The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-10-20


pectus Full of Promises that Can
Never Be Kept.
The New York World OF the 18th in
slant contains lengthy and sensa'
tional exposure Of what it alleges is a
"hugeifraud" in connection with con-
Germ known as the Standard Coal and
Timber Company OF West Virginia.
This company, according to the World,
has issued bonds for 100000 against
100000 acres OF land in West Virginia.
The company is said to have capital
stock ION paper OF S2,0OOOOO. The
bonds were issued through the Com
monwealth Title Insurance and Trust
Company of Philadelphia, which acted
as trustee for the bonds so far as re-
CARDS the payment Of the two years in.
terest thereon. OF this Sl,00O,0OO OF
bonds it ia alleged that more than $3.50, :
600 have been sold and are now held by
banks and private capitalists in New
York, Philadelphia, Brooklyn and other
places. 1t is alleged that deed to the
property against which these bonds
we're issued was forged and that the
bonds are therefore VaIHeess. Four or
five banks in New York are mentioned
us having advanced money on the
bonds, but SO far as could be ascer-
tanned to-day such does not appear to
be the case, although in one or two in
stances very few OF the bonds, not eX-
ceeding 5000 in any one case appear
to have been deposited as additional
collateral on loans already made.
The New York EUening Post OF the
same date says, in regard TO the state
ment that several banks were caught
bv the bonds that "in no case was any
loan made on the bonds in question,
and in no case has any one OF the banks
mentioned lost anything, BY the bonds
in question.
Among the banks mentioned as hold
ing some OF the bonds was the Bowery
Bank Of New York, which, it was said,
had advanced $4,000 on $4,000 OF the
bonds per value Henry ?. Degraaf,
president OF the Bowery Bank, said
that that bank did not hold dol
lars worth OF the bonds.
THE WORLDS STORY.
In its lengthy account OF the transac'
lions of the company, the World says:
The prospectus OF the Standard Coal
and Timber company, OF West Virginia,
is full OF promises. Mulberry Sellers
might have written it. Like most
romances it has yellow cover. The
company. according to the prospectus
was chartered April %, 1892. The CAPT
tai stock, full paid and non. assessable, u
is 100000. There are Sl,00O,000 first
mortgage per cent, thirty-year gold
bonds. The principal office is in the
Pennsylvania Mutual building, No. 995
Chestnut street, Philadelphia.
The officers are: President, Joseph II.
Swift, Brooklyn. n. Y, OF whom the
prospectus says: "He has been promi-
nently identified with the lumber and
wood working industry for many years,
and for the past seven years hrs been
associated with the Standard Oil Com
pany, under contract TO manufacture
boxes for that concern"
MR.. sw1E1's FINE BUSINESS
According to tho prospectus. MIR.
Swift has used, during the past year,
5000 car loads of material-lumber and
box shooks-in filling the Standard Oil
company's order alone.
The treasurer ia Frederick ]. Swift,
whose address is given as the Drexel
building, Wall street, New York.
Young Mr.. Swift is the son OF the pres
ident Of the company. He finds enough
time from his duties as treasurer OF this
splendid company to act as private sec.
rotary to Charles W. Dayton, the post.
master.
The secretary is James S. Kendall,
export lumber, No. Is Whitehall street,
New York. The prospectus gives as the
company's trustees and registrars the
Commonwealth Title Insurance and
Trust company. OF No. Sl3 Chestnut
street, Philadelphia.
In West Virginia "the authorized
AGENT is Hon. William A. Oeley, sec
rotary of state, Charleston, W. Va. The
attorneys in the same state are Payne
and Taylor, who do business at the
county seat OF Mcdowell county, u town
called WEIGH.
FOUNDATION FACTS" so CALLED.
Then this romsncing prospectus sets
forth glowingly what it calls "founda.
ton facts" 1t says the company owns
1000 acres of valuable mineral, timber
and farming lands, most iavorabIy To-
Gated in Mcdowell county, W. Va, on
the line of the Ohio extension OF the
Norfolk and Western railroad. "The
immense resources and valuable prop.
erty owned by the company are almost
incalculable," writes the author OF the
prospectus, dazed by the wealth before
his mental vision, but he makes what
he terms "a conservative estimate oil
the value OF the resources. These are
his figures:
100 900 acres OF coni land at SIS an acre 900 0OC
10000 acres Of timber land, containing
l,6O00OOO00 feet, at s. thousand feet 100000
10000 acres OF grazing land-wheu
cleared-at $40 per acre"......",..,..,.~ ,00C
-
Total value OF property Us computed for
coal, timber aud agricultural pur.
poses ON