Newspapers / The Reidsville Review (Reidsville, … / Dec. 19, 1911, edition 1 / Page 1
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n .SEMI-WEEKLY- - r - r RE VI EW VOL. XXIV, NO. 82. $1. PER YEAR. REIDSVILLE, N. O, DEC. 19, 1911. ISSUED TUESDAYS AND FRIDAYS RECEIVER NAMED The Big Corporation Formed After A. T. Co. Stupendous Litigation Involves J. P Moraan. Marshall' Field Co.. Dukef Interests Robert Ogdsn and Other Stockholders and Creditors of the1 American Warehouse Company. Judge AMen Named J. L. Clement as Receiver. Tne Suit Involves Mi'iions cf Do'lars. A stupendous liquidat on was pre cipitated brre yot-terday when the Aiiieiican W;ivtJ;ouse Company, ' of Spray, Rockingham countty, was plac ed in the hands of a receiver by Superkr Court Judge Oliver H. Al ien. , The action was the result of a complaint filed by unsecured creditors cf the American Warehouse Company in . vreditors' bill filed in Rocking ham Superior owrt, and in making his decision .luflgf. Allen appointed W. I.. CleuK-nt. of the South Atlan tic Lumber Company, temporary re ceiver under ?"j,000 bond. This bond was; iveu and Mr. Clement left im mediately for Spray to take charge of the properties, and, if necessary, continue operations until January 2, at w hich t'me the matter is to be heard before Judge Daniels, as to wherhor the receivership should be undr' permanent. The petitioning creditors were represented in the preliminary action by David P. Stern and Justice and Broadhurst. Looks Li:e Bankruptcy Court. That the suit will precipitate enor mous litigation unless the creditors therein represented are paid is gen erally conceded by parties Interested in the matter, thougn cue general opinio a is that the outcome of Judge Allen's appointment of a receiver v.-ill result in having the affairs of the Company placed in the hands of the . United States bankruptcy ;Court. War Between Stockholders. The complaint on which the re ceivership was obtained, alleges that the American Warehouse Company, a Norah Carolina company, a finishing mill of cotton goods, and the holder and dealer in bonds, tock and other property and securities, has for a long time had war between factions of majority and minority stockholder,1 until their differences are such as to ..interfere with the proper management of the affairs of the corporation, and to jeopardize the Interests of credi tors' by the fact that on account of the internecine fight the corgoratlon'a affairs and the solvency of the said corporation is growing more desper ate each day. Morgan Against Field. The factions at war, it is said, are headed on one side by the J. Pier pont Morgan interests and the other men prominent in the financial af fairs of the nation and the Marshall Field Company, of Chicago, on the other hand, the Field Company being the majority stockholder. The prom inence of the stockholders involved, coupled with the magnitude of the litjigation makes the case one of the mosit important , that has been brought in the State courts here. Litigation Involves Millions, to be creditors of the American Ware- The Marshall Field Co, claims house Company to the extent of 7 00 C Do you know tbat you can your laundry work done here in a manner that will prove satisfactory and you will be inclined to intrust your laundry elsewhere. The most delicate fabrics are laundered in suchaman ner that they will not be injured or marred in the sleightest way. If you have any such apparel, that requires attention, don't hesitate about entrusting: its -laundering h us. HENRY HUBBARD, Agent Phone FOR AMERICAN $415,000 and a total investment of $3,000,000, the latter amount having been advanced for various reasons and purposes. The other indebted ness of the company is said to be about $200,000, but the real Indebted ness and liabilities of the firm are of such nature that no authorative or definite estimate can be given. That the litigation will nvolve millions of dolars, however, is admitted. Prominent Lawyers Engaged. Among the North Carolina attor neys engaged in the momentous legal struggle are: Judges Bynura and Strudwick, and Cansler and Burwell, of Charlotte, for the Marshall Field Company; Frank Fuller, of Durham, for the American Warehouse Com nany. and King and Kimball, of Greensboro, and E. S. Parker, of Gra ham, for the minority stockholders, who are named as J. Pierpont Mor gan, Seth Low, Robert C. Ogden, Garrison Oswald Villard and B, Frank Mebane. The creditors asking for the appointment of a receiver were repre sented by David P. Stern and Justice and Broadhurst, of Greensboro. Say It is Not a War. Attorneys in the present suit, how ever, declare that It Is absolutely disconnected with the war between the factions of the company, and that unsecured creditors have simply grown tired of waiting for their mon ey, and are seeking to collect debts before a financial wreckage, profes sionally secured, would deprive them of collection. In the suit brought the South Atlantic Lumber Company al leges that it has a bill for $3,165, due December 4, with Interest from No vember 4, by contract, and that the company's note, when sent on for collection, was returned protested, and no pay had ever been obtainable. Modeled After the Tobacco Trust. The American Warehouse Co, Is a corporation modeled, it Is said, on the plan of the American Tobacco Company," Its charter having. ... been, drafted by Frank, Jtiller, after the W. W Fuller American Tobacco Co. charter. It is, beside a finishing mill for cotton goods, made a holding company for the group of cotton mills around Spray, Draper, Leaks ville, and has as stockholders and in corporators many prominent finan ciers, among them being Marshall Field Company, Chicago, the Duke interests of the American Tobacco Company, J. Pierpont Morgan, Seth Low, Robert C. Ogden, Garrison, Os wald Villard, editor of the New York Post, B. Frank Mebane, and other national characters. For some months there has been going on a big fight hp.f a.-een these stockholders, known as the majority and minority factions, Marshall Field and Company, of Chicago, own a majority of stock and claim to be large creditors, and as such is alleged to have assigned to Itself as creditor, a very large part of the stocks and securities held by the American Warehouse Company and In this way, it Is understood, claims preference over other credi tors. It is said also to have guaran teed some unsecured debts of the Amelrcaa Warehouse Company, and is in this way controlling some claims that appear to be unsecured but which are secured by It. The Other Side. Another faction of stockholders represented by B. Frank Mebane, of North Carolina, which includes the Dukes, Morgan, Villard, Ogden and others, are said to claim that Mar shall Field and Company got their stock by reason of an agreement that Marshall Field and Company would advance fine money to pay all the debts of the American Warehouse 26. Company and furnish money to oper ate the plant. Marshall Field and Company reply that the other faction was to fur nish goods from other mills at Spray and Leaksville for the American Warehouse Company to finish that would make its business profitable. Eaoh faction claims that the other has broken its contract and thereby wrecked the company, and the unse cured creditors say they are trying to save something from the impend in'g wreckage. The German-American Company, a big cotton mill of Draper, Rocking ham county, and one of the allied mills of this group of Industries, was recently sold under decree of the United States court to secure: a .bonded debt of nearly half a million dollars. It was purchased by an In diana company said to be allied with Marshall Field and Company, and the sale was only last Saturday confirmed by the court, the mills never having stopped for a day during the period of litigation. It is also predicted that the pre sent litigation, while very aggrava ting to the big mOnled interests In volved, will not have the effect of closing down the industries of the big mill center at Spray. Greens boro News, 16th. WALK TEST FOR OFFICERS. Ten Miles Once a Month Is Orde of War Secretary. Secretary of the Navy Meyer has de cided that, beginning with the Dew year, every officer in the navy except midshipmen at Annapolis must take a ten mile walk once a month. The or der In which the new physical test Is prescribed states that only those wh are disabled In the line of duty r who have only one year to serve be fore the legal retirement age Is reach ed shall be exempt, whether afloat or ashore. The walk must be completed within four consecutive hours. Before taking the first monthly walk In each year hereafter the officers will be examined by a board of naval med ical officers, who will determine wheth er or not the officer may take the exer cise without danger to himself. If the officer is physically fit he will start on the walk, and within three hours, If practicable, after the walk Is complet ed the same medical board shall again examine him to determine what effect the exercise has had. The order is divided Into twelve par agraphs. Nos. 7 and 8 have attracted much attention in the service, for those paragraphs may Indicate the rea sons that are behind the order. They read: 7. In every case In which an officer is found by this medical examining- board to bo unfit to take tte exercise or falls to complete the exercises for physical rea sons he shall be ordered before a retiring board In case the physical disability de veloped be of a permanent nature. If the retiring board finds such officer fitted to perform his regular duties It shall recom mend whether he shall be permanently excused from taking the physical exercise or whether he shall be excused only for a limited period and. If the latter, for what length of time. Should the officer be found disqualified to perform his duties the retiring board shall proceed as Is cus tomary in such cases. 8. In the case of a disability of a tem porary character In which there Is expec tation of recovery within a reasonable time the officer may be excused from tak ing the exercise during such period as the department may deem advisable, but he will be required to take the necessary steps to promote the removal of his dis ability. In case of refusal or neglect to submit to operation or undergo treatment as prescribed the case will be considered on Its merits. Section B of paragraph 1 states that officers serving in the tropics or cli hiates where the temperature Is unusu ally high will be required while In those climates to take a walk of only two-thirds the distance prescribed for officers In other climates. Officers of the Atlantic fleet In talk ing of the "ten mile" order said they would probably be In Cuban waters when the order goes Into effect, and If so they wondered whether or not those waters would be considered trop ical and they would be required to go only two-thirds of the way, Instead of doing the full ten miles, as will all of the officers who will remain in the United States. Distributing Pension Warrants. Mr. James T. Smith, clerk of Rock ingham Superior court, has been dis tributing the State pension warrants during the past few days. There are no first class pensioners in Rocking ham county. Of the second class there were three who received $60, but Mr. R. M. Miller has died ; and this leaves Just two. Of the third class who get $48 there are only nine. The fourth class includes all others and widows. These get $30. : There are 143 soldiers of this class, with three dead and one in Soldiers' Home and 104 widows. Roy Keever, of Stony Point, N. C, accidentally shot himself and died aa a. rpsult. thirty minutes thereof- ter. The young man was in the wood chopping when the accident occurred. He had laid his gun againstt a log and when, he attempted to move It, it was discharged by the hammer com lng In contact With a knot on the log The .eaUre.load .eaterei his side. THE NATION'S NEWS Items Taken From a Great Many Sources. Condensed News Items Concerning Matters of Interest Occurlng Since Our Last Issue. News of the World at Large. The Standard Oil Co. announces an advance of a quarter of a cent a gal lon in the price of benzine and gas 0,11 ne - - A new cotton mill to make fine specialty cloth is definitely assured ton Charlotte, and work is to be started soon after the first of the newi year; The concern will be cap italized! at $300,000. Thomas Watts, head of the Brice ville, Tenn., mine disaster relief com mittee, was electrocuted Friday while leading a fight on a fire In the town of Coal Creek, of which he is mayor. He came in contact with a live wire. Exactly $80,000,000 is proposed to bti-appropriated by Congress during the next five years under a bill in troduced last week by Representative Ptouty, of Iowa, who advocates na tional and State co-operation in road construction and maintenance. Although appealed to by Judge Hjrvey M. Trimble, commander-in-chief of the Grand Army of the Re public, and other officers of that or ganization to do all In his power to provide increased pensions for Civil War Veterans, President Taft, it is thought, will not sign any act pro viding such an increase as the Sher wood dollar-a-day bill which recently passed the House. Ten models have been submitted In competition for the monument to be erected on the battlefield at Guilford Court House, N. C, to commemorate the great victory won by the Amerl cah (poops commanded by Major Gen eral Nathaniel Greene at that. place March 15, 1781. The models have been put on exhibition at the War Department. Congress appropriated $30,000 for monument and directed Us disbursement by the Secretary of lVar. i The Russian treaty situation has cleared materially and the admlalstra tlon plans for the abrogation of the 1832 treaty with the St. Petersburg becomes more definitely known. The President, It is said, has indicated emphatically that he would veto the Siflzer resolution Instantly if it should be. forcer through the Senate today without modification. Nothing that cati be construed as an offense to Russia widl be permitted If the Presi dent! can help it. There was a falling of more than a million dollars In breadstuff's exports from the United States during the month of November this year as compared with the same time last year. There was also a decrease in cattle, sheep and hogs exported. But cotton, mineral oils and dairy pro ducts showed a marked Increase. .For the eleven months ending December 1 there was an increase of eighty two million dollars in value of ex ports of all the above named pro ducts' over the similar period of ,1910. Charley Murphy, sentenced in Yan cey county for murder in the first degree, will not be electrocuted in the State prison, the Supreme Court finding error in the trial and convic tion of the prisoner. Murphy killed John Simmons while under the In fluence of liquor. He was tried and convicted, but the Jury failed to spec ify first or second degree murder. The " Supreme Court - is granting a new trial because, it says, "a per son who kills another when so drunk as not to be able to plan and deliber-' ate is not guilty of murder in the first degree." President Taft and his Cabinet were given a demonstration in the Cabinet room of the White House the other day Just how the battleship Maine was blown up in Havana har bor. Rear Admiral reeiand and Chief Constructor Watt, of the navy, both members of the Maine investi gating hoard, staged tne snow, a model of the Maine, constructed in Havana and brought to this country by tli'j 'board, was placed on a big mahogany table in the Cabinet room ar.d Mr. Taft and his advisers watch ed closely while the navy officers ex plained. . First the Maine was shown riding at anchor in Havana harbor. Surl lpnlv Admiral Vreeland nulled a string or two and the model battle ship was a ruin In an exact repro duction of the Maine after she lay on the bottom after the explosion. Mr. II. w. 8coll, a polillliir J'uURj,' farmer on, Route 3, sold tobacco on the market here yesterday and was weQ pleased with prices. He also called around to see If The Review's Christmas stocking was fJUing up any- i DISINTEGRATION OF OIL TRUST. Two Hundred Thousand Certificates Shares Sent Out to Stockholders. The disintegration of the oil trust has been carried put in accordance with the decree of the supreme court, and the stockholders have received their proportionate shares in the thirty-three subsidiaries which the Stand ard Oil Company of New Jersey con ' trolled. There are more than 0,000 of these stockholders, and consequently the number of new certificates distributed aggregates more than 200,000. The signing of these certificates was In it self a monumental Job. It had been In progress for two or three months, or ever since the accountants finished figuring out the complicated fractional shares belonging to the various stock holders under the new dispensation. Each certificate had to be Bigned by two officials of the issuing company, but the work was reduced materially by the use of a signing machine. This Is an apparatus equipped with eight een fountain pens. The signer writes his name with one of the pens, and the other pens form the same signa ture In somewhat the same way that a pantagraph reproduces a picture when the operator traces over the original picture with it Although John D. Rockefeller Is president of a number of subsidiaries as well as of the Standard Oil Company of New Jersey, matters were so arranged as to make It unnecessary for fc!m to take any part in the signing operation Dates of Annual Meetings. With the certificates was sent out a certain amount of Information con cerning the thirty-three subsidiaries, now to embark on the sea of competi tion on their own account Ordinary stockholders in the parent company have never known much about these subsidiaries, and apparently they have never cared much about their affairs, as profits and losses alike went Into the pot, and good big dividends on the total operations came out 'Now, how ever, with separate holdings of stock in the various companies It is expect ed that the stockholders will want to know a great deal more about them. The dates for the annual meetings of the thirty-four . companies,-: including the Standard Oil Company of New Jer sey, run all the way from January to May, so tbat the stockholders will have five months In which to obtain detailed information as to their distributed holdings unless special meetings should be called Booner. It Is not expected that the people who have been In con trol of the combination will make any arrangements for special meetings, as their policy all along has been a literal compliance with the decree of the su preme court, neither more nor less. Whether other stockholders may take steps for an earlier satisfaction of their curiosity cannot be foretold, but the prospects are that until the regular meeting times they will have to de pend for any estimate they may wish to make as to the value of their hold ings on the report of the coinmisslonerJ of corporations, the figures In which represent conditions in 190G. Since then no official statement has been made as to any of the subsidiaries. Record Example In Fractions. There has never been before so ag gravated a case of fractional shares as that arising from the dissolution of the oil trust. They ore usually due to stock dividends or the Issue of rights to subscribe to new stock say on a 10 per cent basis so that the owner of a Ingle shore would receive a tenth of share and the other fractions would be in tenths. The denominator of the Standard Oil fractions Is not only very much larger, but It Is quite remote from ony connection with the decimal system. That denominator Is 983,383. which Is the number of $100 shares of tock of the Standard Oil Company of New Jersey outstanding. The numera tor in the case of each company Is the same as the number of shares in It Owned by the parent corporation. In order to make sure that there was no mistake in any allotment, each di vision of fractional shares allotted to any particular stockholder was check ed over six times. When it comes to the distribution of dividends on the fractional shares by the thirty-three former subsidiaries the arithmetic Involved in figuring out the amount of each of the thirty-three checks to each of the holders of so many 983.383ds shares is likely to make the recent operation seem sim ple, but the labor will now be divided among the accounting departments of the different companies, and there is little doubt that eventually, by one means or onother, the fractional shares will be eliminated or consolidated. Honr Rcjll For Carmel School. Misses Mary and Lora Walker, Teachers Etoner Jarrett, Anita Jar rett, Joe Strader, Sam Strader, Wil liam Strader, Van Buren Strader, Ei wood Smith, Johnnie Stone, Edna Ellington, Mae French, Clara Hud- son, Plioiipy Pearl Strader, Jennie Strader, Myrtle Strader, Lillian Smith, Bessie Smith, Edith Smith, Callie Watklns, Dollle Watklns. I : , Old papers for sale at this office. CONFESS TO SHERIFF Trio Rushed to Charlotte For Safe Keeping. mree Negroes Confessed to Killing Mr. and Mrs. John Dixon, Prom J nent and Wealthy Couple of Clever land County. An Associated Press dispatch from Charlotte says: Charged with the murder of Mr. and Mrs. John Dixon, a prominent and wealthy young cou ple of Cleveland county, Wednesday morning, John and Hack Ross, broth ers, and Will Ross, their cousin, ne groes, were formally committed by the corojer'e Jury this morning, and tonight were hurried to Jail here to prevent lynching, which has been Im minent all day. Hundreds of quiet, but determined farmers flocked to Shelby, the coun ty seat this morning to attend the Inquest. After some delay it be came) whispered around that the hearing: had been postponed and the Impatient citizens began to wend their way toward the Jail. Realizing the gravity of the situation the sher iff rang tne court house bell and the crowd retraced Its steps. There Judge Webb, the solicitor of the district, and others harangued them, pleading ,tDr law and order. The coroner, who had been con ducting a star chamber inquest in the (meantlme,thtt appeared and read tin report of his Jury, assuring the spectators that the right men . were in custody and would have speedy trials. Governor KHchln had been apprised of the seriousness of the situation and early thle afternoon wir ed the county at hot Hies to remove thi prisoners to the Charlotte Jail, stating also that he would call a special term of Cleveland court to try theru. Th? rx groes were spirit ed away under cover ; of dusk and landed in Jait here tonight. The murder of the Dlxons was one of the most atrocious In the State's annals. He was called from his bed Wednesday idght and knocked in the heal with an axe, and with the same weapon '.h r.urdeiers slew his wife wlw-Iay Lsloen by the side of her tiny infant. One of the negroes has made confession to the sheriff, giv ing as the motive for the double crDme the fact that Dixon held a mortgage on his mule. Dixon was 30 and his wife 23 years old. MEETING WITH FINE SUCCESS. Commercial Department of the Relds villa Seminary. . - ( It may not foe generally know to the readers of The Review that the Seminary has as fully equipped, and up-to-date business department as can tw found in any school in the State, r The growth of this department dur ing the present session has been re markable. The new Visible Type writers No. 10, of latest model, have been purchased and thus far eighteen pupils have been enrolled. Several new pupils will enter after the holi days, and the outlook Is most en couraging. The Commercia'l Department of the Reldsvllle Seminary has been made a Southern branch of Eastman Business College, of Poughkeepsle, N. Y and President Clement C. Gaines has of ficially announced that all work done In the Commercial Department of flhe Seminary will be accepted and fufl credit given students who may enter Eastman from this Institution. The text books used in Eastman Business College. have been, adopted,. hener and arot being used. The same course of study has been adopted and will be followed as far as possible so that pupils going from e Seminary to Eastman need not be required to change text hooks or course of study. This will be of great assistance. So far as Is known the Seminary is the only Southern school that has been made a branch of Eastman, and has been officially endorsed by Pres ident Gaines. It is gratifying to know that the Seminary offers a commercial course ( endorsed by Eastman and that here- after our young men and young wo men may receive a full course of In struction here and at very much less expense than that required else where i We are Informed that several good positions are already open as soon as the students are prepared to take Jjiem. '. i V f Our business firms need not go outside of Reldsville to secure com petent stenographers.bookkeepers and accountants, for the Seminary can supply them. The Graded Schools have dosed for the holidays. The Seminary aad the South Side school will clos the latter part of this. week. i
The Reidsville Review (Reidsville, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 19, 1911, edition 1
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