davidaulloa/AmericanStories huggingface dataset:
The Detroit times., 1913-04-14

There are still the preferred and common stocks to
be mentioned These, at least says some one, should
be wiped out Let see first, WHAT ARE THE
FACTS, for as pertinently suggested by Senator
Smith, of the Legislative Committee (Vo H., page
II, of Mr. Stevens testimony:
Speaking Of the treatment of the railroad com
panies generally by the State Mr.. Stevens, l take
ii for granted that if there is any hostile I'M
proper action by the State through it's legislature
or through it's railroad commissions, take it that
it is largely because the legislature and the
missions do not understand the focts"
The Pere Marquette Railroad Company was organ
lied in 1899 under the laws of Michigan by bringing
together the properties of the Chicago & West Mich
gan, the Flint Pere Marquette, and the Detroit
Grand Rapids & Western. The company issued
capital stock aggregatng 900 in exchange for
the outstanding stocks Of the constituent companies
OF that $2s,O00OOO of stock $12,OOO,OOO 41e
cumulative preferred stock, and $18OOO,OOO was com
mon stock. One Of the active participants in that
transaction w. w. Crapo who was actively den.
tilted with the development of the State Of Michigan
for forty years, and who Ii spending his declining
years in New Bedford Massachusetts his name in con.
nection with transaction having always been a guar
anty Of honesty and fair dealing Another active par
ticipant was Charles NJ Heald we'll known and highly
respected throughout Michigan, aud resident of
Buffalo, New York. As part Of the reorganization
CrapO there a Reconsideration Of the pere Mar.
quette stock into first preferred second preferred and
common.
ThOse stocks represent stocks of companies which
began the construction of Michigan railroads more
than sixty years ago. They have been issued and
issued in the Of the development Of the State
and pursuant to its laws There is probably
living who state the particular facts and circum.
There probably records in existence that would
enable anyone to discover with much search,
those facts and circumstances There Is precedent
for saying that such early facts and circumstances
have any bearing the present legal equitable
of the present stocks The proposition that they
do disregards altogether the legal and equitable rights
of innocent purchasers growing out Of the lapse Of
time and the former laws of the State 1t may be we'll
enough for the State to pass laws governing the
future but the State that attempts to wipe secur
ties issued under former laws and recognized
years by the State lawful securities, liz entering
uDon course which is bound react upon it and do
it incalculabe harm.
The Detroit times., 1913-04-14

1t il also said that in 1900 and 1902 and 1908 tho
Railroad Company bought other railroads, and tha1
perhaps 1t paid for them than they were worth
viz the Saginaw, Tusc0la Huron, the Grand Rapida
Bedding Saginaw the Canadian Lines, the soeallsd5
Steele roads in the Southwestern part Of the Stat tn
Kakaska road, etc. The value of railroad II oftsn
matter Of judgment There being accepted meth
cd Of determining the question with any psecaion, al
is matter upon which honest men may diisr. But:
there is evidence Whatsoever of any corruption ~
any of those transactions and II tho result on 60
whole - taken into account the evidence shows TIT
those purchases IN the interest Of the Railroad
Company. That the purchase BY the Pere 4ArquettoS
of the railroads ocatsd IN Michigan advantageou0s
to the people of Michigan particularly those in tho sss
tons Immediately affected, hardly be doubtadL
The two first mentioned lines acquired undsr IT,
CrapoHeald administration; and there il evidsn9o
that they cost more than they worth. The Co.,
dian lines it appears, saable for substantially
than their cost; evidence has been presented
to the contrary and is undisputsd that they nes
than sssustaining It is possible that would AaVUS
been the advantage of the Pere Marquette not -
have purchased the Steele roads, that h dehatahDl
question: NOT Of importance in the present stunt1sA
No Nee ralroads Aaps bces purchased BY tho Pew
Marquette 1906 and 1t h rather late TO Quest
the wisdom Of prior purchases, 1t least unless II -
shown that they important figure in the press
TO SEE UPON WHAT LINE OF REA6ONIN0s
THESE TRANSACTIONS ARE MADE THE BASIS
OF REPUDIATING DEBTS, HONESTLY COM
TRACTED LONG AFTERWARDS. WITH THE Ex.
PRESS APPROVAL OF THE MICHIGAN RAIL
ROAD COMMISSION, CONCERNING WHICH
DEBTS NO QUESTION OF GOOD FAITH WHAT.
SOLVER HAS BEEN RAISED, OR THE BASIS
OF WIPING OUT STOCKS
COMMITTEE REPRESENTING PREFERRED
STOCKS.
By S. w. DEMO,
SscSstmy
COMMITTEE REPRESENTING $500 000.0o
OF UNSECURED DEBENTURES, DATkD
By LEWIS B. FRANKLIN,
Secretary.
OLD COLONY TRUST CO., REPRESENTING
VARIOUS HOLDERS OF $1,2OO,O00 COL
LATERAL NOTES, DATED FEBRUARY. 1914.
By +. G. POUSLAND,
Vics-PsssidenG
COMMITTEE REPRESENTING $500 ooo.ool
OF COLLATERAL NOTES. DATED MAkcn3
=, 1911. n
Bye. s PECRAM,
Se~sa~yA
(ro BIZ CoNTNUEn)
The Detroit times., 1913-04-14

WHAT ARE THE FACTS REGARDING THE
JULY /, 1907?
1t is undisputed that they represent S5OOO,OOO of
cash loaned to the Pere Marquette Railroad Company
by its stockholders, pursuant to the reorganization of
1907, following the receivershp under Judson Har-
mon, which grew Of the unfortunate alliance with
the c.. 81. 4 d. Railway Company
It IL undisputed that the reorganization Of 1907,
which included the issue Of those 100000 of deben
tures-had the express approval fret, Of the United
States Court (presded over in that matter, by Hon.
Horace II. Lurton, then United States Circuit Judge,
Mr.. Justice LurtOn of the Supreme Court of the
United States, and, second, of the MICHIGAN RAIL
COMMISSION, empowered by the laws of Michigan
1T undisputed that the was used for good
and lawful purposes,-$2 100000 in the retirement Of
RECEIVERS CERTIFICATES AND NOTES issued
by JudsOn Harmon, Receiver who had made additions
and improvements to the system and had made prin.
cpal payments equipment purchased, to the aggre
gate amount of 81 900, and had incurred in.
debtedness in those connections; partly to pay debts
to various Michigan banks contracted in 1905 and
outstanding in 1907; and partly to pay other lawful
debts.
1t is undisputed that part Of that OOO 600 has
ever been repaid.
There was no suggestion in 1907, from any source,
of a scaling down OF the Pere Marquette debt. All
seemed to be governed by the old fashioned
idea that it would be credtabls to the Company and
to its stockholders and the State, II $50OO,0OO
should be loaned to the Company enable it to clear
UP all it's debts No one questioned the prOpriety Of
issuing the 100000 of debentures to the 3d.
100000 Of cash advanced. And il the MICHIGAN RAIL
COMMISSION had not expressly approved the plan,
it could not have been carried out; the 100000
would not have been furnished; and the 100000 Of
debentures would never have been issued
and sold in New England in reliance upon the States
approval of their issue, and without thOught,-and
without any for thinking,-that in 1913 it
would seriously be proposed to the State authorities
that those $5O0OOOO Of debentures should be repudi
ated,-left out Of consideration, In so-caled scaling
down process As Mr. Stevens remarked to the Legis-
Iative Committee:
"The State should not forget that with author
ity in every walk Of life there goes at least moral
responsibility. II, after public hearings, before
Its regularly constituted representatives, the State
stamps Its approval upon securities proposed to be
issued,-whether they be railroad bonds steam.
ship bonds or other bonds,-there goes with that
act q continuing moral responsibility not amount
ing OF course, to guaranty Of the payment Of the
securities, but amounting to q moral assurance to
the investing public that neither By action or
inaction will the State permit the securities to b
The Detroit times., 1913-04-14

0s]s bteWsetess but pr0ssonostAv. A. ~. 0ooDuu
ststcd az the close of his narrative statame1 b1)DQ
the Legislative COMMITTEES: = ~
SINCE THE YEAR 1906 so FAB ~
KNOW, Or HAVE HEARD, NOTHING Han
BEEN DONE THAT SHOULD REFLECT r..
JURIOUSLY UPON ANY OF THE OFFICERA Y
DIRECTORS OR STOCKHOLDERS OF TIN
THAT SINCE 1905 EVERY IMPORTANT AC-
TION AFFECTING THE FINANCES OF rHE
COMPANY HAS BEEN TAKEN WITH A PUn-
POSE TO BENEFIT THE COMPANY AND tn
PROPERTY, THAT NO BONDS OR OTHU4
SECURITIES HAVE BEEN WDONGFULLY
ISSUED, THAT NOT DOLLAR OF THE
COMPANIES FUNDS HAS BEEN MIeAPPRO-
PRIATED. IT'S STOCKHOLDERS, ON RIA
SONABLE TERMS HAVE FURNISHED IT
LARGE SUMS OF MONEY,-AGGRE0AYTN
OVER $4,000 o0e,-AT TIMES WHEN 10
ONE ELSE WOULD FURNISH IT MONEY ON
REASONABLE TERMS, IF AT ALL. THOSE
LARGE SUNS HAVE BEEN EXPENDED FOB
TIE BENEFIT OF THE RAILROAD COM
PANY AND OF THE COMMUNITY II
SERVES IN THE PURCHASE OF NEW
EQUIPMENT, THE PAYMENT FOB OLD
EQUIPMENT, THE IMPROVEMENT OF THE
LINE THE PAYMENT OF TAKES AND
OTHERWISE TO MEET IT'S LAWFUL OBLI-
CATIONS"
There is and can be showing to xhs contrary
AND WHAT HAVE THOSE OLD TRANsAC-
TIONs TO Do WITH THE QUESTION OF Thu
OF HONEST DEBTS, LONG
INCURRED, WITH THE Ex
PRESS CONTEMPORANEOUs APPROVAL OF
THE MICHIGAN RAILROAD COMMISSION or
WITH THE wIPINa OUT OF THE STOCK
ABOVE MENTIONED?
The Detroit times., 1913-04-14

I'm the former NUMBER attention called the SCOPE
this SERIES and the facts respecting the of Peye Mar
Quette Notes. dated March 1911 stated
nents made thereon The following continuation othe serie
The Detroit times., 1913-04-14

A. On either. No dividends on either clss Of
stock dnce 1905, and % the average that have
mentioned h reached by apporHoning tAirteen
/ years the dividends paid during the Arst ak
year"
Thus we that serious burden has been placed
upon the people of Michigan BY Of these ont
standing stocks Their owners have received mothin9
chdterer since 1905 not dollar On the contrary,
is undisputed that they have furnished to the Com
pany, since 1906, total of l4OOOO 900 to en-
able 1t to make additions and improvements to its
property and to pay its lawful debts part Of that
cum has ever been yc1did to this day; and the
strous proposition IL seriously advanced that
NOT ONLY ALL THE STOCKS But ALSO THE
CEs OF MONEY BY THE STOCKHOLDERS
SHALL BE WIPED OUT, in pursuance OF the seal.
ing down policy before mentioned!
MR. CITIZEN or MICHIGAN. WHAT DO YOU
SAY TO THAT?
Until within the last year, questioa whatever
was raised, In any quarter, those outstanding
stocks In 1907 persw0at to the reOr9oSssti0s plan
Wh'ch had the s0sItten approro of tho MICH
GAN RAILROAD COAMlsszON, before mentioned, those
stocks reissSsd and since that year they have
been purchased and sold in New England as valid
securities the strength of their issue under the
laws Of Michigan and the faith Of the future de-
veopment of the State and without a thOught-or
any reason for thinkingthat in 1918 the State would
be asked by anyone to force their reputation
The payment Of dividends from 1900 to 1906 IL
demned
The dividends paid In 1900 1901 and 1902 were de-
clared by the CrapoHeald administration, which has
never been publicly criticised to this day. and those
tu;1o
been questioned 70 this day The total paid in
dividends in those three years (41 per the
preferred stock only $9OO00O less than the total
net carvings of those three gears Legally applicable to
the payment Of diridsmds In other words, $9OO,OO0
Of the net earnings Of those three vars, went into ad
ditons and improvements the direct benefit of the
State instead Of being paid out in dividends the
common stock, as they lawfully might have been
The dividends paid in 1905 1904, and 1905, alto
gether amount to s~Iy s6o~t ee~th OF the total
sums advanced 10 the Company BY It's stockholders
s~oe I905,-sueA Sums sdn remaining wholly unpaid
and to only about owoha4 Of the total sxpend
I'd in the years 1911 and 1912 for additions and i'm
provements within the State Of Michigan, of
moneys loaned to the Company By stockholders in
NarcA 1911 ,o;tA the tN a~d approuol of the
MICHIGAN RAILROAD COMMISSION ~ before
stated
SINCE 1906 NO DIVIDENDS WHATSOEVER
HAVE BEEN PAID ON ANY OF THE STOCKS
The fact Of the payment Of dividends in 1905 and
prior years has been we'll known all these years. it
has appeared In the public records Of the State has
appeared in the printed annual reports; there has
been concealment Whatsoever
WHAT JUSTIFICATION IN LAW OR EQUITY
CAN BE FOUND IN THE FACT OF THOSE
EARLY DIVIDENDS, FOR REGULATING HON
EST DEBTS, LONG AFTERWARDS CONTRACT.
ED, CONCERNING WHICH DEBTS NOT SUs.
PICION HAS BEEN RAISED?
The Detroit times., 1913-04-14

$1,000 900 OF NOTES ISSUED IN FEBRUARY,
1912!
1t is undisputed that they represent $1,2OO,0OO of
cash furnished the Company by stockholders in
February, 1912, and still wholly unpaid; that the
MICHIGAN RAILROAD COMMISSION expressly authorized
those notes to be secured by the deposit of like
amount of long term bonds of the series were
deposited to the 100000 of notes; that the
$1,2OOOOO Of money used by the Company for the
payment Of lawful obligations; and that the holders
of the notes legally and equitaby entitled to be
repaid that amount.
Not syllable has been can be uttered impugning
the integrity of that loan SHALL IT, NOTWITH-
STANDING, BE REPUDIATED?
The Detroit times., 1913-04-14

Attention Oli Be draUn later, in detail, to undis-
puesd facts concerning the increased cost of labor
and materials since Juy I, 1910. mentioned by Mr.
Stevens.
Before taking up that and other subjects, the
facts respecting the other junior securities sVi be
mentioned.
The daily Alaskan., 1913-09-18
RUBY HOLDING OWN
 AGAINST ALL CONIERs

Dr. D. L Carmichael arrived in slagway last evening from Ruby where he has been for the past two years. In speaking of the camp, Dr. Carmichael said that Ruby was bound to develop Into a good little camp. During the past season the water conditions have been very poor. owing to tho dry season, ani consequently the operations have been greatly retarded. New creel@ are continually being found contain ing pay. and Poorman creek is look ing up and showing good results The Doctor stated that Dr. "Biliy. Holmes was in the camp and ruunn a drug store and that he was doing well Dr. Carmichael will be pas senger south on the Princess Sophia tonight.
The daily Alaskan., 1913-09-18

Last evening Prof. l.. Martin, of the Madison State University, Mad ison. Wisconsin, Prof Thwltes, to- pographer, of Madison, Wisconsin, and Prof s. Romer, euberg Un- wersIty, Austria, arrived in skagway on the steamship Northwestern.
 These gentlemen are all members Of Che international Geological Con- gress. and sto2red over when the Princess Maqulnna arrived at Muir Glaier to make observations rela- tive to the action Of that huge body Of ice since the last data was talk en.
 soundings in the bay were made, and depth of 400 feet was found about in mile out from the glacier.
 The party mapped the glacier as it now is, and when Prof Martin was asked by a representative of
The daily Alaskan., 1913-09-18

Mr. Paul dHelrry, the comm.se sloaer at Chiuua. writes Che Valdez Daily Miner as follows, regarding conditions Iu tho new camp. His latter follows
 Chluua. Sept f1-No doub, .ut chat word from rbe new diEgluEs win be og uteres. co your readers. wIh che drawing Go close ot Che working season Of 1913, we are able Go form some sort of an 0piu- ion of tao extent of Che new find, and to chose ol us here who have kept ln eIosc touch with Che proEros made lu rae shushauua during che past three months havo come Co Che conclusion chat it is destined Co be- come biz camp. although much work remains Co be done before it becomes a producer of Che class of Dawson. Nome and Fairbanks aI- though for rho amount of work done u . making 60 much better showing rm a.gaer Of che two latter camps. Gradually as men begin Co turn oT- er Che gravel che area u which pay has been found. w.doua until now an area ot some twenty-five miles by fifteen shows pay dlrl high ranges cutting through and dividing the pay creeks Beaver and Wilson creeks are Che last ones Co show pay AM che boys From ca.J.na who wont into che diss.ues during Che summer are preparing % re- turn as soon as che snow makes transportation .asy This u itself Indicates chat our people have ta.Ih
The daily Alaskan., 1913-09-18
TRANSPLANT DENIES THAT
 HIS MEN JUMPED CLAIMS

in the camp Most of those who went in were forced Co return for want of supplies lr being impossible or rather prohlb.tlye, owing to cost to take in an outfit over the Scolai Pass. The best Chat most of them could do was to stake @ claim or claims. do the assessment work and hike for home where they werc surs of something to eat
 From an accounts Ihere win be much uyg1uon resulting from tho erab-aII policy of number of those who rcached the camp early in the game. .rouud was gJ1ked for peo- pie. who T.~g never on Che ground and later powers of attorney wcr" sent ia subsequently che records be. ing SO fixed" a5 to co,er the fraud There was a great deal Of saus faction shown on tho creeks when it was learned that Judge Fmnogan had been appointed commissioncE by Judge Brown, ho having already become quite we'll acquainted In tho district. and his reputation for hon. esty having followed him in. Auoth CT matter taat .s causing much dis
 satisfaction ls the manner iu which Uamsbaw is acquiring ground for his company Having a supply ot provisions on hand, bo iB able to employ quite @ number Of men and succeeded lu having them locate a claim each. which % day or two lat- CT hcy turned oyer to Hamshaw.s company. The miners contend thal
 lConunued on Pago 4)
The daily Alaskan., 1913-09-18

J. R. Burnham, of the mining firm Of Burnham Kennedy and Com way, owners of extensive copper properties in the Rainy Hollow dis trict arrived in Skagway and will be a passenger south on the Princess Sophia to Vancouver enroute to Hart ford Conn.,, where he will spend tho winter. Mir. Burnham will visit number of the larger eastern cities before he returns to Alaska in the spring.
The daily Alaskan., 1913-09-18
BARNETT SAYS CAMP BOUND
 TO BE WINNER

George Barnett writes to Tuck Flaharty from the new Chisana Gold fields Chat he and his companions n rived in the new diggiugs after a hard mush, and reports In his let ter that he has decided to remain i'm Che new camp an winter
 He Intended 60 start building cab ms the day following the one on which the letter was written, an concludes lis rotc by saying that there certainly is gold being taken ouj, and 1t is now only a question of umo until the Chisua is one of the biggest cmpz in the entire north land"
The daily Alaskan., 1913-09-18
aFULOGIsT WORKS PAST
 SUMMER IN NEW DISTRICT

IT. M EaEu. after spending che summer lu che pursuit ol geological work u Che district between Che Yukon and che Eoyusuk, and Fort uamun and westward Co Hughes on Che Kogas and thence aoutaw 'at Co Ruby arrived m sEagway last night
 In speaking O. his work, Mr. Ea- kim stated cha. us was ,ho first geological work ever done .u taa-
 region. and much new data was collected la part Mr. Eaklu sa,a, Geological conditions over much O. rue area about che hcadwatar8 ot . waIoz. and T0zi rivers iG similar fu cha. O. Indian river where a placer camp has been established. This does mo. necessarily mean that gold win be found n th.8 area, but .hg oeeurruee or gold lu Indian
The daily Alaskan., 1913-09-18
ARCTIC ICE IS
APPEARING EAELl

NOME, Sept. 1S-Dr Emil EruI lsh, who recently returned from a trip to thc Arctic aboard the rov- euuo cutter Bear has had some very interesting experiences. He reports having had quite an exciting time just below Point Barrow. The ship became hard and fast in che Arctic pack after uucldug Che ice for 80 miles At one time they just escaped being crushed by whirI- pool Of small iccbwgs. Alter reach ing open water five miles north of Point Barrow a northeast wind car rled thc ice orr shore and they were able to proceed on tHeIr jour ucy A stop was made iu st Lave renee Bay Co rep1r a leak made in Che ships bows while caught in Che ice-am. The cruise lasted 22 days,
 and ITOO miles were covered, all told Dr. Krullsh reports that many waIrus. sclI and polar bear were seen He used several rolls or films In taking photographs A stop was made at an the Eskimo villages
 He win return Co Juneau via un alaska and Seward but win not be able Co reach che Kuskokwim this year. according to present plans
 Cold weather and ice are coming early thisyear IU showed at Nome August 27.
The daily Alaskan., 1913-09-18

river indicates that the surround ne area is well worth prospecting There is surprising lack Of evi- dcuce ot tbis area having been pros. pee.ed at au
 "The country at ghe head ol Ray and TozG rivers H rather moun- a.uous aud a mostly above the tim ber Uue"
 In couglud.uc Mr. EaE.u said Timber ls available In tho valleys and therc ls am abundance Of small game. and moose, caribou and bear were frequently seen
 Mr. EaEln and party vii! sail south on che Princess sophia to night
The daily Alaskan., 1913-09-18
WILL ORGANIZE s. E, A.
 CHAPTER OF A. M. c.

Mir. Maurice Lechey and II. S. Taylor, members Of the Alaska Committee Of the American Mining Congress. will arrive In Juneau on or about the goth of this month, and organize a Southeastern Alaska Chapter of the American Mining Go gress.
 Tho advice comes in tho form of an invitation to those residing in skagway who arc interested in min- ing. to so to Juneau and help organ ize the chapter, at which time au- horlty will be extended to those attending the Juneau meeting to organize a shaptor Of the organizo- Gle. in Skagway.
The daily Alaskan., 1913-09-18

Albany, Sept -lS-The mpeach- ment Court, before which Governor William Sulzer Is to be tried on the charges for the misrepresentation of campaign money, convened at ten minutes to twelve today
 Bach member Of the court was sworn individually, and the proceed ure was of most solemn nature.
 At 12:55 D. m. and shortly after
The daily Alaskan., 1913-09-18

San Francisco, Sept. 1S-The judge called Maury l. DIggs and F. Drew Camlnetti before him this morning, and pronounced sentence on the two men lately found guilty Of violating the Mann white slavery law, in taking Mursha Warrington, and Lola Norris to Reno, Nevada, from the state Of California for lm- moral purposes.
The daily Alaskan., 1913-09-18
CURRENCY BILL PASSES
 BY LARGE MAJORITY

Washington, sort 1S-By vote of 2SG to g4 the House Of Rcpreson utivas this morning passed Presi dent Wilson's currency measure It Is believed that there win be @ bIt ter fight oyer the bin when it roach es Che Senate, and that many ob- sucles win be thrown in its way t0 prevent che measure from passing that body.
The daily Alaskan., 1913-09-18
IMPEACHMENT COURT SNEARS
 MEMBERS hND ADJ0U8N5

the last member of the court had been sworn, an adjournment was taken mm tomorrow afternoon at two o'clock.
 It Is understood that Governor suIzer will try and secure a ruling of Che court Immediately after 1t cen yenes tomorrow afternoon, that the assembly had exceeded its powers iu Impeacbug him.
The daily Alaskan., 1913-09-18
WHITE SEWERS DRAW PRISON
 TERMS AT MGNEILL'S ISLAND

Maury I. Diggs was sentenced to two years Imprisonment at hard la bor at McNellrs slland and a fiue of two thousand dollars was attach ed to the sentence.
 F. Drew Caminetti was sentenced to eighteen months Imprisonment at hard labor at McNeill's island, and a fine of fifteen hundred dollars wns imnosed.
The daily Alaskan., 1913-09-18

Miss lHudc Hazlett who has been visiting with Mr. and Mrs. L Talbot for tho past several weeks win sail tonight on the Princess So- phla for her home in Prince Rupcrt
The daily Alaskan., 1913-09-18

Washington, Sept. 1S-It was an' nouuccd today that Former Cover nor Fold was to receive the ap' pointment Of Solicitor ot the state n-----mnm-.