The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1902-03-17

Scranton money Is being invested by
the million in many parts of the United
States, and, incidentally, these Scran-
ton investors are not losing anything.
The operations of Simpson & Wat
kns in New and old Mexico have been
told in detail previously. They. with
New York, Boston and Chicago men,
went down into a country that had
hardly been explored, and in five years
made it fairly hum with industry. In
Chicago these same parties, together
with some other Scrantonians, chiefly
the Gearharts, are installing new
telephone system, capitalized at $5,00O,-
900. In Old Mexico Simpson & Wat
kins are at the head of company
which bought out "a mining company
that was pressed for working capital.
and by developing the property to its
fullest capacity, made it truly bon
ANA.
1t is in the lumber business however.
that Scranton capitalists have been the
most active lately. In West Virginia,
the Cherry River Boom and Lumber
company, a new concern, composed al
most entirely of Scrantonians, has ac-
quired vast holdings and is erecting
extensive mills and building railroad
Simpson & Watkins, Colonel j. W.
Oakford. Hon. William Connell, II. E.
Jones, Henry Belin, jr.. and others are
the leading spirits in this company.
LACKAwANNA COMPANY.
For fifteen years the Lackawanna
Lumber company has been operating
two big plants in Potter county. 1t had
capitalization of $750,0O0 and it's Off
GERS were: +. l.. Peck, president and
! manager; C. P. Davidson, secretary
and treasurer, and l. F.. Megargel vice.
president.
j. ]. Newman, of Hattiesburg, Miss,
went into the lumber business there
some years ago, acquiring many thou
sands of acres of long leaf yellow pine
land. He did not have sufficient capi-
tai to properly develop the property.
and came to Scranton seeking money.
The result was the organization of the
j. j. Newman Lumber company Of
Scranton. with F. L. Peck, c. P. David
son, c. D. Jones, DR.. D. b. Hand, A.
d. Dean, I. F. Megargel, f.. S. Peck, S.
b. Price, j. A. Linen, C. S. Woolworth,
and others as the principal stockhold-
ers.
Last August, the Lackawanna and
Newman companies combined. under
the title of the United States Lumber
company of Scranton. 1t was capital
lied at s4,5OO,O0O. divided into $4,000
shares of $100 each and $2,500,000 was
issued at par.
Six weeks ago it was decided to in
crease the Mississippi holdings to $780,
900 acres and improve the plant by the
construction of a fifty-mile: railroad
and the enlargement of the mills The
remaining $2,000.0O0 worth of stock was
issued at par, although it was worth
$295 a share, each of the stockholders
receiving a pro rata share. With the
whole s4,5OO,OO0 worth of stock issued,
it is now selling at $212.
THE SHAREHOLDERS.
There are only one hundred and
twenty shareholders in the company.
+. l.. Peck c. d. Jones' c. p. Davidson
and the ]. w. Peck estate have the
largest holdings. The second largest
holder, it Is said, cleared up $500, 900 in
six weeks by the issuing of the new
stock.
Several hundred thousand dollars
worth of stock in new bank, which
is being established in New Orleans,
was subscribed in this city, recently,
in three days. A. B. Warman and other
Scrantonians have put $780, 900 in an ice
company in Maine. The Title Guaranty
and Trust company, one of Scranton's
newest banking institutions, last week
Increased it's capitalization from $780,
900 to $15OOO0, and there is some talk
of its absorbing the County Savings
bank, with which it is to be a co-tenant
in the new building going up on Spruce
street. opposite the court house. f. S.
Godfrey is one of four men of these
parts who financed an oil. coal and
lumber company in Scranton, Ky, the
oil interests of which are alone worth
IA million. John A. Mears and Klotz
Bros are about to build a silk mill in
Charlotte, n. c.
All this is not to be taken as an indi-
cation that Scrantonians lack faith in
local securities. 1t means that there
are no local securities to be had. The
stock of Scranton banks is rated at
what would be thought to be prohibit
i've figures, but at that there is none of
it on the market. Scranton has more
money than 1t can spend at home.