Klondike Hero's Company Folds, Creditors Left Short

There are some peculiar features about the recent failure of the commission firm of A. Dillon Co., Seattle. As shown by the receiver, the liabilities were ten thousand dollars, and the assets as compiled by Mr. Dillon were only four thousand. The receiver, upon giving over this list of assets, was unable to give the same values as did Mr. Dillon, and cut down the assets to about fifteen hundred dollars, so that the creditors will receive possibly 15 per cent.

Now this was an incorporated company, and emblazoned upon all the stationery and in the advertising of the firm was the name of T. S. Lippy, whose thrilling adventures and wonderful success in the Klondike has become a matter of world-wide history. Mr. Lippy was interviewed by a representative of The Ranch the other day and asked if the creditors of the company would be protected from loss by him, and he replied he was surprised that such a thing should be expected as he was simply one of the incorporators holding a certain amount of stock, and this liability was, therefore, limited.

While it is true that Mr. Lippy is not responsible legally for the debts of this company, he is undoubtedly so from a moral standpoint, as he loaned his name to the Company as president and that name was the basis upon which all credit has been extended to the Company. Of course it is all right for Mr. Lippy to take this position and presume he justifies himself in this peculiar business transaction because of the precedent established by other great men, men as 'Rockefeller, Carnegie, Schwab, etc.'