The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-08
I. RECEIVER CALLS
IT 4 BAD TANGLE
; judge Harrison swamped with
Letters from Many
Parts.
MUCH LITIGATION Is
EXPECTED TO RESULT
Traders All Over the Northwest
Clamor for Slice Of
Melon.

Today's mail brought to Judge A. M.
Harrison hundreds of claims against the
Coe Commission company, Of which he
was appointed receiver yesterday. Be-
hind locked doors, in the Offices at the
New York Life building, Judge Harri-
son, President George J. Hammond and
several other of the concerns officers
are busily engaged in unraveling the
financial tangles of the insolvent COM
pany.
The big Offices which but yesterday
We're the scene of activity, and where
daily FOR several years many thousands
of dollars have been lost or won in
the bucketshop game, are today prac-
Sically deserted. The long row of tele-
graph instruments and tickers are ST.
lent. Yesterdays stock quotations are
still upon the big blackboards and are
marked "Don't erase.'
= Outside there is an ever-changing
crowd of the curious, and those who
are vitality interested in the failure.
They read the sign pasted on the glass
door, that tells Of the appointment Of
a receiver, exchange a Few comments
upon the company's demise and then
make room for others. Every few
minutes q messenger boy pushes thru
the crowd and is admitted by gray
haired doorkeeper who will allow no
one to enter unless he can show Gre
dentials.
In the inner office Judge Harrison
was at work over an immense pile Of
letters, kilograms and statements.
1t 2 an interminable tangle,' he re-
marked. "Claims are coming in from
everywhere. With 40 offices scat
tered all over the northwest, it is alb
solute!y impossible to give any sort Of
are going at it as fast as we can, but
It will be some time before any definite
figures can be given out"
Many Lawsuits Likely,
1t is probable that a large number Of
lawsuits will result from the insolvency
of the company. In disposing of the
thousands Of claims it is likely that
many questionable ones will be found,
and since it is the duty Of the receiver
to protect the rightful successors to the
remnant of assets, the court undoubt-
edly will be appealed to to pass upon
these cases.
It is history that whenever a large
concern with many qualifications gets
sons trump up claims that have but lit
tie foundation; also that certain unscru
pulous persons send in claims with the
hope that in the rush their statements
will be taken for their face value anc
aMard made e., to them. It is likely
bACl LudG Vic UlSti1CJ court OF
Hennepin county will be the battling
ground for large sums.
Business men who have been watch
ing the trend Of the Coe company's af
fairs and are familiar with the record
Of George J. Hammond,, who in fact il
these cases come to trial, the revelation
gets I'M to the courts and shrewd lawyer s.yer
probe deep into the business transac
tions Of the insolvent company and it
officers, strict account will have to b.
given Of all the receipts and expendi
assets, which undoubtedly will b yer,
thoro, other, revelations may be mad
which will have an important bearin
upon the case and determine in larg
degree not only the amount Of div
dends which the creditors will receive
but also whether or not fair represer
Had 100 Telegraph Loops.
= Altho it was large customer, it j
not believed that the concern owes tn
telegraph companies very larg
amounts. This fact is due to the cut
tom the companies have Of exactin
monthly payments in advance for sp'
The Coe company had numerous pr
vate leased lines with both companie
gridironing the northwest and cennec
ing with the east. Every thru line ha
numerous "loops' on it oonnectin
with points by the way. It thus ha
seventy SS oops and it's m moniq f bi
for leased wires was tremendous.
employed about one hundred operator
of it's own and these are now all O,
of work for the time being. The claim
of the telegraph companies will pro-
ably be confined to the tolls due G
regular messages sent and delivere
sinca the 7st of March.