River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1894-03-08
PAYS IN FULL.
Tho Lehigh Compsny Has Liquidated Its
Debt of 81. 100000.

CHICAGO, March 6.-The Lehigh
Coal & Iron company, which went into
receivers hands in April, 1898, 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 AID directing that the
estate be returned to the corporation.
Duplicate copies of the order will be filed
to-day in the United States circuit
courts in this city. Madison, Wis, and
St Psul, Mimi. Immediately thereaf-
ter checks to the creditors for the full
amount of their claims will be sent
from Presto. at 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, 1t
Is said. stand out prominently for
long time TO come. The company
failed for 81. 250. 900. Under the direc-
ton OF Judge Jenkins it has transacted
year. and, as said, Is able to pay all its
creditors In full
1.-THE collapse Of the Lehigh Coal q Iron com
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 measure it
may be said 10 have inaugura ted
the panic for when the Lehigh tum-
bed CONSERVATION was widespread ia
the business world The largest coal com
pany IN the United States It had long been
regarded the richest and most powerful in
the field II had almost unlimited dockage
facilities for handling the products OF its
mines and its great freight steamers rode
on almost every wave between Buffalo and
Chi ago The company did business OF
100000 tons of coal q year and Its coke ovens
discharged l, 600 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 ia half dozen states.
The failure OF the Lehlgh Coal s. Iron com
peny was precipitated by the collapse OF A. q,
Yates. OF Rochester, president Of the Roches-
ter, Buffalo Pittsburgh railroad Mr. Yates
was also president OF the Lehigh 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, II. II.
Warner, the patent medicine man. sank and
his failure was speedily followed By thGt
of the Onto Coal Exchange company. the Cres
cent Coal Mining company, the Ontario
NoNA NohRNhJt VIZ N1HAeNSe Sc1A
s. Railway company. and the Lehigh
Franklin Coal company. All these were
feeders OF the Lehlgh Coal & Iron company,
and the big company fell with them For tune
it's furnace fires were banked and al IT'S mine
were idle
Fifty-six banks were caught when the com.
pany tumbled. Among the most conspicuous
creditors were the late James G. Blaine. Sena-
tor German OF Maryland. Senator Brice OF
Ohio, ex Senator Sands OF West Virginia ana
number OF other public men
When the company went down President
Yates resigned and Capt. l. r DotY was
chosen TO succeed him, and few days later
Judge Jenkins appoin ted the new president re-
csiver OF the company
Soon after Receiver Doty took charge be and
Judge Jenkins outlined the policy for the com-
pany and managed its affairs with the greatest
care. They reduced expenses wherever il could
be done but IL is doubtful whether either of
them expected 10 discharge the enormous debt
in eleven months The years profits, however,
were far In excess OF their calculations and
after IL became apparent that oil creditors
could be satisfied 1t was determined to ask for
the receivers discharge
II Is said that this affair IS without parallel
In two respects-nrst, in that the Judge per
mitted the receiver to be discharged before
deits had actually been paid, and second. In
that such a gigantic concern earned enough in
less than q year, under tbs management OF a
United States circuit Judge, e actually pay all
fits debts