, 1876-10-13

7
.cu*l, or collateral His inc WI s:l ny de-
coy tof "thers, et.d |'e quietly a'iowsa lhs "!e-
eptcfaltlttyh nht lltslncss ahrew1ne!s to hn
bought Ut the highest figure that could 1e real
l:etl: llo Ent INT of the way wien ho eaw tho
craah which Ito had preripilatcd cum!ny, n,.t
when the !inal dissolution caiu l,o WIS culn'uct-
Ing % reiorMs ,I, b! tlss State nt NGw iorl;. ,
tcfprsa IN claSn coMiy i witt" viii e. n motesssry .
orl$ln hf tho Company. THO Brady's l1end Iron
Works wcro oncncs( somewhere in tho ,clEhtnr.
Tnc Mierest ii ii tho coscesn was drstEnntcl by
certificates tf stock, nltlluurh II WINS strictly 4
nrlyste Partnership. In ts5D NIr. II. 4. =, y:
Dudley, of this efty, to whom anl indebted
contnine,f in thls letlvr, Loca'no 10 work.
Inc Superintendent. ot tin worke:. 1hc
partners Or stoekhoI1ers wyre tlrsn Nnth1as
SaMyiRs, saTs Ms d. rsSeYa vi , 5sd a H.
md David selden, ofs New York. The capital
stack was sa7501h). These nsen operated tic
works 5or eight yeaMrs M end d. 1nn!G money, They
s'% ssas2 ~ s ef Il fl eelt sad s 5sA!5sa e II s i
Aprl1, 1s57, Mr. Meth!n, T: Sawyer, wl'o was
THO hrayest owner, dIcl.' Ito Owned :s35 sarcs
OF the 9i1, w!l1rl!; nj part a1ld PARTON VI iis
GENERAL Hospital, the Trustees Of which wcro
| made his rcs!1uary lcgatcrs. Tls caused tho galo
ucrshsp. In february, 1S5s, the works were s!1s
I IEttlEt LllE3 tGtllAltt1 bu Llll lCu2. LII 10N
cago. purchased tilo unIru interest iu $50, ,0Oo,
which hu paid ~ Chicago land d-grant boMls+ Iii
tho spring OF fHi1 an net Ut Incorporation WIS
ine d c,artcr to IL 4. S. b. Diilley, Join ii.
llnines. ". 0. Slack, mud Joseph Winsow. uf
1;r'dys Bond, III; Armstrong County, r.; oeorEp
" Gns' ,o o. mttmfIasr + II " D. .; 99Isn 9ls Hnnry Il
Samuel J. Tll.lcn, Of New York. Tn the 18th
Of Scttu1nber following tic Company DrRanixed
under the chartor, With William d os.len ~
sss" csss |@Sis @ Wss ssast.r sei5st,5y ts yye anu m
! currorlt9rs being Dlrtctnrs Tie wnrks were
opened IN the Winter, with Mr. Dudley rs s,t-
! pcrlntendent, and Il nov impetus wns given to
b,,snGss IN II tae sasrounain soMnt1Gs Hi e., I'll Ts
power to increase thu. same, as tc Directors
Flson, dcetn advisable With thu Increasing In
tcr.sts 1f the soncerl, the 'naxmtrn hung
:spe2s1s see eot oa M 1'ok at ths soy 55y%s % hs"a
B. ogden Ind s20, 100. sanne! J: T.lden 81, ,oU,
alltl tho balaslcc was controlled III New York.
| Mr. Ogden told afr.. Dudley when lse first
esss sSs eos s ffs ts e L aSst s eoad s Got IT. M
spne way, It would 10 tic bcst ,novu he could
make; but, satd by, Il IS alnlost impossible to
worth noti,e, sIllso no II ,,uw retained by six of
tIc lei,,ling corporations Ut tho West, and each
Of Lieu, pays him IN annual feo Of sl0,OJo.
! Thu lcw corporation started out with tho
prisperea. MI Du llsy was a ,nnn wl.u was re-
BpectG1 aud trusted. un1 ho had nu difficulty In
| putting to eonecr, on u paying bHs[s. Fhc
!lrst Dividend was tlurarca Iii t!v full Of tstI.
1t WA pald promptly. I,l the following spring
nnathcr lsltlcnd was DECLARED nf 10 pcr cent
casIi and 10 por CUNT IN stt'sk Thus, Inside Of
two years, Dividend Of 50 per cent was d.
s:0o,Ooo III ens|. and sso0,Ol in s1octs. ri1s Il
was we'll ablc to htana, nj tho property was In
trcnsltls In value md tlte business at tho works
Wns brisk and promising. Az soon "a these
dividends wcTo paid than1 was n movement SCI
on foot tn water Tie stuck up t., $e,00O,00J.
The reason assigned was TINT tho saai
ostafo Of tic eol!pnny Increased 50 rapidly
IN , yalnS, and t's nsh,nsry hat bes,,
keeping thu capital stock 50 rtdic,tlol,ay small.
The Dyluly's l3rnl eorparAtur, oppuzcd tho new
move strenuously. fur they saf nothing but tl.e
widest s!}sc'atlon Sna rs'sn III tho proposod IT.
! tatioit. They eaW that while MI tnD1ey wis to
be paid In no assessments Oh the sto:kllnldcrs,
tllu nssets Of the Company wore to be markell
up s1,:WD,O0o. The real ottatu was consequent
sskss vss R s & 81 5 @ m " I'D s Nx Y@sinsry Y,1 ,
!Hu! everything their own way, a:"l Tic mnority
l.aIl onlY to quietly ncquiosce. Tho Watering
prs,'ess was c0int'!ctcd Iii tlB SUMMER Of 1871,
hnl Mr, Dudley, the Superintendent, promptly
sent IN Ills resignation, to take effect on te 1st
pf October. Mt. Dudley saw TINT le Was deal
| Ing with unscrupuluus nleh, who cured neither
for the consSIcnces nor tie Plsrses oI their "a
1rnad nnI swlndlIns. ijreilcs iiu alwaaya had
Unlimited rrc,ltt ut lis bank, hs paper. way ~
gool III gold, an,, l,o foresaw Tint s!'rewd busi-
| ness men would shrink f1,m tlcaing openly
| will, corporation which El,nWcu 30 little prill-
eirso aud such small regard Tor tho ordinary
honor and integrity Of commercial tleninss. LIS
resignation was sent to Lt1u Board Of DIrestprs
but before + had been n!licf9lly ncttd on he was
room: SIR. Dudley Wses ii in betl. Sir. rjiicn
asked hlnl wutEer lu WAS curious in pressing
his resignation, to wlcl, l!o enpl'atitally m
s!Tc,rss' !S, . "Yss "Mst ~, a9es st 4 meant Mr;
III sulptante, "it mcans t!at | l,uyc ase., nl,out
enough Of the corporation 10 know tint cnsltd
mt agtoe with It In po.tsy." lie could lMr'iiy
sec hls wny IT, pnyg :. 10 I, ner cent tn,orgst q,
bchisies on II wor;n; ,ap!ta! which VAS not
much over nl,c-cielltll q! tllut amount Mr..
rilIcn who always looks ut tl.e mercantile
point u u mans nature, anil who always ts-
aid aid said: "Oglyt,, giyo Dudley S,o,o5S Itl In
stock and he'll Withdraw Ills rosiSumt!on for n
year." ue saw tint Mr.. Dudley WIS necessary
to keep, the reputation Of the worka up to It's
standard, ant he was not going 10 stop for
$ao0,n 1t Imaginary eto~ls Tor which lo pa!1
nothing hut llo had tho wrong nlun tn denl
with: Mr.: D.itley DECLINED With tl,hnks, atui
|
| probnbly these gentlemen may rus.,elu6cr. Tito
resignation was pressed MT, accepted and a{r.
john Il. l1alncs was installed ns Supernten.t-
rnt. Tllcra was at thIs tiino nu mortgage ~
| tliI property. The corporation never declared
dividend from ttiar time till It collapsed, Boiuu
| two years ago.
| Tl,o next great ,noye IN thc c!csy-bo;.s,1 was
| tho issue of first nurigasn bonds fur saA), ,uW,
which vera geucra'ly IN zen VI, by tho Stock.
hotlcrs, rs they knew where the interest was
coming frnn. Thls, Of course, added to tic
burdens If tAo works, and they bc,an to stag
ger nnlur tho loud. \ second i+suu was voted
Boon utter VI thu kano amount, thus hlprca2trg
thu indebtedness tn $l,0oo,noD. tbs second
murtTa.e bonds wrrr not sold to my great cx-
tent, hut figure chiefly na collateral for nutes
a'hl securities Ii, t'anka. Muanwhtle Tho lead
In. cpnspratprs wcro quietly l1ntualtng their
| at',ck nud getting out ol tl.s NAY, OqlHn and
Tsltten, whose names Hcrc luili;e Upon rs lend
III. so!!dity to tic corporation, were wnr;ll,lg ufl
thcsr stock In purchasing otter and brttrr
securities, while they held on 10 tbcIr mortgage
eni'tls on which tllcy wera drawing interest.
Aml when The ilnal crash GANG they held t1icae
hohlh, ur solnc Of them, ntd put in tllcIs claims
| as creditors. IL was t,1y Ut tln, Coolest n,ll