The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-11
C0E COMPANY
IS BANKRUPT
The United States District Court
Takes a. Hand in the
Affairs. j..
PROPERTY Is TURNED
OVER TO r. H. SALMON
Petitioners Accuse Company Of
Conniving to Favor Certain
Creditors,

The Coe Commission company was
forced into involuntary. bankruptcy in
the united States district court today
Thomas H. Salmon, attorney in the
Temple Court, trustee. o. G. Merri-
man, referee in bankruptcy, Immediate
ly issued papers directing Judge A.
NJ. Harrison, the receiver appointed by
Hennepin district court, to turn over
to Mr.. Salmop all assests of the Coe
Commission company now in his poses
sion or in the possession of the COM
pany.
The transfer of the case from the
district court to the United States court
was directly due to the petition OF
the following creditors: j. Clark, Thorn
as Mckinley, Martin Roles, Ole Orson,
Nels J. Nelson and Jacob Mehr, all
of Lyon county, MINI. The petition
was presented thru their lawyer, George
$i,15s Sf'''' lH''f ''alH' "D0OA' W
The petition states that on March z,
Sndge A. M. Harrison was appointed re-
ceiver after the district court had de-
clared the company to be bankrupt
and the court had given a decis ioa IL in
Gin preference to other creditors. -
It is alleged that Judge Harrison re-
fused to give the petitioners any in
formation concerning the affairs Of the
company. This, together with the fact
that many creditors reside in other
states, namely South Dakota, North Da-
kota and Montana, is stated to be 4
transferred to the United States court.
Accused Of Conniving.
It is further stated that if certain
attachments are allowed to stand other
creditors will receive a larger per cent
than the petitioners. The Coe Commits.
sion company is accused Of conniving
preference over the petitioners.
trustee has been set at $4,000. His
surety is the Title and Guarantee Trust
9, company of Scranton, Penn. It is
stated that the value Of the assets will
probably not exceed $4,000. =
~ The petitioners fled a. bond for
$4,000 as a surety against any dam.
ages which might. accrue to the com
pany thru the petition. ....-..
Referee Merriman s. order was served
upon Judge Harrison this morning. The
Judge said that he was of the opinion
that the order was of no force, but that
it would be proper for the United state.
court in his own right and secure al
order compelling the district court re-
ceiver to turn over the property ano
affairs Of the company. This, however
is merely technical, and he will not
stand upon this right. The property
was transferred this afternoon. :, =.
Hammond still at it
A dispatch from Winnipeg today say'
that it is believed in that city tina
George J. Hammond, president of thu
Coe Commission company is still busy
there The rumor abroad there i
described as follows: -
''B. H. Halliday & Co., a bucketshol
which had loop to the Coe wire il
Winnipeg and was operating on tn
latter's quotations, Is still getting it
Minneapolis service, and since the re
turn of one of the firm from Mime
apolis, whence he went the day follow
ing the Coe failure, it has been reporte
that Hammond has gone in with tn
Halliday outfit and will continue tn
Winnipeg Minneapolis business. It
said the new combination will open u
in a week or two under a new name.
"The total liabilities of the Coe pee
pie here are now stated by Mcdonald
the late manager here, to be abou
$1,000. Those traders who had close
out their trades but had not draw
their profits were paid, but all havin
trades in force were losers, he say
In market circles, however, it is' dt
clared that the liabilities of the Co
company in Winnipeg are many time
that amount.'