Liabilities.
George Spencer yesterday qualified in
the United States circuit court as re.
ceiver for the Union Improvement and
Elevator company and of the Lake Su-
perlor Elevator company after giving
bond in the sum of 100000 in each
case. William r. Merriam and f. A.
Seymour are sureties i'll the first in
stance and J. j. Hill and II. 2. Upham
in the other.
This was the outcome of law action
and a chancery proceeding in two ac-
lions brOught.as follows:
nGeorge L.Stebbins against The Union
Improvement and Elevator Company to
recover $50. 600 due OH prOmissory note
given by the Northern Pacific Elevator
company, dated at Minneapolis. May 8,
1898, aud payable in thirty days. The
note was signed by George Ripley,
president, and Endorsed by him as pres
ident of the Northern Pacific Elevator
company. and also by the Union I'M
provement and Elevator company by
l.. A. Marvin, treasurer, and NJ. j.
Forbes, vice president.
The answer was filed in this case by
the defendant, cOnfessing Judgment in
the amount sued for, and an execution
was issued, which was returned by
Marshal DonahoWer as not being salts
fed.
George l.. Stebbins against The Lake
Superior Elevator Company, to recover
$4,000 due on promissory note dated
Nav 4, 1893, payable in thirty days, at
Minneapolis, signed George Ripley,
president, and Endorsed by him as pres
ident of the Northern Pacific Elevator
company, and also Endorsed by the Lake
Superior Elevator company, by Il. s.
Munger, vice president. and l.. "A. Mar
vim, treasurer.
Judgment was also confessed on this
note by the defendant, and execution
issued, which was returned unSatiSfied
by the marshal.
Short OH Assets.
Bills in chancery were filed in each of
properties of both defendants be sub
jected to the payments of the judgments
against the Lake Superior Elevator
company, and of $50, 574.S2 against the
Union Improvement and Elevator com-
pany. Receivers were asked for each
company on the claim that the
property of the Lake Superior
Elevator company does not exceed
100000, while the liabilities amount to
S1,400, 600; that the value of the prop
erty of the Union Improvement 81
Elevator company does not exceed
100000, while its liabilities are over
S1.000,000.
1t was asserted that in the case of
each company the grain on hand is in
numbered by warehouse receipts. A
number of the creditors threatened to
attach the grain, and thereby prevent
the plaintiff from realizing on his
claims.
Judge John A. Williams, who is hold
Ing the United States circuit court here,
heard the applications for the appoint
ment of receiver for each company,
and upon the showing made named
George Spencer, of Duluth, as receiver
OF each company, he to qualify upon
giving a Sl0O,O bond in each case.
Mr.. Spencer was directed to collect
the debts due each company, whether
they be in the state of Minnesota or
elsewhere, and the officers of each COM
pany were ordered to turn over to the
receiver all accounts, moneys, notes,
drafts, bills of exchange and evidences
of Indebtedness of all kinds belonging
to the companies.