Established 1899
Points
That
Interest
You
We We provide an absolutely safe
place to deposit your money.
H&VC e are not an experiment bat a
grown, really existing reality.
Money e return y° ur money (all of it)
on demand.
r We are prosperous us well as
prog:essive and Merit Wins.
T rvcin We give you tlie best of service
as the result of long ex-
When • perience '
Vt e pay 4 per cent interest on
savings accounts.
We do not mimic, or meet, but
* - create, originate and raise.
We have the largest capital, sur
jjU I ~ plus and profit account of
tSrOKe any bank in this region.
THE
FIRST NATIONAL BANK
OF HICKORY.
* "
Capital §200,000.00 Surplus $30,000.00
I A. A. SHUFOftD, President K. C. MENZIES, Cashier
J. L. CILLEY, Ass't Cashier A. L. SHUFORD, Teller
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* services, The Hearst and The United Press. It has feature pages era- \
\ bracing the best that is going in art and literature. It also contains a \
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4 subscription price is $1.50 per year, and it sells at 5c the single copy. 4
0 THE FARM NEWS. 4
This is a very popular farm journal published by The Simmons Pub- f
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} THE WOMANS HOME JOURNAL. )
a Filled monthly with best serial stories, most helpful department— J
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f poultry, cosy nook for girls, cookery, etc. f
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8 LENOIR COLLEGE f|
X Hickory, N. C. V
Drop a Card for a Catalogue at Once. ft
A. B. Courses. Music (piano, violin voice, theory), Expression, Jk
Art, and Preparatory Departments. Our Graduates admitted to post
graduate courses in N. University. New Dormitory for Men.
Eighty-foot wing being added to Girls' Building. Steam heat, elec- Jk
trie lights, baths, See. Board and lodging at cost! Tuition in College,
$40.00 a year. Hickory Business College in connection with L. C.
Bookkeeping course, $2O; Shorthand course, $2O. Our students get Je
and hold positions! R. L. FRITZ, Pi es.
1' Horner Military School
1851 1909. 110
Oxford, North Carolina W .
Classical, Scientific and English Courses. Prepares for Col- 1
lege, University or the Government Academies. Military A' M
training develops prompt obedience and manly carriage. M
Academy 68 years old, with experienced teachers. Cadets Int
dine with the principal and ladles of his family, securing //111
the culture of home life. Cultivates and Modern Jl gll
buildings, perfect sanitation, wholesome fare, no crowding. mi 1 m
Best moral, mental, physical and social training. Shady MM 3 U
lawn, athletic park, one quarter mile running track, 800 Wm [ Bfc
acres. Ideal climate, helpful environment In the social JnM I
atmosphere of refined Christian people. The town noted /j/f A VVV
for over a century as an educational centre. v/v "
Catalogues ready for distributing
HORNER MILITARY SCHOOL
Col. J. C. Horner, Principal, Oxford, N. C.
THE HICKORY DEMOCRAT
HICKORY, N. C., THURSDAY, AUGUST 5, 1909.
STEALING WATERPOWER
How Northern Wealth is Rob
bing the Soutu Without
Being Checked.
(Jno. L. Mathews in Hampton Magazine)
(Continued from last week.)
The water-power grabbers
have not yet garnered chat har
vest, but they have caught one
very near it, the Rockingham
Power Plant, and all North Car
olina can see now that they went
after that very skillfully.
Rockingham is a busy little
mill town in southern North Car
olina on the Peedee river. Just
above it is Blewett Falls, a long
rapid over which the river - dis
charges with a force capable,
when gathered behind a forty-five
foot dam, of generating at low
water probably 35,000 horse pow
er and of far exceeding that when
the forest reserve is established.
This power lies in the very cen
ter of a rich cotton manufactur
ing region and within reach of a
dozen of the busy and prosper
ous cities of North Carolina and
its neighboring State. Some
years ago the fiim of Hugh Mac-
Rae and Company, bankers, of
Wilmington, N. C., observed the
value of this fall! and as they
were already interested in water
power they decided to develop
this one.
When thev had bought up the
riparian lands for the dam and a
bie: pond, and had secured a fran
chise from the State, they came
to New York for their financial
backing. They went the same
old route which I have described.
By a sort of easy compulsion they
were led to the slaughter. Every
thing was made pleasant and
easy for them.
Sidney Z. Mitchell, whose ac
tivities we have listed, took them
in charge for the Electric Bond
and Share Company. C. N. Ma
son helped a little. W. L. War
ner, of Boston, representing
Warner, Tucker and Company,
the Colonial Securities Company,
the Federal Construction Compa
ny, and Lockwood, Green and
Company—all in one person
joined in the game which was
gotten up to handle North Car
olina promoters.
Lockwood, Greene and Compa
ny estimated the cost of the
whole affair at $1,980,000. This
was not a wild guess. They sent
men there and made a careful
survey, for which they were
paid, and then they calculated it
on their long experience with
similar plants. The figures look
ed reasonable, so, with his good
friends Mitchell and Warner to
help him, Macßae, for the Rock
ingham Power Company, execu
ted a mortgage on the whole af
fair to the Knickerbocker Trust
Company, and issued $2,200,000
in bonds. They gave fifty per
cent preferred stock with every
bond and sold the two at 90 [that
is, $l,OOO in a bond and $5OO in
stock for $900.]
Macßae took more than $1,000,-
000 worth, in fact considerably
mora than half the issue, and
sold part of them to his North
Carolina friends and customers.
He had already secured contracts
for power which promised inter
est on the bonds, and ten per
cent on the preferred stock from
the very start. Of the rest of
the bonds $300,000 worth went
to the Electric Bond and Share
Company, who sold them to their
trade or held them, and $700,000
worth to the Colonial Securities
Company. The stock control
went to Hugh Macßae and Com
pany, who held the voting stock.
The voting stock, but not the
votes, for Mitchell and Warner
soon had Macßae persuaded that,
as they were all friends together
going in on a good thing, he
should let them in with him in
a voting trust until the plant was
paying dividends.
HOME FROM THE SCHOOL
The following shows what the stir
joundings of Hickory can do in the way
of inspiring poetical geuins:
When the twenty sixth of May ?aait :
I rejoiced with tls _ grea
I was ready to leave OK. >,
And toward hoj.it I would fit
But wheu the e came for departs
My soul was filled with pain,
I must leave some dear friends there,
Never to see them again.
I boarded the train in good spirit,
And as I stood on the rear,
I saw my friends waving at me
And I could not help shedding a tear.
I arrived at lioye that evening.
And greeted my mother's kiss;
I thought there was no place on earth
Surrounded with more heavenly bliss
But lo! the time has come for working;
I must soon work like a mule,
Doing my hard tasks and duties
For money to go to school.
I am now thinking of the pleasures
I may have at lienoir College again,
For the pleasures of studying is like
heaven,
And the drudgeries of work like sin
N —A STUDENT,
First they organized the Rock
ingham Contracting Company to
build the plant. That had only
$5OO capital, so it could not be
successfully sued for any large
damages. Then they employed
the Federal Construction Compa
ny and Lockword, Greene and
Company to do the work for the
contracting company. They
were to pay them ten per cent
of all the m:>ney spent. As War
ner and others concerned
in the project were directly con
cerned with the prosperity of
the Federal Trust Company, it
would look as if Mr. Macßae
ought to have taken notice right
there, for the more these compa
nies "spent" the more their ten
per cent amounted to.
But it was some months be
fore the Wilmington bankers
found out that they were adrift.
Then, as the plant was delayed,
and the old story of Buckhorn
Shoals, with which they were fa
miliar, began to unravel itself to
them, they tried to stand against
their own undoing.
It was too late. According to
court records, they visited New
York, and attended meetings of
the directors, only to have their
remarks voted down and expung
ed from the records. No notice
was taken of their resolutions.
They were at last completely ig
nored. They had but one vote
in the voting trust, while Warner
and Mitchell had two.
As usual, the S. Morgan Smith
Company was building the wheels
of the new plant. This is the
greatest turbine-making firm in
America and is generally allied
with the monopolizing assem
blage.
When at last Macßae and Com
pany, in a desperate strait, ap
pealed to the Supreme Court of
North Carolina to break up the
voting trust and restore to the
stockholders the right to direct
the development—representing
to the court that only in that way
could the interests of the bond
holders be preserved —the mem
bers of the voting trust, with
their associates on the board of
directors, and the executiye com
mittee of the Rockingham Pow
er Company, took prompt action.
A representative of the Smith
concern went to New York and
that tirm "arranged" to apply
for a receiver for the power com
pany. Before the same notary
an application for a receiver by
the Smith concern, and a request
that it be granted by the Rock
ingham Power Company were
made out and sworn to; and the
next day, Noyember 21, 1908,
without the knowledge of the
board of directors who were in
session (or at least of the Mac-
Rae members) this petition was
filed before Judge Pritchard in
the Federal Court at Raleigh.
(Continued on fourth page)
FARMERS GATHER.
An Interesting and Largely
Attended Meeting Held Here
5«... JGQ farmers and 100
v*s' wives attended the
•rs Institute at the graded
ilding on Monday, and
ssed themselves as high-
with what they saw
Y
morning session T, B.
ps™B^i scusse d the culture and
u£b of legumes, J. A. Conover
talked on the breeding, care and
feeding of live stock, while at
the women's meeting Mrs. F. L.
Stevens gave a talk to mothers
and Miss Josephine Evans gave
a demonstration of cooking.
In the afternoon Mr. Parker
gave some valuable information
on corn culture, W. W. Finley
discussed farm problems, Dr.
Stevens talked on plant diseases
and the methods of controlling
them and Mr. Meacham enlarged
upon the troubles of the farmer.
At the evening meeting Dr.
Stevens gave an educational talk
along agricultural lines and S. B,
Shaw told of the preparation of
fruit and vegetables for commer
cial marketing.
There are five parties now out
on this institute work, one on
the Southern road, one on the
Seaboard and three on reutes
which are |not reached by the
railways. They carry two cars,
one equipped with domestic
science appliances and one with
farm implements, from each of
which demonstrations are given
as opportunity serves.
Dr. and Mrs. Stevens are re
cently returned from an exten
sive trip through Europe, during
which they made an exhaustive
study of economic farm condi
tions and the agricultural de
velopment of countries abroad.
The program for the farmer's
institute to be held at R. L.
Shuford's Oak wood farm on
Monday, Aug. 9. will be as fol
lows:
At the morning session, which
will open at 10 o'clock sharp, the
subject for discussion and the
speakers will be, Soil Improve
ment, by Prof, C. L. Newman;
Jtiome Grown Feeds, by R. L.
Shuford; How to Market Farm
Produce, by W. J. Shuford.
At the afternoon session,
which will open at 1:30, Advan
tages of a Live Stock Associations
by John W. Robinson; Care and
Feeding of Farm Work Stock, by
Dr. G. A. Roberts; Diseases of
Farm Live Stocks by Dr. J. W.
Hartman,
This will be followed by open
ing of the question box and ap
pointment of committees. It is
hoped that as many farmers,
with their wives, as possible will
be present.
Conover, Route 3.
The people of this vicinity are
enjoying good health at present.
There was a singing at the
home of J. M. Stine last Sunday.
A verv large number were pres
ent and all seemed to enjoy them
selves to the utmost.
John Stine is beginning to erect
a nice cottage on the Oxford
Ford road, near Rock Spring
school house.
David Isenhower, who has
been on the sick list is improving
some at present. We hope that
he may regain his usual health
very soon.
Crops had been looking bad
for awhile, but the rain of Mon
day night has been very refresh
ing and they may catch up and
make good truck after all.
St. Peters Sunday school will
hold its annual picnic on Satur
day before the second Sunday
in August. Holy communion
will be celebrated on the Sunday
afterward.
Success to THE DEMOCRAT.
Democrat and Press, Consolidated r905
i KNOWLEDGE 1
■ w
|s of a depositor's business w
M character and methods is &
m an important element in !$!
|t judging his responsibility. &
& . . Si t
Js The broad basis of this w
tis bank's service is mutual w
/|\ understanding and confi- $
| dence between its officers ||
§ and patrons. S
| = |
I Hickory Banking & Trust Co., J
i\\ Hickory, N. C. yp
ij^g -f' -*• -r-
>w- >*.• >*/ >5- -C- !■ -«C -C- "C
I QBE I
Have you a good watch? If
not, you need one, and I am in
a position to serve you in the
best possible manner. M
|. MY STOCK IS LARGE, g
and all the reliable makes and
IMj grades are always on hand at
the lowest prices; 7 to 24 jewel
movements, plain nickel to sol
id gold cases.
I GEO. E. BISANAR, £
Jewele and Optician Watch Inspector Southern Ry. R
|THE BEACON LIGHTS
£ shines day and night to the mariner who )C
JC sails the seas. Yon can't get wrecked when HI
5 you cast light on our completely assorted JS
5 Purniture 5
|p No mariner's compass is truer than values we give for |g
|j~ dollars paid us. Nothing exaggerated. Buy and be ||J
£1 satisfied. CASH or CREDIT. IC
1 Hatcher furniture Co. |
S Complete Home Furnishers jjj
S HICKORY, N. C. JC
| Summers Transfer Co. j
i Draying and transferring done promptly 4
and reasonably on short notice, Special at-
i tention to baggage transferred. Experienced
4 and courteous white drivers, 4
j- Calls Answered at All Times. j
\ SUMMERS TRANSFER CO. \
J Phone 192. J
FOR lfS YEARS bori hare been prepared for COLLEGE and for LIFE, tad hare Leon trained
BINGHAM tobe MEN at THE BINGHAM SCHOOL. Ideally located onAtheVifla .
_ . . _ Plateau- Orfaniiation MILITARY for dltetpline, control and carriage. Boyt txpelled
SCHOOL from other aehool* not nnlnl. AV IO IO U • boy eent home a> toon ae discovered.
ITa . Hazing excluded by pledfe of honor. Limited to 136- Ratee reaaoaable.
1183 1910 Addreu COL. E. BINGHAM, Snpt., B. F. D., Box M, ABBEVILLE, H. C.
■S|