New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-03
FRANCIS II. WEEKS MISSING.
SAID BY FRIENDS TO BE- EXTREMELY ILL.


COMPANY BEGIN AN INVESTIGATION.
Francis IL Weeks. the lawyer OF No. o. Wali-,t.
whose deposition from the presidency Of the West
| Superior Land and Improvement Company. and the
! announcement that he had made personal assign
mcn both We're made public on Monday afternoon.
oould not be found yesterday His friends
said that he had been Ill for some
| time in fact SO i'll that he had not been able 10 at
! irnd properly to hi, hu.in,,'. and that he finally
had taken the advice Of hi, physicians and had gone
| into the country. II aid that he went to his
| summer home at Cold Spring. L. l.
one OF the who Is taking active part in the
examination Of the books Of the company Is authority
for tho statement That Mr.. Weeks has not been in
n fit condition TO transact business for
long time. Mr.. Weeks went away
without making statement TO his as
sgn"e. Il. W. g. yelling. Of his condition. and Mr.
yelling said yesterday that he had received more
Information from the newspaper, and the newspaper
men than he had secured from Mr.. Weeks. All Mr.
Weeks turned to him Il list Of the properties
.hich he Is said TO own In West superior.
one Of the why the Stockholders Of the
West superior Land Company wished To deposr Mr..
Weeks from the presidency Of the company
that cy had not been able to secure from him. in
the last three years, Il statement to the con
ditlonS OF the company.
This company organized ten years ago under
the laws Of Ncw-Jer,cl. with capital stock OF
100000. Several Eastern capitalists. wlo had
travelled TO the head of Lake superior there
large fortune in land sp .cuation. West superior
then hnd population Of les, than 500. The com
pany started In to boom" III" town. but II had 1T
tie success until Mr. Weeks and Of his friends
took hold of II and pushed IT. Five years ago hc
bought 800 shares OF the Land ana Improvement
Company stock and thus, with his friends. secured
control OF the company. Mr. Weeks elected
president, secretary aud treasurer Under the act
OF Incorporation there Were five directors and they
consisted Of Mr. Weeks and four OF his immediat"
friends Mr. Weeks pushed affairs successfully
that n he had chung 10 the land scheme alone he
would have been today rich man, although Drop
ertv In West superior has been the d"clin" for
year or two. r . company laid ont the town site
AS stands. laid ont streets. built sewers ana
marked of the land in building lots. The West
superior harbor is n good one. much finer than the
harbor al Duluth. tc nearby rival, whic. con
santlv IL being dredscd for the LAKE boats. The
company offered excellent Inducements TO mnnufa
turers 10 50 to West superior. and got number OF
largo manufacturing plants established there.
After the land company successful
Mr. Weeks secured financial backing AMI went into
business hi, own account. H. Organized &"
Vest superior Iron and Steel Company. bought anl.
built houses and plunged deeply into number oi
enterprises. To carry all Of those he wa, com
PEELED borrow money isht and left. AMI 1t WAS
sad yesterday that there at least %'oo.ooo Of
Lis paper and around Wall street The recent tight
ness Of the money market and the falling OF In
value Of some OF The properties which h" was try
Ing together. and on last SATURDAY h"
rcacLcsi % point where he could not get more money
with which to tide himself unt belt"r times
came. lie decided make assignment.
Recently. too. tA. di-eari, ,fariiou of III" stock
holder. o. TIL Land n Improve en- n C'mlan' IA II
such IA point tia, the, deciici u do SOMETHING 10
secure control Of u. They employed th" law irrn
of sullivan a Cromwell Of No. - Mallst., to look
tA,fr Mr. Is r.
10 .ccure an amendment TO ihc company's charter by
which ih number ~ directors could De- Increased from
five to slx. Tho annual meeting was held on Monday
afternoon. and tN> board OF directors was
elected Warner Van Nordcn. president OF the Bank
of North America; :. +. kilncr william Nelson
cromwell. g. y. williams. g. : Baxter. &. \. spot
ford. ". j. Curtis. X. l.. B"lkiap. licman Do"d,
Henry ". De Forest and f. q. Bailey.
IAa new directors Immediately cho>" Mr. Van Nor
den. president. nnd Mr. klln"r secretary and treas
urcr. short time previous 10 this action by III" ne"
Board Of Directors Mr. Weeks sent In his re>iena-
ton from the three offices which he held. AccomIn
nyng tho letter Of resignation was an announcement
that he had made "A personal assignment. The last
Information caused NOR" surprise than IN" notice OF
his resignation. some OF the stockholders were cN-
trcmrly nervous after they learned that Mr. Weeks
had made personal assignment.
Mr.. Wcling the itIgn.c, sid yesterday that Mr..
Weeks had turned over to him Il list OF excellent
meet all Of his obligations, lie said he had not had
time 10 examine into tho value OF the properties but
he knew that they represented first class holdings.
some OF Mr. Wceks's friends declared that hc did not
need 10 make an assignment. and that the property
which he held In West superior was than ample
10 Day every dollar that hc owed. ILL., ablitic,
placcd al between as0J 900 and II .OOJ OOO but the
y,lic of his assets cannot b. known for time.
\ meeting Of the director, of the West Su-
peror Land and Improvement Company was held yes
and treasurer, and examination of the books
hogun Mr. cromwell. who Is the attorney for the
new board and is also Of IA" directors seen
by a Tribune reporter ast night after the days meet
Ing was over
We did nothing today h. said except 10 be
gin an examination Of the books business like sort
OF way
Did Won find anything wrong In hcml'
40 not aS fur rs We have gone
g 30 YOU expect tor
That | cannot answer ,
Mr. Weeks was not the meeting. Mr. Cromwell
said
really do not know where II" T.. ! have not /
seen him for ,cvrrnl day>.' MIR. Cromwell replied IN /
answer to the question. The new board "f directors
viii meet daily until the books have had thorough /
ovcrlauling. -, D
sr Wlling did not know yesterday who were Nr /
Wc,k,s creditors. lie said that had vet come /,
Forward II was learned lat night, however. thai !
most of the money he Is due Ia banks ana trust
companies.