New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-09-22
SOME MEN ABOUT TOWN.

| DUNE MEN ADOUI IOW ~.
There was prevalent feeling among the Democrats
left in the city yesterday that tho large probabilities al
Saratoga pointed to Roswell p. Flower or "a dark
horse the Democratic nominee for Governor The
basis of this belief found to DO IN the fact that Messrs
Cooper and Hill equally matched In strength that
they likely TO tirc each other and scratch each
other to death In favor of Flower
The inside history Of the recent election OF Northern
Pacific directors incidentally revealed some features OF
fnaucieing part Of Messrs Elijah Smith, William
Endicott. jr james Hggnson and n. p. Hslowell of
the Oregon ana Transcontinental Company. who made
unsuccessful attempt to get into tho Northern Pacific
directory They sgnay defeated largely because
Of recent transactions in their board the facts OF
which, told to me, are interesting TO bankers and
investors generally.
Last December the Oregon and Transcontnental owed
100000 call and $780, 900 due January l. Of
which Mtssrs Drexel, Morgan & Co. held the largest
part. The Smith party named, representing the ESecn
tive Committee OF the Board applied to Drexe Morgan
& Co. for loan. The bankers though shy Of the
securities. finally agreed to lend $2500O00 for year
the express condition that the securities for the
$7,5OO,000 be placed IN charge of the Farmers Loan
and Trust Company aud that proxy for these TO be
irrcvocable until the loan repaid be given to Messrs
j. r. Morgan, William EnGcot aud Braytor Ives to vote
as the majority might decide This condition, though
unusual, complied with it had been in a similar
loan made the year before The securities understand
were 100000 shares of the Oregon Railway and Ea'iga
ton Company and 900 shares ZACH of Northern Pacific
common and preferred stocks The giving OF the proxy
as further security TO Drexel Morgan & Co. was no
trust; the only truseeshp vested in the Farmers
Loan and Trust Company. 1t was rather contract
recording bargain by which in exchange for the
valuable privilege of the proxy the Smith party received
n of al this condition.
and IS Endco and Ives I'm their directory congrat
uated Themselves that they could control the vote on
these blocks Of stock Hence objection raised by
either party to Mr.. Ives
Matters went smoothly until June last, When, prepare
tory to tho annual election Of the Oregon Railway and
Navigation Company, Messrs Smith, Endicott, HiggIn
son and Ha0well. the Executive Committee OF the
oregon and Transcon tincntal Company passed resou
ton nsructlng those holding the proxy how to vote on
tho 100000 shares Of o. r. aud NJ, and simultane-
ousy threatened legal pocee If they did not follow
instructions. OF course Mr.. Morgan voted in his firms
interest Mr.. Endcott proxy ready to obey his
own instructions director and "a n member Of the
Executive Committee TO begin legal proceedings against
himself proxy If no did not vote be had directed
himself Brayon Ives looking upon the proxy rs part
Of the security OF Drexe, Morgan Co., voted with Mr.
Morgan tho two thought ut. He was not only
instantly dropped from the o. and T. directory and
denounced having committed a breach Of trust
although trust involved but subsequently Elijah
Smith substituted for him on the list OF those who
were to vote the rreyocable proxy; action which
would have given II 1t had been successful. the vote on
these stocks TO the borrower and pot to the lender OF tue
money. real trustee, the Farmers Loan and Trust
Company instructed to make out the proxy for
Endcott Morgan and Smith Mr. Rolson, the president,
ignored the notice and made out the proxy on the
10000 shares Northern Paci1, to Endicott Morgan
and Ives. Then the Smith party tried TO restrain Ives
from voting under the proxy, but net judge would
grant an injunction.
The interesting question now TO how the Smith
party Is going to pay mOllfy DreXe, Morgan Co.
into extending their loan due January next. 1t is
understood that Drexel, Morgan Co. have insisted in
letter that the Executive Committee Of tho o. aud T. Co
shall rescnd their resolution recall their letter to the
Farmers Loan and Trust Company and send notice OF
such action To all parties To whom the previous resolution
had been sent MI. Ives, in the meantime, continues TO
vote the stock with Mr. Morgan and 10 receive the
hearty congratulations OF and the hearty
Of the banking fraternity for his manly
coarse
The Philadelphia Ncrs commenting the death dur
ing the week past OF three Phadelphans in moderate
who, by insuring IN tho Mutual Life In-
Company or this city, fthandsome provision
for families. speaks Incidentally OF the direct adj
vantagcs TO the who insured themselves. BY such
vi economy 3 insurance how many men teach them
selves save, themselves from bad habits secure
the best rates Of Interest and the best possible character
Of security In the Mutual Lies last Weekly Stdtement
twenty-five death claims paid all OF this class OF
Insurers and to my mind this Is the class for whom
life insurance was intended. OF the number as above
three had two policies each. and one man had less
than four aggregatng $4,000. which lie had paid,
largely In accruing dividends, only 1888 OBJ in many
years aud which his family realized 1926 81 more
than he had paid in.