South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-10-04
.LOWISH STATES
GOODRICH COT
COMPANY STOCK
Claim That Part of Capital
Stock Was Obtained for
His services"
Copyright, 1919. Indiana Publicity
Bureau

Indiana, obtained a part OF $4,000
OF the capital stock OF the Globe
Mining company, for which penal
farm convicts opened a mine in Pike
county. for services" rendered the
company. and the Security Trust
company, known in financial circles
as Jim Goodrichs trust company "
obtained as trustee a blank certifi-
cate for 100000 Of the preferred
stock of the company for $4,000.
according 10 the sworn statement Of
Martin r. Lowish, on record in
cause No A "a. Superior Court of
Marion county.
List of Stocks.
The stock certificates issued 10
James P. Goodrich, according to a
certified record of the stock books.
were as follows:
Certificate No. 80. for so shares
Certificate No. 81, for so shares.
Certificate No. Al. for 121a shares.
Mr.. Lowish, in a sworn state
ment, says:
That $4,000 face value Of the
stock was issued 10 said Goodrich
Games P.) and Watson Ward h
for their services in behalf of said
company"
In addition 20 these holdings in
the company for which the convicts
OF the state farm. with the approval
of Gov. Goodrich, opened a very
lucrative "stripper mine" in Pike
county, James P. Goodrich also &C
CURED $3.50 OF the common stock
from Martin z. Lowish for 60 cents
on the dollar. according TO the
sworn statement OF Lowish.
LOwish TeStifies.
Mr.. Lowish, under oath, says:
The defendant Martin z. Low
ish) further says that when said
plaintiff company (Globe Mining
company by an amendment 10 its
articles of incorporation issued
s10O, 900 par value OF preferred
stock that there was issued by the
company in blank a certificate for
the entire 100000 of said stock
which subsequently was turned over
10 the Security Trust company OF
Indianapolis, as trustee. at and for
the sum of $4,000. and that $SC,-
I
stockholders is all the cash that
ever was rea lied so far as this de
PENDANT knows or is informed ag-
gregating 100000, that the paint #
company ever received for its $780,
900 Of common and preferred
stock"
Story Told.
The story of The orS uI1a ton and
the financing of this com any.
which afterward came into the
iimelight when it was discovered by
the Indiana Daily Times that it was
mining coal from a mine which had
been opened by state convicts and
was delivering coal 10 state institu-
Z tons in payment for the convicts'
labor. is told at length by Martin Z.
Lowish. who was one of the incOr-
porators and general manager" of
the company, in a sworn statement
which he filed in the superior court
in support of a motion TO have a
JUDGMENT Y default set aside.
The Globe Mining company has
brought a suit against Lowish and
others TO cancel a royalty contract
on coal taken from certain coal
lands by the stripper process. Judg-
ment was obtained by default
against Lowish. while, he swears. he
was at Atlanta, Ga, and in ignor-
ance Of closing of the issues Of the
case. In setting out the reasons for
his motion 10 reopen the suit, Low
ish goes into the details of the COM
pany and discloses the. connections
James p. Goodrich had with it
In his statement under oath Mr..
Lowish says that there existed op-
tions on certain coal lands near
Turner, Clay county, which could
be mined by the stripping process, "
that il was deemed advisable 10 or
ganize a company 10 develop these
coal lands and that the matter was
brought 20 the attention of w. II.
Tobin. of Muncie. who took il up
with James Z. Goodrich. OF Win
chester.
Contract Prepared.
Mr. Lowish says that later "a
contract was prepared by James P.
Goodrich between Edward ]. Robi-
son and his associates representing
the Globe Coal company, then in
operation. and Ward II. Watson and
his associates representing the COM
pany 10 be formed for taking over
the options which il was agreed
should be the Globe Mining COM
pany."
In the organization, according 70
Lowish. $1,000 OF the common
stock was issued 20 W. H Tobin for
S1.666.67: 10 z. J. Robson, Robert
Metzger. H. 4. Mansfield and Low
ish. $3.50 for each. S4.JS3.33 Is
cash. except as TO Mansfield, who
paid for his stock by labor
Asked 10 Buy.
After the organization was COM
pleted and arrangements had been
made 70 take coal from the optioned
land and operations had been
started Lowish swears that RObi-
son asked him 10 buy from Elmo
Pierce and Jacob Enrich, jr.. a
royalty contract which had been
made with Pierce and Enrich as
part payment for the options OBJ
tanned by the Globe Mining com
pany Lowish swears that Robson
told him he was acting a. the re-
cues. OF James p Goodrich and
Ward II. Watson. and that he did
proceed with such negotiations in