The advocate., 1892-06-22

former, with good standing on the pay
roll; Geo. G. Crosse, of South Dakota, who
receives $3.50 per month and expenses
from the company; G. Skinner, Of Mime
sofa, who shared in the $4,000 cash paid
for the delivery OF the Minnesota State
Alliance business, and is continued a
beneficiary at salary and commissions
amounting to nearly $4,000 per annum,
and State Trade Commissioners Sandus-
ky OF Kansas, WlckmRn Of Michigan,
Sprsgue of Ohio, Newell of Wisconsin,
Gowan of Tennessee, all Of whom are
official appointees of the Farmers Ali
auce and Industrial Union, and at the
same time are paid employees of the Ma
tional Union company. The evidence
submitted in behalf Of the company was
all given by It's officials and these men.
When the investigation was called, 1t
was asserted by Ben. Terrell and other
representatives Of the National Union,
that they cOurted the utmost publicity
and everybody was invited to be present.
A stenographer was secured to take the
evidence verbatim and outsiders thought
that at last we were to have the the facts.
Subsequent events proved, however, that
Terrell'S talk was mere bluSter, for imme-
diately upon his appearance before the
committee II. H. Balch insisted upon
secrecy and the dismissal Of the stenog-
rapher. To this the committee asSented.
We can, however, present q condensed
synopsis of the testimony as given by
H. H. Bslch and Oswald Wilson. Bslch's
statement brought out the fact that j. M.
Waterbury, president Of the National
Cordage company, owned over half of the
stock Issued, the other principal stock
holders being John @. Furman, his
brother In law and director In the Ma
tional Cordage company, Chauncey Mar
shall, also q director In the National
Cordage company; H. H. Balch, who, al
the time the National Union company
was organized, was an employe OF the
National Cordsge Company, as was Os
wald Wilson and few others whose
holdings are small. H. II. Balch re-
ceived free 100000 In stock for services
in organizing the company. Oswald
Wilson received $4,000 in stock in like
manner. J. NJ. Waterbury named the
board of directors, consisting of five
members; of these, one was his brother
in law, another his partner, another his
confidential clerk, still another,an employe
of the National Cordage company, and
the last, Oswald Wilson, who poses as
the originator Of the scheme. The
financial statement, as given by members
Of the committee since the investigation
closed, is as follows:
LIABILITIES.
Capital stock spued to private hOlders..9 065,0OC
| First debenture per cent. bonds Issued
aye a. s Of 5000 each. ................. 100000
Second debenture per cent. bonds, Is
sued to pay for eleven Alliance Ex-
| c0huB6b ....s...s ss.sss .sssss'ss' AOViOVu
Bills payable accounts, notes for goods,
etc., including note for $4,000,
CIV, n to the National COrdage COM
panY In payment for twlne...."... 2lO,OOC
Total .........................sl6sO 6sO,OOC
RESOURCES.
/ N Nh
Ca8D on manu- ....ss..s..sss'p OOSOOt
Eighty stores, net value. ................ 3GO,OOl
Miscellaneous resources. S............... 4O,OOu
Total resources .................S 10000
lhDllleB 'tlOoV W.
Resources fOViVV'
Deficiency. ..........Sl Sl,l2O'OO'
In other words, the company has sunk
whatever sum it received for stock, and