Coeur d'Alene evening press. (Coeur d'Alene, Idaho) 1907-1929, 1908-04-13

this city fled through its attorney
Saturday afternoon with the clerk Of
the district court In session ut Wal
lace two suits. one against the b. r.
Lewis Lumber company and the
other against the Idaho 4 Northwest
ern Railroad company. At the same
time the bank asked for the appoint
ment of a receiver. and Fred B. Nor
ril, general counsel for both com
panies. who appeared for both COM
panies, informed the court that the
companies had no objection to the
appointment OF a receiver. and Mr.
Morril was appointed receiver.
Both companies have been hard
pressed financially for some time. and
the prediction has run among those
who were in a position to know for
the past two years that they were
doomed TO fail, and the news OF their
going into the hands OF q receiver
came as no surprise to Occur d'Alene
people. The companies have long
been unable to pay their bills. and
last Friday there was due alone In
time checks to laborern, Il In said, an
amount between $4,000 and $751;
0O0 Friday was the day set for the
redemption OF these checks, and be-
tween 100 and 200 laborers came
into the city with the view Of really
ing their money upon them. but when
they presented them they were In
formed that the company was unable
TO take them up at that time. but
would be able to do so on Tuesday.
The local officers not only held out
the assurance of the full payment OF
these checks on Tuesday by the com
pany, but also to all others who d.
rected any inquiries as TO the time
when they would be able TO make
payment OF them. and gave out the
positive assurance that the company
was perfectly sound and that the ru-
NOR ahoat on the streets that 1t was
about to go into the hands Of a re-
ceiyer was absolutely false.
The Indebtedness is estimated at
about $35O.OO0, all of which Is now
due. The assets OF the company are
estimated to be about $1,000. OOO
The failure of the company Is attrib-
uted to the panic that recently over.
spread the land, and IL Is stated that
the company is absolutely without
cash to meet It's obligations: that b
K. Lewis, who had gone east to neEo.
tiate a loan, had failed. and that a
receiYership was the only means "a
be adopted to save the property for
the stockholders and the creditors
The liabilities of the roallroad com.
pany are estimated at $4,000 and Ia
assets at S3OO.O 900 more than it's liza.
bilities, but, like the lumber com.
pany. It Is without funds to meet IL
obligations. The Exchange National
bank and the First National bank
both OF this place. and the Fidelity
National bank OF Spokane are saic
to be the heaviest creditors of the
two companies. Besides these Their,
also Is a large number OF other cred.
itors.
-. X. Lewis, in an interview given
out In Spokane. assigned as a reason
for the receivership the fact that the
company was about to be attached
and said that the action by the Ex
change National bank was taken a
the request OF the company in order
to preserve the property for tbs
stockholders and creditors. He de
MED In this interview that he was IN
the east for the purpose OF borrow
ing money and that his mission there
was for the purpose OF recognizing
the companies selling forces. ant
stated that no attempt had been mad,
70 raise the money outside the north
west. He also stated that the com
pany Was in the best OF shape. and
that its operations would be con
tinued under the reeeivsrshlp JUS
the same as though nothing had hap
pened. Mr. Morril assumed charge
OF the business this morning. and th'
mill is continuing its operations. and
IT Is understood will until the affair
Of the companies are cleared mp
which Is estimated to be from thres
to six months.
b. r. Lewis and Fred Morril. ths
receiver. were both in the city THU
forenoon looking after the INTEREST,"
OF the companies. They returned e