Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-07-16
Holders of Stock of Shelter
Combine Unload When Inves-
tigation is Begun
NEWS OF INQUIRY GOT OUT
Department Of Justice Officials lrri-
tated When They Found Out Hold
! srs of the Trusts Stock Would Not
:, Be Caught With the "Goods"-Gus-
!. aenhsms Let Go Their Holdings.

In the smelter trust have known for
some time that an investigation of this
combination was in progress. BY using
this information, large blocks of stock
were unloaded at high prices. 1t is
not improbable that an inquiry VIII
be made te, ascertain just how the trust
officers were warned.
The fact developed that when Pres
ddent Roosevelt ordered a secret in
Nestigatior. Of the smelter trust the
common stock of the American Smelt-
Or & Refining Company sold for $50
on the New York stock exchange.
Gmgaenheims Unload.
The Guggenheims and their close as
sociates held large blocks of smelter
security They were in control. These
securities were bundled up and shipped
to outside points with orders that they
be unloaded at once. The public knew
nothing of the Investigations. When
offerings were made at the going price
many persons bought at figures rang
4 ing from 100 down until finally the
& stock sold at 115, q loss of $45 share.
At the present time the smelter trust
magnates are out Of the market, and
innocent buyers OF the securities have
been holding the sack"
To Hit Railroads.
When the federal officials discovered
that the Guggenheims, thru their New
York traffic manager, 81 Eccles, die
tated rates, to the Hill and Hartman
no 70 rryifh
avidity. Comparisons were made be-
tween the methods employed by the
smelter trust, and those whereby the
Standard Oil Company built up it's
great system of rebates. 1t is believed
that at the present time the smelter
trust receives no rebates from the rail-
road companies.
Washington, July 16-Under the au-
thority conferred by the Kittredge res
olution, providing for an investiga-
ton of the so-called lumber trust, the
bureau of corporations is engaged in
that work. One feature Of the inquiry
is directed at an attempt to find out
how much standing timber there is in
the United States, and what proportion
Of chat is in the hands of the lumber
men.
Herbert Knox Smith, chief of the
bureau of corporations, has stated that
he will have to depend upon the CEN
sus bureau for much of his informa-
ton, and an attempt is made in CEN
sus bulletin, just issued and covering
the year 1905, to give that informa-
ton. It is acknowledge, however, that
the information is not accurate, and is
based upon incomplete reports and es-
Inmates of local officials.
In Minnesota, for instance, it is
stated that the lumbermen own 5,373.S
million fee: Of standing timber. This,
1t is said, "is about one-fifth the
amount estimated for the state by
General Andrews, state fire warden,
who estimated in 1896 that the state
contained 24,790 million feet Of mer.
charitable timber"
Error is Plain.
The table in which the private
owned land is stated shows that s.
1867 million feet is white pine, 12.1
million feet is white oak, 81 million
feet spruce, 37.4 million feet cedar,
and IA million feet OF all other woods.
The report also says that in Wiscon-
sin the 1umbermen own 6,917.S million
feet of the standing timber, which is
estimated t., be one-seventh. of the to-
tai in the state. In Michigan the lum-
bermen are reported to own 17906.8
million feet Of. timber. which is esti-
mated to De one-half of the entire
stand within it's borders.
Figuring out these proportions. it is
shown by the census figures that there
is more tinlber~in Wisconsin than in
Michigan and that Michigan has more
standing tiraber than Minnesota, which
is decidedly contrary to the common
helief. According to these figures the
total amount of standing timber in
Minnesota is 27,169 million feet; Wis
consin, 4S,4l4,6 million feet, and Mich
igan, 35.S13.6 million feet
Report on Stumpage Values.
Minnesota lumbermen have s27,245,-
2S6 invested in their lands, including
those on which there is standing tim
Der and the. cut or burnt over lands
In Wisconsin the total investment is
s2s,973,661, and in Michigan $2s,77s,-
697,
The report says that in. South Da-
kota the timber is practically all in
the Black Hills, and is estimated at
100000 feet, of which only about one
half Of pei. cent is in private owner
ship. Nearly all of the timber, in
fact, is in the Black Hills forest re-
serve, North Dakota's standing timber
in private ownership is given at only
one-tenth of one million, or 100000
feet.
The report also goes into the stump
age value of timber at various census
periods. It says that in Minnesota and
Wisconsin, the leading producers of
white pine lumber, which includes Nor
way pine, at both the census of 1900
and OF 1905, the advances in stumpage
values We're from 1851 and s3.S5 in
1900 to s4.67 and s4.79 respectively at
the census of 1905. The increase in
value for the country at large was SO
cents-from 1855 to sleeper thou
sand feet. or 26.2 per cent. In Mich
igan. the increase was from $3.50 per
thousand to s5.2S for 1905. the high
est stumpage value for any of the
states for this species at the latter
census.
Canada Solves Problem.
(From the World Today)