The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-07
A RECEIVER FOR
C0E COMMISSION
George II. Hammond's Widely
Ramifying Concern in Hands
Of Judge Harrison.
LIABILITIES TOO WIDELY
? SCATTERED TO ESTIMATE
Local Estimate Is $500, 900, While
New York Thinks They'll
Be Million.

The greatest bucketshopping concern
in the country has gone to the wall.
The Coe Commission company, OF
which George H. Hammond is the con-
trolling genius, is now in the hands
of a receiver.
The man named for the herculean
task Of Strengthening out the great
tangle Of the company's affairs isi;
Judge A. M. Harrison, who but re-
Gently completed term on the dis
trict bench of Hennepin county. He
was named today by Judge 3. c.
Brooks, after consultation with Me-
Gee g. Lancaster, attorneys for the in
solvent company, and Wilson g. Mercer,
attorneys for Lawrence King, whose
unsatisfed $500 judgment precipitatedi
the action of the court.
In the Grip Of the Market.
Hammond has for nearly three years
fought the regular grain exchanges
singlehanded and has built up a great
and extensive business covering the
northwest, and recently extended thru s
out the North Pacific coast region. But .
the market itself. remorseless and err
ratio, has at last crushed Hammond in
it's grip, thus accomplishing what the
organizations Of the legitimate grain !
trading have been unable to do.
Talk of Huge Liabilities.
No one knows as yet what Ham
mond's liabilities are. A host Of small
traders, scattered thru half score OF |.
states, have claims against the l75
branch houses he operated. Until they
have4 told their tale, it will be impossi.
BILE to say how much Hammond and
his company owe. The estimate IN
Minneapolis is 100000. In New York
the traders are saying that the ia-
bilities will be round million dollars.
Assets Very Indefinite.
The assets are equally difficult to
estimate. But as Hammond, for the
past six weeks, has strained every
nerve and drawn upon every resource
to bolster up the waning fortunes of
his topheAyy concern, it seems unlikely
that The assets can be anything like
as large as the liabilities. The chances
are that they will prove quite made
quate. Mr.. Hammond, however, calmly
maintains that every creditor will be,
paid and that he will yet come out on
he has none, but confidence a-plenty.
Rumors involving the solvency Of the
Coo Commission company have been rife
for several weeks The newspapers
have been showered with them, but
have conservatively refused to give
| them publication until some legal ac--
ton made the matter privileged. The
stories began when checks were thrown
out of bank for lack Of funds.
Redwood Falls Man Acts.
The first action looking to bringing
the company into court was taken by
Lawrence King, merchant OF Red
wood Falls, Mimi, who sought to res
cover about three hundred and fifty
dollars, which he claimed was due him
on a transaction made thru the COM
pany's branch office at Redwood Falls
Personally failing to secure settle
ment, he began action in the municipal
court of Minneapolis thru his attorneys,
Wilson & Mercer. Judgment was en-
tered and transcript was taken to the
district court and executed. The sher-
if went to the companys office with
the papers, but returned them to the
Thereupon. Kings attorneys alleged
the insolvency Of the company.
Bank Accounts Garnished. s
On Feb. ,25 Wilson & Mercer gar
n1shed the Coe Commission company q
deposit in the First National bank and
on Feb. % took similar action against
the company's account in the National
Bank Of Commerce and the Security
National bank. When application was
made for the receivership, counsel for
the company made no objection, but
frankly admitted the inability Of their
client to settle at present. At confer
ences between the attorneys Judge
Harrison had already been considered
for receiver and as he was acceptable
to the court, he was named today. The
the papers ready and the courts or
: der was made this morning without
delay.
In the papers filed by Wilson 8 Mer.
Ger, attorneys for Lawrence King, It 4
alleged that "the defendant is unable
to meet its obligations as they mature
, in the regular courts of it's business, 4
: ing business. That it has been doing
large business and 10 prevent chaotic
, conditions it's assets should be inlmedt
lately placed under the control Of thu
: court; that receiver should be immo
diately appointed and it's property b.
, sequestered under and in accordance
: with chapter 76 Of the general statutes
OIL Gu6 SIdtt VI VdluucSOGd LII OAp y 0<tl
! 1894 and the acts amendatory there
: to-
Mr.. Hammond and his associates ad
I INIT the insolvency Of their company
4 "The market has been humping US fo
; months, says Mr.. Hammond. w
: have done everything we. could bn
i, could not pull thru. This is one of tn
9 downs, but the ups will come later
Effect in Wheat Pit.
b On the floor of the Minneapon
Chamber of Commerce there was every
9 where evident a feeling of suppresses
9 Joy. No one said anything agalns
:, Hammond, but all members felt g
d lieved and gratifed that the arc
9 enemy Of the chamber had gone unde1
e In the wheat pit there was heav
d break in prices, and May wheat hav .a!
l. morning at $1.l3as and sold down t
l. 81. 1l3s. It was rumored around tn
% floor that a local chamber firm has bee
" carving a line of long wheat for a.
- cnny,t ~ Hammond and that this whea