Warren sheaf., 1894-03-08
PAYS IN FULL.
The Lshikh Company Has Ldquidated Its
Debt OF oI.25O.OO0.

CHICAGO, March 6.-The Lehigh
Coal s. Iron company, which went into
q receivers hands in April, 1893, has
been declared restored to solvency. In
his chambers at Milwaukee Saturday
Judge jenkins Of the United States
circuit court entered an order discharg-
ing the receiver and directing that the
estate be returned to the corporation.
Duplicate copies of the order will be fled
to-day in the United States circuit
courts in this city, Madison, Wis, and
ter checks to the creditors for the full
amount Of their claims will be sent
from President Doty's Office, and this
action will relegate to history failure
which. both in it's extent and the celerity
with which the intricate complications
growing out of it were settled will, it
is said. stand out prominently for a
long time to come. The company
failed for $1.250,O00. Under the direc-
ton Of Judge Jenkins it has transacted
q business Of t0,OOO.000 during the last
year, and, as said, is able to pay all It's
creditors in full.
THE collapse Of the Lehigh Coal & Iron COM
pany last April on account OF the gloomy busi-
ness outlook ct the time, and the wellknown
public men interested In its affairs, was one OF
The sensations OF the year. In q measure it
may be said TO have inaugurated
the panic for when the Lehigh tum-
blod CONSERVATION was widespread in
the business world. The largest coal com.
peny In the United States, 1t had long been
regarded as the richest and most powerful In
the fAl6 had a1n mil rod
facilities for handling the products Of it's
mines and Its great freight steamers rode
on almost every wave between Buffalo and
Chicago The company did business Of
1OO0, ,O0O tons of coal year and its coke ovens
discharged 1000 tons Of coke in addition Its
coal aelds extended from West Virginia
through Pennsylvania and Ohio and up to the
Wes. Superior region. Naturally the collapse
OF such gigantic concern shook business
houses In half q dozen states.
The failure OF the Lehigh Coal & Iron COM
p0ny was prec1p1tated by the collapse OF A. q.
Yates. OF Rochester, president of the Roches.
ter, Buffalo & Pittsburgh railroad. Mr.. Yates
WAS also president Of the LehlRh company, and
while On attempt was made at the time to deny
that his individual failure would affect the com.
pany, the crash could not long he postponed
Directly after the tumble Of Mr.. Yates. H. H.
Warner, the patent medicine man, sank and
Ais failure was speedily followed by that
Of the Ohio Coal Exchange company. the Cres-
cent Coal Mining company, the Ontario
Coal Mining company, tho Manitoba Coal
b Railway company, and the Lehigh &
Franklin Coal company AL these were
feeders OF the Lehigh Coal 4 Iron company,
and the biz company fell with them. For time
lts furnace fires were banked and Gil its mines
wore idle
Fifty six banks were caught when the com.
pany tumbled. Among the most conspicuous
creditors were the late JaLaes G. Blaine, Sena.
tor German of Maryland, Senator Brice Of
Ohio, ex- Senator Sands Of West Virginia and q
number OF other public men
When the company went down President
Yates resigned and Capt. L. R Doty was
chosen TO succeed him, and a few days later
Judge Jenkins appointed the new president re.
eeivsr Of the company.
Soon after Receiver Doty took charge he and
Judge Jenkins outlined the policy for the COM
pany and managed its affairs with the grea test
care. They reduced expenses wherever it could
be done. but it Is doubtful whether either Of
them expected to discharge thu enormous debt
IN eleven months The years profits, however,
were far in excess OF their calculat tions. and
after 1t became apparent that all creditors
could be satisfied it was determined to ask for
the receivers discharge
It Is said that this affair Is without parallel
IN two respects-hrst, In that the Judge per
mitted the receiver to be discharged before
dcrts had actually been paid, and. second In
that such gigantic concern earned enough In
less than year, under the management OF q
United States circuit judge, to actually pay all
its debtsl