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Show STARTLING FINANCIAL METHODS DiSCL0?rn Spokane, March 18. Accorllns t an evening papor, starllin; lact a.s to remarkable financial methods aro 1 being brought out following the appointment ap-pointment of a receiver for the Panhandle Pan-handle Smelting Company, owing an Independent plant at Sand Point, Idaho. Ida-ho. When J. Herbert Anderson ot Chtoago and Winnipeg secured control of tho company two yearn ago, states the paper, tho corporation owned a smelting plant with a capacity of 125 tons a day; a line of 6tnall steamers, 1,000 acres of land, a townslte, water power now worth $250,000, mining ln-terem ln-terem of unknown value and had 2,000,000 shares of stock in the treasury. treas-ury. Its assets could be estimated at $1,600,000, its debts were only $30,-000. $30,-000. Of the 3,000,000 shares of stock then ou6tanding, hundreds of thousands thou-sands had been sold to farmers and capitalists in Minnesota. Iowa, Ohio, Wisconsin and the Dakota at prices ranging up to 40 and 45 cents a share. Today the plant is In a receivers hands. The debts total nearly $400.-000. $400.-000. The treasury stock has vanished. The total visible assets are estimated in the creditors suit as worth $260,000. Anderson, who is being sued by L. G re-enough, tho millionaire mine owner, for alleged frodulent over Issue of 846.000 shares of stock. Is supposed to be in New York. His family, with two automobiles, is said to be in California. |