The Alaska citizen., 1911-05-22

l StHlidi. Has iSSueu d leNit" Ol Nhe history of the undertaking and also the story of the wrecking of the property.
 He also pays his compliments to President o. C. Laberee in a man. which must result in discrediting that gentleman in the eyes of not only Alaskans. but wherever the news is spread The article is very lengthy and space forbids printing it in it's entirety in this issue. Following is Mir Ballaine's recital of MT. Labe- ree's connection with the wrecking of the road and in tomorrow issue We print the story of how he became interested in the Alaska coal fields.
 "A clear understanding of present conditions and future probabilities can be had only with review of Laberee's part in the history of the railroad since 1904 It makes a strange and interesting chapter
 MT Laberee came to me with an introduction from then United States Senator Turner of Spokane, in 1904, when l. as president and owner of the Panama Construction company was engaged in building the first 20 miles of the Alaska Central He rep resented to me in letters, the origi- nals of which I still retain. that he was the agent in the United States for Frank Thompson. a Montreal capitalist who had charge of all the Bank of England's investments in the United States and Canada; that his principal had been manager of a Canadian bank whose capital stock i exceeded the combined capital stock of all the banks in Spokane. Tacoma and Seattle; that his principal had twice refused the position of gen. eral manager of the Bank of Eng land; that himself and this Mon, treal capitalist were then engaged in 1 financing a transcontinental railroad capitalized at s60,0OO,OOO, of which they had s42.OOO,O0O actually sub, Scribed; that he was himself a mil effect He assured me that if I en- tered into contract with him and with Mir Turner and Mir Thompson to furnish money for the Alaska Gen. i trals extension. it would mean vir- tually that the Bank of England was | behind the deal
 On inquiry of Senator Turner, he wrote me that l might safely place 1 implicit confidence in any statement made to me by MT Laberee, whom | he described as a man of large wealth and of business integrity Thus assured by man whom l sup posed I had every reason to trust l entered into contingent contract through them with Mir Thompson then unknown to me. By the terms of this contract, they undertook to procure a loan of $2,1OO,OO0 for the Panama Construction company, with which to extend the Alaska Central to knik, and agreed to accept a specified commission for their ser vices
 i Shortly thereafter l discovered that Mir. Laberee's principal in Mon. treal had never had relations of any kind with the Bank of England, and never claimed to have had; that he had never been manager of bank in Canada or elsewhere, and never claimed to have been; that he was simply a stock broker doing a mod. crate business, a former post office inspector, and before that a clerk in small bank. and had never repre- scented himself otherwise.
 "I discovered also that Laberee him. self was a French Canadian, who had been for several years dealer in worthless mining stock and pro. moter of fake mines that never had paid dividend, with headquarters in British Columbia and Spokane; that he had failed in business at the ex- pense of many creditors; that his | claim of being millionaire was wholly braggadocio pretension car ried out with coarse display, and that his story in regard to financing a new transcontinental railroad was an unmitigated falsehood in every par ticular
 "Laberee and Turner did not per form their contract with me But in- directly. MT. Thompson's efforts led to my negotiations with A. c. Frost and H. c. Osborne for the sale of my Panama Construction company to them. and eventually to it's sale, so I paid them the commission to which their contract would have entitled them if they had performed it's pro- visions. By this means. through the grossest misrepresentation and with o1t dollar of expense, Laberee ob- tained a small percentage of stock interest in the company.
 After my transfer of the construc. tion company, and thereby control of | nd