The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1908-02-15
EscANABA CONCERN OWNED STOCK
or LOCAL COMPANY.
LIABILITIES PLACED AT 100000
ltls Claimed That Dissatisfaction Over
Management Of Concern Brought
on Trouble.

The EscanaDa Woodenware company
has gone into the hands Of receiver.
Hon. Ole Erickson of Escanaba was
appointed by Judge Stone to Ia e
charge Of the affairs Of the concern aud
II. T. Lucas was enioined from acting
a. manager.
This concern was so closely woven
into the old Crystal Falls Woodenware
company and the officials Of it were so
well known in Crystal Falls that the
following history OF the company s
affairs, taken from the Escanaba Mir
ror, will be read with interest
While no definite statements is made
in the application for the appointment
Of a receiver 1t is understood that the
company's liabilities are approximate
ly S400 600 while its assets are rated at
considerably more than that amount.
In the bill Of complaint filed by Atty.
Cummiskey who is styled as one of the
company stockholders and creditors,
much Of the corporations inside history
is divulged. showing the discomfort
that has developed among the stock
holders under the management Of Mr..
Lucas
After the company's organization IL
is shwon by tho bill OF complaint that
il had assets amounting TO approxims-
taiy 9eno nan aod t;ahgttttaa - a,,xso.
imately 800. 600 The assets are aes-
cribed as follows mill and land in
Escansba $3.50. 0OO, interest in Crystal
Falls Woodenware company go. 900.
timberlands in Delta, Marquette, Men
ominee, Gogebic and Ontonagon couu-
ties s25. 600 and logging equipment val
ued atzs $40. 900.
On Mar. Z. 1907 the compAny's stock
holders were M. b. Wallace. n. b.
Wallace. J W. Sheldon. Harold Max
well. Edward Hidden. J. b. Smith.
Edward Weston. H. p, Lucas. W. m
Cotton. A. J. Killan and John Cum
miskey.
that about Mar. Z differences as 10 the
management of the company developed
between Mr. Lucas and M. B. Wallace
and Edward Weston. A meeting was
arranged at Chicago for the settlement
Of the difficulties and il Is claimed that
without authority from other stock
knIA 20 IL
Wallace. IL b Wallace, J. w. Sheldon,
Harold Maxwell. Edward Hidden. J.
r. Smith and Edward Weston should
take over the company's manufac-
turing plant in the city OF Escanaba
with the land on which ii was located
and all stock held by the old corpora
tion in the Crystal Falls Woodenwaeo
company. II was also agreed that the
new company should take all maple
growing on the lscanaba WoodenWare
company lands valued az 500 600
The entire plant, stock and timber was
taken over at valuation Of f32s. OOO
but.no money was paid over. the stock
$3.50, 600 worth OF stock IN the old com
pany to Mr. Lucas AS trustee.
After the transfer Of that portion Of
the company 8 property it Is said in the
bill that the business OF cutting and
marketing timber on the company Z
lands WAS continued. In tine complaint
il IL ALLEGED that the transfer Of the pro-
perty was made by Mr. Lucas withou
proper authority and that the proceeds
resulting from the transfer were not
applied to the use OF the company but
were wholly appropriated by Mr.. Lucas
and the stockholders thus injured.
Il is claimed in the complaint that
under the management OF Mr.. Lucas
that the assets of the company are rap
idly becoming dissipated because of
his extravaganza and mismanagement
and the court was asked 10 interfer