The Denison review. [volume] (Denison, Iowa) 1867-current, 1905-07-19
THE BALLE-BRoDERsEN CO.'S NEW STORE
Opened July 18th, 1905.

Of improving, went from bad to worse,
and it became impossible to get enough
stockholders together to do business
| Mr.. Depew, 1t is said, was one of the
| few men in the concern who would
| even discuss Its condition. About two
/, or three years ago an attempt was
4, made to assess the stockholders 40 per
cent on their stock, in order to
Strengthen out the companys affairs,
but very few of the stockholders came
up with the money.
| The Equitable Life was finally
| forced to foreclose on it's mortgage and
put the Improvement company in the
hands of receiver The property was
i bid in by the Equitable for $4,000,
which meant loss Of over 100000.
Henry ". Box, who in 1897 was vice
president OF the company and who
had general charge of the laying out
Of the new village of Depew, in re-
cent interview freely criticised the
!! financial management Of the company.
He said:
Walter Webb, General Superintend-
ent Spoor, Of the Wagner Palace Car
company, and Charles A. Gould, Of
the Gould Coupling company, were the
first manipulators of the company and
the purchasers of the property. The
tract covered about 1000 acres, and
the capital was placed at $1,50O,OOO-
far too great a sum. The manage
ment of the company was an outrage.
The trouble all the way through was
really bad management After Walter
Webb had brought into the company
MI. Depew, John Jacob Astor and
other New York flnanciers high sal
aried men were employed, at an eg-
gregate expense Of $4,000 a year.
Mingel, the general manager, received
$4,000 a year This expense lasted
during several years, when you
couldn't give away anything in the
form of real estate.
The bottom finally dropped out Of
the scheme and the company went into
the hands Of receiver. An assess
ment Of 40 per cent was levied on the
stock about two years ago to pay off
the mortgage that had been given to
the Equitable"
What became Of that money? The
mortgage wasn't paid off,
Well" replied Mr. Box, most of us
refused to stand for the assessment.
Several stockholders paid, however. l
know that for they told me so. At the
time the loan was made it was, in my
opinion, good one. The property on
which the mortgage was given was
fully worth the amount of the mort
gage. believe it was worth double
that sum-
"Mr. Depew from his first connec-
ton with the company was sincerely
DESTROYS, believe, of making 1t sue.
cess. He borrowed money and pledged
his individual security He was the
only man / could ever find willing tc
talk about it The largeness Of the
deal and the men interested in 1t, il
was thought, would carry it through"
In referring to the interest of the
New York Central Railroad company
in the village of Depew, Mr. Box said:
1.-The improvement company turned
over to the Central for locomotive
works 100 acres at less than cost
Webb insisted on that. The effort tc
bring the Merchants Dispatch cal
shops to Depew failed. The New York
Central, which controls the stock of the
> company, had committed itself t.
Rochester, and that handicapped thu
improvement company.
Aside from the Central locomotive
works, the Gould concerns are the only
big industries in Depew village There
are the Gould Coupling company, the
Gould Storage Battery company, the
Gould Axle Forge company and the
Gould Steel plant. Other concerns
there are the Railway Steel Spring
company and the Magnus Metal com
pany. The American Car and Foundry
company closed three years ago.
President Michael j. Garry, of the
village, said:
'"There is no reason why the DepeW
improvement company should be il
such bad way, but understand thai
the directors got into a mixup among
themselves. Considering things, con
ditions here are prosperous We have
about $500 residents and about 800
dwelling houses. We need more OF
them, for people can't get house nov
unless they buy one.'
Depew has all the characteristics OF
boom town. The houses are scat
tered. street are laid out and paved
and there are lot of shops There
are waterworks and electric power
and street car line which runs tt
Buffalo. In the boom days severa
wealthy residents Of Buffalo bull
homes In Depew. In reports flee
with the county clerk the improve
ment company stated that its assets
amounted to at least 100000 and thai
its debts did not exceed 100000, ex
elusive Of liability on it's capital stock