New-York tribune., 1903-09-22
SPEYER & co. CONTROL.
Consolidated Lake Superior DTec'
fOrs Unable TO Raise So ,O50 900.

A.. r.ef roso-f tho directors of the Consolidst ted
Lake superior Company met At No. Broadway
yesterday ff they could not formulate some
,,rs~ D.. -f-h fhe mana cement could raise money
e-oueh 20 retain control After two hours ses-
sion t was announced that the directors had failed
10 raise the necessary money 80 satisfy the NOR
caFe held by the syndicate formed by SpeNef a
g Tor s5c5ooao which fell due in July 50. as the
eyudicste holds a chattel mortgaEe covering al
-he 7rorertv owned by the company. the control
n tho hic concern viii now pass from President
cornelius shields and his directors to the speyer
syndicate.
AFTER the meeting tho failure to raise the neoes-
sary $4,000 was admitted and the directors de-
Cided % submit 10 any terms mace by the SpeHer
syndicate. Edward a. Sanborn vice-president of
the company. was seen after tho meeting and
summed Up the situation I'm this way
d. Is FOR the speyer syndicate 10 say what IS 20
become Of the Lake superior Company. The com
directors has no possible plan for raising IL The
,ebt became oue in July ami il now depends en-
,ae1 ~ kir5 snd bave vSaifea for three months
Cor us to work ont The problem A. a result o. our
.1' property on winch S''s''e. haS neen :, a. -,
-e1de6 VIII 80 % thom. There are about - $1,000
20 urlor mortgages. bonds and liens 81 suosSiolarE
lagiss E Th ~ " vi has s me- %ne9e ya1-tv ~ mus, Bns
nearly S1earo iu the open market 10 leave IL
W. closed down the plants of our own voliticn
because we did not feel luslhea N oarrNlng on me
work A. ne We workTlen. etC-. about
Slaa oo for vares which wiz also have 20 he salts
fed Tie total irsenedness. exclusive of tho work
mems wages. is suowu hy the following hgures
H-aEan and Lake surero- Pov- company 81 Sc, soo @ ,s
Tseona I1rht and water Company -----..--. 1000
speye- s,r5oate So'o "a"
-,.. ................ 81 600
Among those AZ the meeting were President
Shields r. s. Lewis !. g.. Swartz. 3. X McHarg
and z. z. Orvis
A director Of the company was quoted yesterday
as saying
Every tine ve have evolved = plan 70 save The
company from financial wreck po%-rIlt see S SsS
lron interest has interviewed and orousnI ei.2usl'
pressure TO bear 10 prevent its cons unnraatl9n-
f-- 81. -5e Tse- moment his same interest
powerful enough 10 sidetrack the entire project
REGARDING this statement, Nj ssnnon was
asked
..1s 81 true that there has been strong influence
e york e prevent your e 5,e n fes, ~ so-'
I would rather not discuss that a. all. he re-
Sur is 81 true" the reporter persisted that the
Tinted states Steel corporation has been ia me
4 s6osl6r-t want - say that said M. sanhorn,
because there might be- o lot Of other people
Pressed further 10 make a statement as 20 he
.Traf Isl wholly a matter Of opinion. There IS
no evidence that would Tarrant me lh Hah-"s d.
have The directors ever considered going 70 the
e-ocknolders 20 see ~ they would consent 10 an
TIE stocllolders we're asked TO subscribe 70 the
homo plan. they have known for some tine 7 J4aJ ne
company needed money. and they were asked 10
Tfe risn. as has Seen 3..tshed. was = failure
Al the Office or Speyer a Co.. after the meeting,
Charles D. FTeed oi s 5f Ti iTs4 s'e e Sr9fCae had
intended 70 help The roupaiy ly .N.Ie ~ -,
t,, ~, .-s5 pelF ss -or1sfe-aI FOR the loan
sud they would sold a. public auction 20 protect
5re members OF the syndicate. He would not say
w ~ ,re. Sans as ~ The future Of TIE company
The company Is capitalized at ABOUT Sllogs,g , 81
!, ,na g, aaa has a 'o"''a '''si'' " ~