Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1894-03-10
PAYS IN FULL.
Tho Leh,gh Company Has Liquidated Its
Debt of 91,25O,OOO.

DeDJ OF SlbSOOsOUO'
CHICAGO, March 6.-The Lehigh
Coal g. Iron company, which went into
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
st. Paul, MINI. Immediately thereaf-
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 its extent and the celebrity
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 81, $50, 000 Under the direc-
ton of Judge Jenkins it has transacted
business of SO, 900, 900 during the last
year, and, as said, is able to pay all it's
creditors in full.
| [The collapse OF the Lehigh Coal g. Iron COM
| pany last April on account of the gloomy busi-
| ness outlook at the time, and the well-known
| public men Interested in It's affairs was one Of
! the sensations OF the year. In o measure 1t
| may be said to have inaugurated
| the panic, for when the Lehigh tum-
bled CONSERVATION was widespread in
! the business world. The largest coal COM
| pany in the United States it had long been
regarded Us the richest and most powerful in
| the field 1t had almost unlimited docxage
! facilities for handling the products of its
/ mines and Its great freight steamers rode
! on almost every wave between Buffalo and
Chicago The company did business OF
1900, 00O tons of coal year and its coke ovens
discharged 1000 tons of coke in addition. Its
coal fields extended from West Virginia
! through Pennsylvania and OHIO and up to the
West Superior region Naturally the collapse
OF such gigantic concern shook business
houses in half a dozen states.
| The failure OF the Lehigh Coal & Iron com.
pany was precipitated by the collapse of A &,
| Yates, OF Rochester president of the Roches
| ter, Buffalo g. Pittsburgh railroad. Mr.. Yates
was also president of the Lehlgh company, and
while an 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 an6
his failure was speedily followed by that
OF the Ohio Coal Exchange company, the Cres
cent Coal Mining company, the Ontario
SOal MINING company, LnO haullODa OOu
Railway company, and the Lehigh s
Franklin Coal company. All these wer'
feeders of the Lehigh Coal s. Iron company
and the big company fell with them For time
its furnace fires were banked and all its mine,
were idle
Ffty-six banks were caught when the com
pany tumbled. Among the most conspicuoul
creditors were the late JaLles G. Blaine, Sena
tor German of Maryland, Senator Brice o
Ohio, ex-senator Sands of West Virginia and
number OF other public men.
When the company went down Presiden
Yates resigned and Capt. L. r. Doty wa
chosen to succeed him. and n few days late
Judge Jenkins appointed the new president re
ceiver Of the company
Soon after Receiver Doty took charge he an'
Judge jenkins outlined the policy for the com
pany and managed its affairs with the great ties
care, They reduced expenses wherever it coult
be DONE but 1t is doubtful whether either o
them expected to discharge thu enormous deb
IN eleven months The years prob IS, however
, were far in excess of their calculations, ant
after 1t became apparent that all creditor
could be satisfied 1t was determined to ask 70
the receivers discharge.
1t is said that this affair is without parable
in two respects-hrst, in that the judge per
mitted the receiver to be discharged befor
detts had actually been paid, and, second, Il
that such gigantic concern earned enough Il
less than year, under the management OF
. United States circuit judge, to actually pay o.
Its debts