Newspapers / Polk County News and … / July 24, 1902, edition 1 / Page 1
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.0 XBDEPENBE&CE IN ALL TJ3X2TQS. yoh. viii. COLUAfBUS, N. C, THURSDAY, JULY 24, 1902. NO. 15. 5 MRELS OF MONEY fartliflj Figures Showing Wealth of Steel Combine, tjANY MILLIONS IN ASSETS Y ; m United States Steel Corporation dives Out Figures That Show Its Enormous Wealth. Newark, N. J., Special. The answer ,t the United States Steel Corporation o the suit brought by J. Aspinwall Hodge, Win. n. uuruss ana jBernar.Q i Smith, who asKea ror an injunction to ,revent the company from carrying out ts bond conversion plan, was filed uesday. before Vice Chancellor Eme- ' The case was put over until July C3.ine aubci 0u ,u UJ "v I . , . nv. hl. Schwab as president. 4jhe assets of the properties of the kubsidary companies, it is stated, m- d 400 producing mills of the value of $200,000,000 ; 75 blast furnace of the value of $48,000,000; iron and Bessemer ore properties of the value of $700,000,- 000: coal ana coke properties or the t mn nnn nnn- r,i rQO Ua yawc ui xvv,vvv,vw, xx of the" value of $20,000,000; cash In bank to the amount of $66,000,000 and over $S0,000,OOO of -material in process of manufacture. The total value- of the company's property, including cash and casa assets, is placed at $1,400,000,000 by Mr. .Schwab in an affidavit which is part of the corporation's reply. The company's earning's are stated to be at the rate of more than $140,000,000 a jesir. A saving of $30,000,000 a year is credit to the ore properties and it is estimated that the ownership of trans portation facilities saves the company $10,000,000 annually. The earnings of the coal and coke properties are stated to be more than $1,000,000 a month. The statements as to values and earn ings were presented! to disprove a charge by the plaintiffs that Mr. Schwab, the president, and Mr. Trim ble, the secretary,, made a false certifi cate when they certified that in their judgment the properties were worth at least the par value of the preferred stock after deducting all Indebtedness. The conversion plan was agreed upon at a stockholders meeting May 19. The answer admits that the conversion plan includes apayment of $10,000,000 to J. r. Morgan & ijompany. it uenies uiax any of the acts contemplated will work fraud or injury to the complain ants, but says that! on the contrary such acts when consummated will be greatly to the benefit of the corpora tion and of every j stockholder. The answer says that some of ttie directors are members of the syndicate formed by J": P. Morgan & Co., to float bonds and that that fact ! was conveyed to stockholders in a circular dated April 17, 1902. It is further declared that the directors so Interested constitute a mi nbrity of thtr board of directors, that they were individually at the time of the formation of such syndicate and now are owned by holders of large in terests of the stock of the defendant corporation, and that they became par ties to said syndicate, and assumed their proportion of the liability, jhereof In order "to assurs the success of the plan oi purchasing and retiring the prefer red stocK, as they believed such plan to be of great' value to the defendant cor poration and its stockholders. Mr. Schwab's answer contains the following statement of the value of the corporation's property which estimate "he says he regards as below its real value: Iron and Bessemer ore proper ties $700,000,000; plants, mills, fixtures, fflacbincry, equipment, tools and real estate $300,000,000; coal and coke fields (87,589 acres), $100,000,000; transpor tation properties,: including railroads, M67 miles, terminals, docks, ships, U12) equipments, (23,185 cars and 428 locomotives) etc., $80,000,000; blastfur naces $48,000,000; natural gas fields $20,000,000; limestone properties $4, 0,000; cash and cash assets as of June 1. 1902, $148,291,000; total $1,400,291,- )0Q. . , - ' . ' ' Torpedo Boats Have Mishaps. . Norfolk, Special. The torpedo boat Middle ran aermiTid near the Rin RanSv lat nisht and remained in n. heirless naition .until floated Thursday morning by the government tug Mo-awk- The Biddle, apparently unin-e-d then proceeded out the capes. ae Barney, another torpedo boat, "jet with an accident to her propeller aa obably will have to be docked. live items of news. Many Matters of General Interest In i v Short Paragraphs. The Sunny South. The Texas Democratic convention, in session at Galveston, nominated S. W. T. Lanham for Governor. The shingle and saw-mill of the Keo Shingle Co., five miles west Of Eng land, Ark., was burned on the 19th inst. The loss on plant has not been estimat ed. It is stated that there was no insur ance on the valuable properties. The Tennessee Valley Fertilizer Co. of Florence, Ala., has. had a most suc cessful season, its output and sales be ing of unusual volume. The company expects to put in a rock plant next sea son to crush its own phosphate rock from its mines at Springer, Tnn. - ' The North Carolina State Democratic weel? and nominated Hon. Walter Clark v. ". uiccuauuiu for Chief Justice of the Superior Court, Judge Connor and Hon. Hon. Piatt D. Walker for Associate Justices and Prof. J. Y. Joyner for State Superintendent of Public Instruction. At The National Capital , tV ' T, A"6 lue luuBrary for the President's trips. ' Judge Taft presented a final propo- statements df best informed people in sition to the Vatican, and will sail dicate the lpssup to Monday is about from Italy to Manila in a week. SeorPtarv Mnnrtv riPPiHoi th hnttipshln frt va r.nvommont h,.iu ehoii be constructed at the New York Navy Yard. The Secretary of Agriculture, Presi dent Schuman, of Cornell, and Mrs. Carrie Chapman Catt delivered addres ses to the National Educational Asso ciation at Minneapolis: Gen. Jacob H. Smith has been cen sured by President Roosevelt and re tired from active service because he ordered Major .Waller to "kill and burn" in the Samar campaign. Sweeping changes in the uniforms of the United States army will be made January 1, 1903. The familiar blue has been abandoned and olive green will ha the regulation color. At The North. Terrific hall and wind storms did great damage in North Dakota, Minne sota and Illinois. At least 34 lives were lost by an ex- piosion in the Italy-West silver mine at Park City, Utah. At Oyster Bay, L. I.,Presldent Roose- velt caught his daughter Ethel just in time to save her from falling from the horse she Was riding. E. Ix Bonner, the Montana million aire and politician, fell from his auto mobile, dying instantly. Fifteen men were terribly burnd by a shawer of molten metal at the Home stead (Pa.) Steel Works. The national convention of coal min ers to vote on the Question of a gen eral strike will meet at Indianapolis Dr. W. C. Browning, of Philadelphia, who rendered a bill for $317,000 for .at tendance upon the late millionaire, Chris L. Magee, was awarded $29,239. The body of Emma H. King, the young woman who was inoculated with consumption bacilli and who commit ted suicide at Dover. N. J.. was ex humed, j A jury at Succasunna, N. J., gave a verdict that Emma D. King, the nurse who was inoculated with tuber culosis, committed suicide by taking strychnine. ; t ;.1 x - . ' . Williani H. Tuthlll says ne can nrove an abili to clear himself from the suspicion of having murdered Al bert C. Latimer, in Brooklyn, N. x. President Michell's plan for a, na tional strike defense fund is expected to be adopted by the United Mine Workers' convention at Indianapolis. Fresh floods in the Des Moines river has caused estimated damage of between $2,500,000 and $4,000,000 to crops in Iowa and Missouri. From Across The Sea. , . . . . w . Twelve Greek priests were sent to orison for fighting in the Church of the 1 Holy Sepulchre in Jerusalem. Liang Chen Tung, tne new unmese Minister to the United States, express es in an interview admiration for this country., " VO-vy v-:-: Bodies of young children 'with their hearts scooped out have Deen found in China. WESTERN FLOODS. Steamboats Float Oyer Crops, Growing DAMAGE ESTIMATED AT $6,000,000.. Immense Fields Seen In a Great Lake Whose Shore Is Visible Only Through ajoiass. Keokuk, Towa, Special. Exploration of the flooded district of the Mississip pi river fronvjKeokuk south shows con ditions beyond the appreciation of re alization of . ally of those of long experi ence with the Father of Waters in its niost destructive mood. The situation is ; growing orse hourly and a great conflagration! in a great city would not tie more, rapidly destructive of values. 1- There is absolutely not - the -slightest chance of stoppong this . mo3t costly flood, in the history of the great , river above St. Louis. A correspondent of the Associated Kress wetjt over the worst damaged area in the Steamer Silver. Crescent and found Everywhere the greatest crops ever known under water deep enough to float a steamboat. Peo- pie at the river cities give account of aoiiars. . iuareas or iarmers, ncn 10 days ago, are penniless and homeless, Careful, estimates gathered from fhe $6,000,000 with every prospect of two or three millions additional by the rise above, not yet reaching the lower stretches of jthe rivers. Most of this loss is on the Missouri side of the river, be tween Keokuk and Hannibal. Tassing the water-lapped lumber yards of Keo- ia xxcaxijr ivvu xxxxicq .i'CT .ivuxuaitj . there are two mouths and an island delta, covered with farms, whph are now under raging torrents. Alexandria was protected to. tne last by the Egyptian levee, the breaking Of which would send four feet of water all over the town. Gregory is submerged except the white church, in which ser vice was j hia today, tne congregation from the country reaching the church by the railroad track,- which is still above the flood in a waste of waters miles widei; Other towns and cities an the islands? are beyond. th danger line. Immense! fields are seen in a great lake with the shore visible only with a glass, where the high bluffs bound the bottoms. Islands dotting the river at Its normal stage have disappeared, 4 , - . - . - . except for he tops of .trees or fringe of like a circular coral reef. Occasionally a house on piles' or stilts is seen, but xxfoxx oxxv na.v.B, .- generally bnly roofs rise to mark the center of -farms of corn. On the edge of the flooded river, corn gradually rises on a slope! tassels, tops, ears and stalks appearinglln order. In the middle of the present river the tracks of the bt. Louis,' Keokuk & Northwestern Rail road, normally on the Missouri shore, are now a few inches above the water and under it in some stretches. Shore lights for pilots are standing in . the midst of fa waste af waters where steamboats can run over them. The river is 5fto 10 miles wide, and a great lake 70 miles long is added to the map. All this1 territory was practically cov ered ( with corn a fortnight ago, esti mated to make 75 to 100 bushels to the Previous estimates of the loss have been greatly increased by the prospective yifcid being much greater than ever before, telling of many farms that were good for 100 bushels to the acre before the flood. The loss is total. Experience Is that, if water stays 48 hours, even four inches under the sur- face it kills corn and every stalk wet Dy waves pensnes irqiu rotLiiig i uuw. The height of the flood Is indicated oy an incident at l.a Grange. The steam boat warehouse was well back from the river bank and stands high., A strong current and a gale caused the pilot to maKe an imoeneci xauumg auu - ' ! A.xl. M Mt1 kAf- nice of the roof of the warehouse was torn off I by the forward guards of tne Silver Crescent The river is rising an the time, six inches during the day in the imrhense area or 7uu square, miies), and the worst is to come. - The Chief flood thus far is on ,tne Missouii side, from Keokuk to Louisi ana with Canton and West ijumcy as centerslof the country hurt worst, on the Illinofs side are three ' continuous levees for 40 miles from Warsaw to Ouincvf above water which thus far are oofa Yiut farmers are afraid of ere- CIUU, " vasses ifrom musk rat holes and every rnad oC the redoubt is waicnea uajr aixu nteht lThe breaking of these i levees would flood many square miles in 1111- nois and destroy ?2,uuo,uuu to onn wdrth o: corn. The levees below Qulncy are In the same situation, ex- cept'they are lower ana less uriu. GREENE SUBMITS AFFIDAVITS. He Says That Erwin Wanted Five Hundred Thousand Dollars. i Quebec, Special. -Friday's oroceed- Ings in the Gaynor-Greehe case coh- eisted principally in the filing of affi- davits and counter-affidavits and it was only a short time before tHe judg ment of the court that Mr. MacMaster, of the prosecution made his argumeiit on motions to quash habeas corpus writes issued by Judge Charon, on June 2Qth, last. The proceedings were open-! ed by Mr. Taschereau, counsel for the prisoners who .produced affidavits of Benjamin D Greehe that on May 17 Mr. Erwih called on him at the Wind sor Hotel, Montreal, when Erwin said to Greene: "If you will pay $500,000 to settle the whole matter, I will go at once to Washington and advise - its ec ceptance." j , Greene replied that he could "not stand that, because he had not money enough to pay his half of the amouht. out that Erwin said: "Gaynor has enough. I don't know where it is, but he fcas It" To this Greene said: "If you will say $200,000 I will talk with Colonel Gay nor about It" " ) Erwin replied, the affidavit contin ued: "That,will not be enough." j Greene then added: "What do you think of $300,000?" He said: "I don't think that is enough t, but you v don't want to go through the rest of your life hunted wherever you go, and you must remember that if you are extra dited and are in Georgia it will be too late to make a settlement." S Greene finally replied: "Well, any way I don t see how we can pay any money because that would be an admis? sion on our part that we have received money wrongfully, and that : we have not done." Mr. McMaster read an affidavit sign- ed by Marion - Erwin, completely deny ing the allegations contained in the af fidavits of Mr. Greene and Mrs.-Gayndr. Greene andrhiiaself ;Mr. Erwin v stated that on his return to'his room In: the Windsor on the afternoon of May 17 he found a note there in which he recog nized the handwriting of S. B. D. Green, which note was as follows: If you can call to see me at any time today, you will do me a great a- The original of this note is In posses sion of Mr. Erwin and was shown I to Judge '.Carori. In response to that re quest he wen to Greene's room and the latter opened the conversation by say ing that while he knew that Erwin Had been prosecuting him vigorously for over two years, he wanted to thank him for having always treated him with personal consideration: He then said if the extradition proceedings at Montreal UIO CXUOU1UUU pjUVWUIUOB xxwfc-w pr-oc6eded for any.length of Ume It was nr0Dabie he mignt desire to give oonas on forfeited recognizance which ) he said were secured by assets-put up by Gaynor and himself with the sureties, but that if he settled the civil claims it must carry with it the dismissal qf the criminal proceedings. I replied that I knew "of no law for settling the crimi nal case, hut that if he made restution of the government's actual loss, I dial not know what view of leniency might; be taken hy the government; I had no authority in the matter and: the amount he offered in settlement of the govern ment's civil claim was not sufficiently large for me to recommend to the At? torney General." The other affidavits practically contain the same statement as that mentioned this week in 'Mr. Er wins reply to Mr. Taschereau's stateT ment Erwin's affidavit continued in sub-. stance: "I called his attention to i tne fact that he and, Gaynor, had already forfeited bonds in the sum of $400,000 each. He replied that he' had left the United States because he had resolved never to be put in jail as a convict; that he had come to Canada with the J expectation that after a year or two his friends in the United States would ef- f erf. a settlement of the civil claims oi the government against him and then he could probably obtain a dismissal of the criminal nrosecution. He said that hie'hfld nht eiven his Personal word I - - 11. . fT-t vft Wm, not run on irom me nrnsecution, but he would pledge me his word of honor that if I would agree Yn h,s ffjvinfir bond before Judge La F taine he would not run off. He then referred to the , fact that the govern- ment. had already, tied up by civil pro- ceedines half a million dollars of as- sets, of what the government . ciaimea was-O, M. Carter s share in tne iraua and asked me what was the exact t the eovenrment claimed 1 that he and John F. Gaynor had received as their share? I replied that we ciaimea that he 'and Gaynor had received 400,000 as their share in the fraud.?' He' iie(i that-he was in no posiuou, aau hA no sufficient means to meet such clainf, but that he and Gaynor would be willing to pay the government auu.- nno in settlement of the entire liUga- tion to Include the $80,000 claimed on forfeited recognizances. ( SOUTHERN INDUSTRIAL For North Carolina. Just before v the adjournment of Congress Hon. John H. Small of , the first district of North Carolina .sub mitted, under the rules of the House of Representatives, some remarks which ought to have a wide influence for the welfare of his State. The re marks were quite extended and were a splendid description of the resour ces of North Carolina. With a great deal of pains Congressman Small had gathered and arranged in attractive and comprehensive form an array of faets about the climate, the people. the agriculture, the manufactures, the forest, mineral and timber resources, the fisheries and the educational con ditions I in the v State. Circulated al ready Jn the Congressional Record in all parts of the country, the speech is to be ( scattered broadcast in North Carolina and other States. It is really La condensed guide to the investor and homeseeker, and ought to direct great- er attention than ever to the oppor tunities, in North Carolina, and to encourage the people of that State and of other States to avail them selves promptly of those opportune ties. Industrial Miscellany. It Is announced that the. Thomp son Liumber uo. or Grand Kapias, Mich.,v has acquired possession of & most valuable saw-mill property iii Mississippi, together with about 23,- 000 acres of fine timber- land. The saw' mill property is located at Boyle, on the Yazoo , & Mississippi Valley Railroad, about 120 miles south tf Mempris, Tenn. The mill has a- ca- pacity 6f 35,000 feet of lumber a day. The purchase was made by Mr. B. R. Thompson, a member of the com-, pany, from the bank at Friar's Point, akd the transfer has been legally r The transfer of the property of the Refuge Oil Mills at Vicksburg, Miss.; to the Southern Cotton OH Co. was effected last week. The Southern now owns four mills in Mississippi the Refugo at Vicksburg, the COlumbus Cotton Oil Co. at Columbus, the Planters'. Mill at Greenville, - and the new mill now building at Rosedale. The management of all these, mills will be under Capt. E. M. Durham, One' day last week there arrived at New Orleans a train of forty cars loaded with 15,000 barrels of flour from Minneapolis, Minn., and the next day a train of thirty-five cars. 2,100 tons of tobacco, arrived. Both trainloads were Intended for export. 1 a j, 1' C1UC1 Ul XtXT OOWV(t vtAMUf writes to the Manufacturers' Record J. J. Felder of Navasota, Texas, that he is anxious to interest outside -parties In building and equipping a $200,000 cotton mill in his town, Na vasota' to subscribe - $100,000 and the outside parties $100,000: ; It is announced that, the Fruit Dis patch Co. of New York, which con trols ninety-three freight and passen. ger steamers, has established a line between Central ' America and Char leston, S. C, the first vessel of which Is to arrive this week. The Pocahontas extension of the St. Louis, Memphis & Southeastern Railway has been opened for business. It is about : forty-two miles long. On the first day of this month ship ment began from Pittsburg of 30,000, 000 bushels of . coal down the Ohio and Mississippi. ; ; : A Young Men's Business League has been organized at 'Woodruff, a. v., with Dr. - S. A. "Wideinan as presi dent.' i -:-ii-oi'jpz:--- ' . ' Textile Notes. Announcement of the Ninety-Six Cotton Mills of Ninety-Six, S. C., was fully made recently. X E. SIrrine of Greenville, S. C architect and en- ein'eer in charee. has now let con- tracts for all buildings and machinery required. The equipment will include t 10.000 spindles and 280 looms, man u- facturlne about 4,000 pounds of fine . f f l! sneetins aauy xou oDerauvea em ployed. Inman Cotton Mills, Inman, S. C. has comDleted Its building and is rapidly installing equipment of textile machinery. There will be 2,uiw spindles and 450 looms, all driven by electricity. The investment Is $50.- 000. Union (S. C.) Cotton Mills . has de clared an annual dividend of 3 1-2 per cent, on common stock, which amounts to $21,000. Lockhart Mills of Lockhart, S. C, has declared; a semi-annual dividend of 3 per cent, amounting to $18,000. . H. C. Townsend Cotton Mill of Anderson, S. C, reported at length t last week, will Invest $25,000, and since awarding contracts expects to double the plant before the year ex pires. , 'i- r I
Polk County News and The Tryon Bee (Tryon, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
July 24, 1902, edition 1
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