The sun., 1902-07-06

y
~hy dsint ihs, get then yye- aS-i ~ turn
~" rumpsnv over ~ ms.n vith hotter viHi a
~ far a. TuE NJ knp~s bath ~. dire
'nr. and ih~tf irqui-itiV' sicchhohlsrs nav
"arh have m,sh - the ttsh on th~ir -idr
and tU. cta,t truth may lie In tho shasio~
b.twc-u them T. tho frd.stiy- phis-u-
phsr. however. u NAV '-vw that IN" real
"a. ~s I an the trouble lies In the mistaken
notion hat thnrc an he a uur' In the ssn~s'
that any ono Aggregation 90 capital can
al .olutcly control the output ~ anv com
modify - lunx a. there - pfoft IN lts pro
duction Whsrrvpr there u M nry - h"
made there, the Nurr ~ commcr, ial his
tory re-otd,. viii he, over and slvny-
composition.
The truullcs II the An,slsama,ei Cnpp-r
COMPANY lny" been few a. compared With
those of = 'inc II the othor Industrial cor
prrntl,ns ma, were nnat.d when foAtius
Ws- gSld The American lee ror,panv
has had its 'f.bulations Tn. c"nti.inen
Who were resl sihlc fcr i,s being took
uip into New J.reyS ~ the eaTlv sihtns
Of isga aud came hack with a oeitiiiCatc of
incorporation in thor colle~tive pocket
The new ccmpanv vas the offspring.
chiefly of the Consolidated Ice Company
~ NeV York and th. Knickerbocker l."
COMPANY Il Maine, both ar Ciert and D. nor
alba dividend earr'r. Charles " M"-~"
was the rNpe-t who worked out this com,
hinRtion and he IL, la hi. good friends.
former Mayor Van Wvck and former sub
Chief John + Carroll. on the ground hoor
once u wnE known that thsae two were
IN 'hr company herame tho politicians
paradise. They went after the stuk ." iast
hat YOU couldn't sss, 'em for the dust they
kickel up
The authorized capital ~ the oompany
preferrel .tock and s9s.ooo.Ooo ~ coinm"n
stock az this amount. SiS.S7I,Hl ot 'h-
preierred and -? ,ssi ,pOO of the common
was issued late IN 1870, ~" on'th'''
s',ck sold AZ 20, and 'he preferr-t a. ~
m qtiotltionz heing the highest III" ~'-uri-
ties ever attained
This company was going 10 control the
ice crop - the Unite States and, ~ cor
sequence. make the price What TIE dir" '"Tr
pl.aA,Ni nu' somehow or other the p'ip'
wasn't controlled In fac' A. easily a. vac
hy representation aud all New YORK re-
memherr What happened when th. dr"' 'or-
tmd"r'uoS tu put up the p-t"" " we- p''
Up and put back and ther~hv hangs "a tai"
~ many politi"ians undoinR
Tho conipan, started IN in III" matter ni
dividends IN grand ShApr. During ~" hrst
wear Il paid 6Ier cent on it, pref"rr',d ''.,k.
and 4 prr cent On 'he common. and n IN"
following vcsr, ipoi. " ds$rlar'-i DIVIDEND
" S per cent on the preferred Stock ana
4 ier cent IN N. common.
Then u got into difficulties Snin" per
son. w.rr uukind enough Ia LAY 'ha, non"
1 of the dividends declared was earned
~ co,ir~. any such statement cafne
from lll-sdvis~d and ill-uatured u"rsons
But huw"V.r that NAV lNe, III" lINldends
for this v"l- hay" ls-'n lev and iar '''N'~'n'
tn" las' on" declared On III" common
stock wss IN February when ! Ter "en'
was di-,rihred dividend of - per
cent IN the pr-ferrei stock Wa d-'ar"d
m January, and that Wa IN" last ON MAJ
class e the company ~ruritl'- '" cav"
r." common stock l. now -ell'ng ar"unh
- and 'he pr..ferred AT ~
The Nav dividend on the common STOCK
war pls..sd and a few days ago the VI Nllend
ON the preferred stock was pa-@"d IN"
directors ~ the company took pa NJ, how
ever. 20 state that the dividend In each cas-"
Na- only deferred
Snroo unnth- ago Nr Norse go' out Of
10 ,,nmpanv. and =on" ~ the other old
of aprS followed him " has been said
| ln'elv 'kr' somn - thp-" who CT II IN he
ground foor would Tx" 70 find ~ how NJ
| Npr-s ,p-ca,rrd They. II ls said, would
| like to go ont hv tho same way
A few days sgo dosDa'ches FROM Main"
! stated that the employees " tho company
M there were having dir"ul'les ai"w
gr''irg their paw ani hat ~" io" husif''r-
| o., Maine -inC" tho advent ~ ~" American
! lc. COMPANY had gone badly
| Men Who ought To- know something about
! finance sav that good dos" ~ rrorganiIs- %
i,on would u. n good hing 'or What al-
the COMPANY vcr-capi'alzstion. they
LAY il 'he malndv from which the company
il suffering
The D~'il'inr COMPANY ~ America -
anothc- Industrial corporation hat has
hrcn ailing for sorur tim" THIS comrsnN
H. already h"en rsrrganiIed two ~ 'hr""
times and reorcanir"r- ar" ~ WORK on H
NJ r-es.nt INi- - smother 100 crrTporaiion
! which came out ~ New Jersey with author
itv 30 ,.~Ic So 1.0 90 ~ common stock and
So 90 ~ r~r cont cumula'lv" preferred
stock -.
l. ~ Esa
rr.fsrrrd stock Soi vo' have th. stock
l hu'drrs -.-.n any dividends
IT, tpOi tho common stock sold ~ TO- !,
| the highc-i pri"" y attained, Will" ~"
1 highest urice ~ pre'"rr"d was reached
1 la April, he quota on h.'ing -. Vow
| No common il selling around and th"
pr,'"rrrsl al rs
| T.ls company vas going 10 control ~"
| ouipu' II vhiskcv l. hRs hc.n almost
A. succos,'ul 90 ~" Prohlhi'ionisi~ hav"
| heau
| ~, National Nsphol' COMPANY was in
! cnruoratrd in ipH. ard IN OCtob"r ~ that
| wear II acquired control ~ the Asphali
! Curnranv - America and Other proper
| 'ie~ T. issued 81 .S75 on ~ common stock
| and q naS Op ~ = ts'r cont cumulative"
! u'"frrt.,i hr-id". sSnEa.o7l nf h"nd-
! From 81, for the common ard ?iis Tor IN"
| p,o'or-ed ~ iaa tho stock has declined
! urfI r ha> 90 price TODAY. and n"vr did
! paw any .t'dnnd-
/ In -Int- pf all this the balance shoots
! showed 'hn' ~" cuiupanv waz IN q pros
/ p.r,u- condition. AID 'hr~' "nnr'~''''d
! VII 70 asserted that untold fortunes wcr"
! iu store fu- 'los. Who hold tho stock M
suditirg cpnrnu'e". or. rather. tho Audi'
! Compsny ~ New York has rccPn''" com
/ plri"i an examination - the h""k- 81 ~"
/ CpwpaU"
I, y he~a,!-a - What this "NRninatiou
showed that many r-r-,ns nr" Inclined
20 -av very ugly thinss about th@@" VIII"