The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-03

|
Mining Notes and Personals.
Like flash of lightning from a
clear sky came the report yesterday
that the Pennsylvania Lead Works had
confessed judgment in the sum of $685.
OOO and that this immense Pittsburg
plant had passed into the hands of a
receiver; and there was also much sur
prise manifested in mining circles in
this city when it was learned that
Wells, Fargo & company's bank, of
Salt Lake, had filed suit against the
pennsylvania Smelling company also
of this city, for the sum of $l5O,OOO.
While particulars were not available
yesterday afternoon, it was learned
that the Pittsburg establishment had
become heavily involved during the
past year, and that it is more than
likely that the attachments for the
amount stated above had been insti-
tuted by eastern banks, which were the
creditors of the concern.
1t is not known as yet what effect
this action on the part of Wells, Fargo
q co. Will have on the future of the
pennsylvania, or Mingo smelter as it
is more generally known but il is
thought that no attachment proceed
ings Will follow, and that the plant will
continue to run for an indefinite period
in smelling circles in this city it was
the concenSuS of opinion that the fail
ure of the lead works was caused by
loss incurred by the low treating
charges made by the company, and it
was stated that if the smelterS of the
n M 70 fr,to -,
that it would not be long before all of
them went by the board, and this is
Delng given as the reason why the
treatment charges have been advanced
of late.
The action of the Pennsylvania dur
ing the campaign last fall caused no
little comment, and the attempt to mix
politics with business caused consider
able unfavorable comment throughout
the state, but now that the tables are
changed there are those who advance
the theory that the failure was caused
very largely by having too much of
what is now designated as Mckinley
prosperity"
Pittsburg, Feb. 2.-Yesterday a judg-
ment for nearly Sl,00000O was confessed
by the Pennsylvania Lead COMPANY in
IaVor OF George s. GriScom, trustee for
creditors. The action was followed by a
bill in equity filed by Mr. Griscom. asking
for the appointment of a receiver for the
company, the board of directors Joining
in the. petition. The court, on the
strength of the papers filed, appointed
George s. Griscom and H. Z. Anderson
as receivers for the company. directing
them to operate the works until further
orders OF the court. They are to make
a report every month and to give bond
for $4,000 for the present.
The bill for the receiver sets forth that
Colonel GriScom is the holder of the
judgment against. him for $96S. 253 in favor
of the creditors and that H. Z. Anderson
is a stockholder. The corporation was
incorporated in 1890 and has a capital
stock OF s1O.0OOOOO, of which ]. E.
Schwartz is the owner of $3.50 900. The
officers of the board of directors are: ].
e. Schwartz, president; George Faunce,
vice-president; J. NJ. Schwartz, secretary
and II. E. Anderson, treasurer.
The general offices of the company
Robinson township. The land and the
plant erected uDon It are worth 1867 600
Other assets include the advancement of
$4,000 to the Pennsylvania Smelling com
pany of Utah. and considerable sum IN
book accounts and cash. The liabilities
are about S1,400000.
The answer of the defendant admitted
that its paper in the bank had gone to
protest and that about $45O,OOO would be-
come due for each of the next three
and that under existing circum-
stances it will be unable to meet the
j. z. Schwartz, who is prac-
tically the owner of all the capital stock
who has endorsed and guaranteed a large
amount of the Indebtedness, is now
stricken with paralysis and unable to
transact business or renew his endorse
mentS, or authorize anyone to do So |
The obligations are held in Utah, New
York London and this city. If suits
erty of the company will be sacrificed |
and It is set forth that it VIII be for |
the best interests and that it is neces- /
sary for the welfare of the creditors that !
a receiver be appointed. as the assets can |
be administered so that all creditors will |
be paid in full and surplus left for the !
The affidavit of H. E. Anderson, the !
treasurer of the company. says the COM
pany s assets consist of 6S acres of land |
in Robinson township, on which is |
and smelling ores aIr6-bullion containing |
precious metals. There are at the works |
and in transit, ores worth COO and the /
company has contracts for the purchase |
Of ores for which advancements have /
been made. 1t has book accounts, cash |
On hand and miscellaneous assets to the
amount os SIz5, UvJ.
The lead company has advanced to the
Pennsylvania Smelling company, of Salt
Lake City. Utah. $3.50, OOO
The liabilities amount to about 81. 400
most of which will mature in 90 days
Over $4,000 OF this paper went to protest
He joins in the prayer for the
'eceiver.
WllliS NCOooh' I-Su., tHe dttoIHey IOr
he lead company. stated today:
THE move is entirely a precautionary
me. Mr.. ]. f. Schwartz. the head of the
company. was stricken with a paralytic
stroke on Friday evening and even since
hat time he has been in a critical con-
lition-so critical that the physicians in
orm US that one word of business i'm
parted to him might end his earthly
areer. You see it requires about $500, 900
month to purchase ore and bullion for
he smelter, and as these are bought
'nly for spot cash, notes have to be
,iven and realized upon to keep enough
money on hand to make these purchases.
several of the notes have lately fallen
ue and will have to be renewed, hence