The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-18
Refused 100000 Salary.

ii to attach to the trusteeshlp mas not AT
this writing been made pubic, out 1t
must be very much smaller than the
100000 per year which was turned down.
Mr.. Cleveland is not a rich man, al
though he is comfortably situated. His
yearly income Is said by those who pro-
fess to know to be in the neighborhood
of $1,000 which is supplemented by re-
turns from his literary productions, an
amount not in excess of $1,000. lie has a
large family, the expense of which in
creases with the growth of his children.
II he had elected to trade on his name
and standing, Mr.. Cleveland might by
this time have been a very rich man.
but he has not cared TO take on the risks
and hard work incident to the creation
of a large fortune, preferring the as
sured honors due him by reason of his
standing as an ex-president of the United
States against whom no personal attack
has ever stuck Some of his best friends
regret that he has allied himself to the
Ryan reorganization syndicate in the
matter and given the endorsement of his
great name to the deal. Mr., Cleveland's
action. however may turn out to have
been based on broadcast wisdom, although
at the moment there is is divergence Of
opinion on that point.
The new management of the Equitable
may be confronted with a revolt on the
part of its crop of agents to whom 1t has
advanced S7C00000 or whereabouts on
business obtained by them, these adj
vances covering large part of commits
sons for many years ahead majority
of the agents are working tooth and toe
nail for a continuation of the old policy.
1t is just barely possible that the Ryan
control may set its face resolutely
against this proposition and risk the loss
of a considerable percentage of the ST.
100000 rather than submit to the further
demands of its agents. Mr.. Ryan is
known to have strong prejudices against
dictation by subordinates and he may
grimly take the bull by the horns and
tell the dissatisfied agents to go to-
Deeply interested.
It is not strange that the people in
and about Wall street should be deeply
interested in the situation growing out
of the Equitable scandal. The row had
spread over the entire district and nearly
everybody of Importance was being
drawn into the ENHANCEMENT in some
way or other. A subject that fascinated
the country at large Is of deep personal
concern to hundreds of leading men in
circles of high finance. Widespread dis
trust of methods prevalent in trusteeships
i and banking relations was being en-
engendered The unseemly wrangle was
supplying food for sharpest critism and
also furnishing proof of accusations of
bad faith. which had previously met with
+ Indignant and sufficient denial. Names
were being dragged into the unsavory af-
fair which had heretofore been held
above reproach. Hence the Ryan coup
was commonly regarded In the street as
being possibly not only a solution of the
insurance muddle, but also a move for
the restoration of public confidence and
an excuse for forgetting the nasty rue
ton. 1t was welcome and timely dust
explosion. Whether or not hopeful ex-
pectations will be fulfilled remains to be
seen. If the people directly connected
with the deal and hopeful for its success
act in good faith and entire frankness
lasting good will result and the business
morals of the community will be great
, ly and needfully improved
Col. Bill Greene
The raid on Col "Bnr" Greene's stock
eliminated in charge against the
colonel himself that he had been causing
dividends to be paid on Greene Gold
which had not been earned, and that in
connection with his fotation schemes he
has been making a series of gross mis-
representations through advertisements,
circulars and prospectuses. In connec-
ton with the payment of the three last
dividends on Greene Gold authorized
statements have appeared of earnings
approximating 100000 back of each dis
tribution. According to stories boldly
told in Wall street by responsible par
ties there are sworn reports by indie
pendent experts that the property has
been earning next to nothing and that
no development work to amount to any
thing mas been actually DONE Colonel
Greene was called before an impromptu
Indignation meeting of directors and
stockholders in downtown office early
in the week and confronted with the
sworn testimony of experts controverting
d nd no1 Iii ms
that he had been working a con" game
on the public.
The colonel Is represented to have
ragged and stormed and to have de-
nounced everybody within reach of his
voice as liars. hyenas and other things.
but he failed to convince the assemblage
that their affidavit testimony was in
correct That selfsame night the colonel
made a sudden start for Mexico.
Colonel Greene sold his I'll sene gold min
ing properties to the corporation for
s5.O0O000 of its stock. taking for his own
part $4000,000 and turning into the treas
ury 100000. wide open advertising
campaign has been going on during the
last four or five months and large
amounts of stock have been worked on
at prices ranging from 81 share down
to s. and under. the par value being $40.
The explosion caused considerable eX-
element In the Wall street section ana
has had an injurious effect on quotations
Of Greene Copper and other mining Sc
curities.
The independents, who comprise small
percentage OF the anthracite coal pro-
ducers. are having the time of their
lives For the first time since the organ
i2ation of the trust they are getting all
the cars they need and find an open
door to every market. They say that
this change in the policy of the trust is
due to a hint from Washington TO get
into a position to stand an investigation
similar to that undertaken In connection
with the beef trust.
Southern Bonds.
John G. Carlisle, once Secretary of the
Treasury. has formed another combina-
tion to attempt the collection of bonds
issued by southern states during the
reconstruction period. There are now
two of these outfits in the field, the other
being headed by former United States
Senator Pettigrew of South Dakota ana
Butler of North Carolina. Their ngures
show that southern states issued all told
about $3.50. 100000 of bonds during the re-
construction times, payment OF whlcn
has been refused largely on the ground
that they were fraudulently or improp-
erly issued and that the states derived
no benefit from them. These bonds were
issued for every conceivable purpose ana
on every pretense. The recent decision
of the supreme court in North caro-
lima case has opened up the field lor