The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-08-15
A Story in Relation to Russell
B. Harrison.
HIS TROLLEY ENTERPRISE
He Had a Wide Fling and Now Credi-
tors Are Asking Him Pertinent
Questions-A Receiver
Necessary.

AtEA lA kAA
mented Helena Journal, and who is
now on General Lees staff in Florida.
They will be interested in the following
story from Terre Haute. Ind, which
recently appeared in the Chicago Rec
ord, telling about $780, 600 worth Of miss
ing bonds:
The signs all point to an early ending
Of the receivership Of the Russell Harri-
son trolley railway company and cleo
trio light company, now one corpora
ton. Tn creditors have come to be-
Iieye that the sooner the enterprise is
sold the better IL will be for them. for
the reason that 1t is getting farther in
debt. The receiver has issued certlh-
Gates OF debt for something like $4,000.
which. of course. must be paid before
the old debts that made the company
insolvent can be considered.
Expert Gray of Hamilton, Ohio, has
Just completed an investigation of the
plant with a view To recommending
changes in the method OF operation and
also TO report on the value of the plant.
Not long ago the creditors sent an eN-
pert accountant 10 SO through lne
books. He made his report, but the
creditors were MOI satisfied with II. AS
a matter of fact, he became something
OF "A DdlllSdH VI iNNsFFA
whose ways are very obnoxious TO the
creditors. While he was at work kus-
sell Harrison returned from the army,
i'm which he had been appointed major,
and WAS with the expert a good deal
so much SO. indeed, that their close re-
lations caused gossip about town.
1t CHANGED to he the day that
T.rre Haute's military company
went To Indianapolis to enter the
regular service in the call for Volun-
teefs. Russell was "A member OF the
governors staff and he was flying about
the streets in uniform. Finally he was
Z brought into the hotel where the cred
itors We're meeting and was asked
pointed questions. He had been In the
employ Of Receiver jump, but the cred
itors had insisted that he be discharged,
and this was done on the breaking out
of the war, so that he passed Immediate
IN from the service OF the OF
which he was still present, TO the serN-
ice of the United States. A few minutes
after ne left his creditors he was march-
ing down the crowded streets at the
head Of the company, smiling n ap-
'parently as light-hearted as a boy on a
holiday. The creditors stood In front
of the hotel and swOre under their
breaths. Harrison had failed To tell
them what had become Of about SlsO.OVO
of bonds. He said he could not tel
about the books. but Receiver jump,
who was present, said the books gave
no information. 1t was shown that
S252 900 in bonds had been pledged as Sc
curity for $3.50. 900 OF tloating debt. or
this amount Of bonds il is now under
stood that perhaps $i0O. 900 have been
forfeited for the interest. Harrison had
issued $500, 600 outstanding when ne
TOOK hold and with other Indebtedness
anade the total 81 $40, 000, which included
- - A.vlg fAr Elkn 0Ql
When Harrison bought the street rail-
way $500, 600 in bonds were outstanding,
Under its charter the company had the
right to issue an additional SloO,OOV
when the receipts reached a certain
amount. At one time these bonds were
issued BY the men from whom he had
bought the property, with the under
standing thai they would take up S'6,OOo
floating debt, which they did. But old
ers of a part OF the $40O. 600 put the pres
sure on Harrison 10 withdraw the $lOO,-
900 on the ground that their issue was
not justified by the actual earnings oi
the railway line. To be able to issue
the additional bonds Harrison had OBJ
tanned the privilege to transfer the
franchise of The city to "A new company
the scheme being to issue 100000 OF tins
new bonds which which TO take up thu
S4OO. 900 issued by the original company
but the holders refused to surrender
them. Then Harrison began selling th'
additional bonds at varying prices ane
lust how much he realized on them can
not be told from he books.
During the time of Harrison's man
agemen an electric lighting plant wal
added and incorporated as a separate
mpa but not long before the re
ceiver was appointed the street rallwa!
ompan absorbed this corporation. Fo
a wear or more after Harrison came L
town he had everything his Their
was some resistance in the council, bu
he was on a wave OF popularity. II
had improved the service, built a sum
mer theater-which has proved to be
losing yenture-and in the contest 10
the street lighting contract had easl,
downed the old company which ha'
been lighting the streets. One result o
this in time drove the old company INT
Then he was given
franchise for the use of the streets 70
heating and power for a long term o
years. asking nothing for the privileg
Indeed. anyone who then suggested tina
n was too valuable a franchise TO grant
with no return TO the city treasury. wa
hooted as an enemy OF the publc-spirit
ed Mr.. Harrison. When some OF nj
creditors were pressing him and maxim
threats he is said to have told them tina
they could do nothing because he ha
the "wspape and the courts on nj
: side.
. A Terre Haute banker. who had hel
in trust some Of the bonds OF the orig
! nal ompany and who had kept clos
watch on the management OF the PROF
erty. saws that Harrison could now b
. worth 500, 900 as a result of his Teri
Haute experienced; that he was oVei
. reaching and a very poor business ma
2 No one believes hat he 'feathered n
nest" on the contrary, he was in har
lines for a year before the receiver toe
. charge.
= IL he wanted TO make improvement
e he sacrificed everything to carry out h
purpose. He bought on credit, on u
lnstallment plan. wherever he could. b
was irrepressible. He never let dow
. and always. so far as the public kne'
was sanguine and hustling TO accom-
\ plish one purpose or another. He pa
little or nothing In cash for the propert
and the men from whom he bought