The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-02-04

other expenses. necessary and unn oceesaiy, IN
currod in prosecuting it's bus IL oughttO
have been stated. in explanation Of the item OF
salaries. that ifnmediat'ly upon the orgnn izati2n
%n s vot 70 ~ e sas q 70 ' S s yqr
tary -Four OF five months later Mr.. Collier
nade claim for salary mt tho rat OF sl20D) u
year, Which the Company agreed w pay him.
IL "a now stated that vi tho whole sum expended
since the company waA orgsnz,d. considerably
thfoo officers.
SPECULATION IN TIE STOCK.
Before tho organ ization OF the company some
PORTIONS OF the property IN kpciy s inNenticnA
ila'i passed. out 81 the hands OF org nal owners
INTO THO han IL Of others; MIR. keciy and Mr..
AndrowS iinmed iatey altsrwarI entered into
some Arrangement by which tue later came
INTO possess on Of a thousand or 30 " keuly's
shares. and kocly camO into pOss ssion of
very handsome house md lot IN Pniaiolphia
through Andrcws'A fundamentally GONE wore
sold TO others. and ii WIS not Ion : b fore the
original eighteen Shareholders i'm luIlng the
ten purclIns ~ Uf the reserved 'kD were ex-
pan led into twenty five or thirty Some OF the
more eni VA astlc Of these talked extensively OF
tho masn lilccnt future OF tho motor: the Jour
nalsa got mold Of the story, and printed IT, the
cohsolueh'o was genuine oNctoment; IN
Jurors came rom many quart rs eyrnu from
pad an official visit 70 hccly 10y oxpress COM
mani OF the British Government. II is Ger
fanny true thht those who witness ~ Mr. keclys
exhibit ons-alDeit they were und are little
more mysterious in mannerthnn ia quit nects-
sary-wero nstOn siod and ,QnlgunI9d by what
| they saw They repeat 81 the brilliant stories
| already in circulation. Under thnir influence
| the shar,s rapidly acquired n large market
| value. Their par ia $50 but thoy ran up to SIS.
| tn 800 TO $3.50. and come wore sold rs high as
$3.50 zach for cash. Ia this stat OF affairs There
was good dcal Of train king IN thcm. and II IL
sniu that one OF the members Of the original
association was offered s1ODpon for eighteen
| hundred shJfrcs. which WIS refused AMI also
that another was ollerod sl5ooo for two hundred
| shares which was also refused.
| There IL no reasOn to doubt the entire good
ip h Of thp geniiemen sonnec@d wan M keely.
| miniv true. and we're very much strengthened
| IN thor convictions by their latn ia tn" repro
| s"ntutiuns made 10 thcm by Mr. Collier in
whose good judgment and truthfunpss they
plnc"d reliance. There is no imputution that
| nave anywhere heard 'amons hose who know
| the real facts that they rcsored Ia any unfair
| means 10 giye their shurcs ~ Il titous value;
| they Ind faith in their property. AMI what they
500 thoy soll 'icNlns ihnt thcy gave iull value
| l"nn we money ll'N r"'l.,u - -,
But time pa-s'd and the progress made by
| hooly was hy NO moans sntl m tory. Apparently
| nut lttlr was done. though IL was rlhlin"d ~
| him and those who were n his suppo- III eonii-
| d"nce, that very much hal boon done Exhibit
| tons continued 10 he made. but there
| was n saneurss about them that grew 10
bs dapritng. Tho shnres declined So
| riously in price; Grumbling began 10
| manifest IT. H. and then Oprn and pronounced
| objection to the management 81 the board
OF directors. which, was OF course made ro-
| mauded. and NJ the election held ~ December.
| 1875. some changes were made. M,sSrs. Var
nail TIL. 5 'huekers and Collier wore dropped.
| and in their stead werr elected four new Ia m
| bcrs. ut the same timr that the board was in
creased IN numbers. The new hQard consist ii
! Of keely, Boeckel, and StlK Of Phladcipnia;
l@m $, Ho ' u. ". Wright. Tnos r. lT'iir""op,
q. Green Of New YORK. Mr. Keeiy was con- '''i.
| tnucd ~ Pres dent and Mr.. Sehu"llrrmHnn as
| Secrctlrv Charles Lamson WIS made Vice.
| President, and Mr.. Collier was elected Treas
| ui"r and counsel. and no change was made IN
| salaries.
Another year went hy. and apparently without
| any Ereutrr progress than in the year pre- I'D
ing. although thr cans = ol tlis apparent want
OF results were steadily explained TO the salts
| notion o. some and not t. the satisfaction of
| others The priso of the shares stlll further
| declined. and during the lniter half Of 1876
| nucuabd between ten and forty dollars each.
| Ihey attracted tue nO,i,. Of two New Workers.
Pushcash and Hargowitz. VINO began to buy
| them: and Il II said these two gentlemen have
| purchased three or four thousand of them
at an outlay OF nearly or quito Il hundred thou
| as II appears they bscane tho rur.hns .rs also
| Of Mr. hcclys Nap'r'ic gun rirrum-tan -
| INIT IL said la haX' cr atrd Ereni hostility
the part oi Mr. Collier lwho - -upu.- ed to have
| bad an "y" to is acuuiremru1 hy himself and II
| covert warfare between Collier ami Andrews. in
! whi ia Collar 'ns g. have G'i a." worst of 1t.
| were maic; VI '--fs. SUI amt Howl were drop
pei. hni the board again en'"r-rd; THIS
Hne 10 thiTi,,n msinl,,isi Thc NV mem;
! ANDREWS OF NV York ami Mar-tpn of
Philadelphia. heyly and SchueleImunn wore
.nntinu.d. the former ns Pr'sidcnt and
~ counsel only Mr.. Footr WAS plefed Trsns-
urer keeys salary WIZ c,t down from g, 900
t. $500 per year. the Secretary WIZ reduced Ia
! $1,000 and the salary g. MIR. Collier WIS dis on
! inuad a together. Shortly after t4c-' changes
| Mr. Collier Resigned hls place. WA 'h had be-
| come lho'hr" T. ilil, but on the wrong side
| OF the account There was cons lderdhie per-
| spnal sparring whlle these various chnngrs
| W'ro oiie'uns' I'M harmony seems o. 10" iuliy
| restored, and tdr h"pr- of ia" shareholders NOV
sad 10 h' nearly strong have oi late hecu
| ma "a ~ imulatrd 10y lain M "a" nov manage
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