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FORTY-FOIfllTH TEAE.
THEY YIELD HS E
q Every Well in the Old Reliable
" Murrysville Field Worth
I Keeping Open.
' THE TERRITORY UNIFORM.
A Review and an Interview With an
Official Worth Reading.
HOW WELLS ARE MADE GOOD AS NEW
A volume of facts might be written in
reviewing the noted old Murrysville natural
gas field. Indeed numerous volumes, not
altogether devoted to facts, have been
mitten about it by, or for, people with axes
whose edges had become dull enough to need
grinding. That is not the purpose of The
Dispatch's field reviews. The aim of
these is to deal with nothing less tangible
than indications based upon facts, known
and demonstrable. In that line, not only
the review, bnt the interview herewith
given will be found full of instructive mat
ter. The Alurrysville district is tbe largest one
upon which Pittsburg makes a drain for
natural gas. The exact size of its gas pro
ducing territory has not been determined,
because It is not all developed. New fields
have been fonnd in different directions,
showing an increase in gas land which was
sot thought of before. The new territory
en the north of the field, in which all the
large natural gas companies have secured
lands, is of the most immediate importance.
This Grapeville district is simply an ex
tension of the Murrysville field, as the
Salem field is of the Grapeville. They are
all on what is known as the fourth anticli
Tal, or on the Murrysville crosscut
The extent of the developed territory is
about 20 miles in length on the fourth anti
clinal, and about 20 to 21 miles on the cross
cut. The width of profitable territory will
hardly exceed five miles at any point, and
will frequently be under hat width.
A CLEABEB IDEA OF IT.
That wouldgive in round numbers, say 175
square miles, or 102,500 acres of profitable
territory which has been developed. The
limits of the outer edges have become so
clearly defined that the gas companies,
especially the large ones, have thrown up
leases on many hundreds of acres. There is
little need now of wild-catting.
It was near Murrysville that the first
great gas well was found. It is known as
the Haymaker well. Tbe fight for posses
sion of this well, which took place some
years ago, during whicn Obadiah Hay
maker was killed, is not forgotten by most
readers. Atr. Wilton Weston, who claimed
-to-control the land, and Mr. Bowser, one of
lis employes, were convicted' of murder in
the second degree. Mr. 'Weston was par
doned out, it will be remembered, after serv
ing several years of his sentence; Mr. Bow
ser is still in the "Western Penitentiary.
Naturally, one would wish to know if the
old Haymaker well is still yielding gas in
paying quantities. It is, for, although it
has already furnished manv thousand cubic
feet of gas, it is still in the line, but is now
sot much, over 100 pounds rock pressure.
PBETTT DEFINITE IX QUANTITY.
No well in tne Murrysville district was
ever found exceeding 600 pounds rock pres
sure. There seems to be a definite quantity
of gas, and in spite of the great drain which
has been made on the district, the rock pres
sure in all the new wells in the extension of
the field remains at abont 500 pounds.
Directly in the large fields, where there
are so many wells, the rock pressure has
greatly decreased, but the volume has not;
or at least the volume has not appreciably
decreased. "Within the limits of Mnrry ville
proper there are about 60 wells; within the
district, exclusive of the Grapeville and
Salem extensions, there are about 2G0 wells.
The Philadelphia Company and the com
panies it controls, own about 150 ot these
wells. The People's Company is the next
large owner.
As to the life of the field it may be said
that it is very much greater than almost any
other gas territory yet found. It is a fact
that not one well m the entire district has
been entirely abandoned. A well
MAT BE TRANSFERRED
to a low pressure line, but it has not been
fonnd necessary yet to cut out a well entire
ly. But there is a gradual and continuous
decrease in rock pressure all over the field.
It may be said that the average rock pres
sure now does not exceed 100 pounds. This
pressure, however is variable, and depends,
as has been said in a previous article, upon
several causes. Difference in temperature
is one important consideration; the presence
of salt water or water of any kind, isT
another, witn all the precautions now
known and used, the water will get into the
well, especially if it is located near a run or
creek.
The average depth of wells in the Murrys
Tille district is 1,300 feet, few run beyond
1,500 feet; the gas sand is about 100 feet in
thickness throughout the entire territory.
Only one well has been drilled entirely
through the sand. There is a wide difler
encemthe methods of drilling in the Wash
ington county and in the Murrysville field.
In Washington county clay strata are en
countered. There is danger of the well
caving, and it is, therefore, necessary gen
erally to drill initially a 10-inch hole; this
is cased to the distance that will cover the
possibility of caving, and then the hole is
drilled as a 6-inch, and finally made a
4-inch .hole, having to berecased twice.
OF SMALL DIAMETER.
In the Murrysville field there is no neces
sity for h 10-inch hole, the wells are drilled
from t to 6 inches, until casing becomes
necessary, when they are never made more
thereafter than a 4-inch hole. The only well
that has gone through the sand is the only
one which was drilled with an 8-inch bole.
That was done as a matter of experiment to
find the thickness of gas the sand.
In drilling an ordinary sized gas well in
the ilurrysvllle district it is invariably
found that it is impossible to penetrate far
into the gas sand at the first attempt with a
4-inch drill. The length of the drill with
bit and stem has heretofore been only 30
feet; now tbey are using drills with from 40
to 44 feet stems. After the gas sand has
been entered for a short distance, where the
territory lias not been exhausted, it is im
possible to hold the tools in the well. There
is the
CONSTANT DANGER OF LOSING THEM,
even if they are not lifted out by they the
force of the gas. This requires careful
watching. The unraveling ol the rope is
one sign of the rush of the gas. The officers
of each company watch carefully the drill
ing of these wells. If a new well is needed
at once, and must be put in the line without
delay, then the drilling is stopped at the
very instant of the first fraying ot the rope.
It is not so necessary now to turn in new
wells so rapidly, and they are, therelore,
drilled deeper ai the start than they were
formerly. The question of one well or more
is of so little importance that the larger
companies do not care to pnrchase them in
case they have been drilled for specula
tion. Up on the hill, back of the Philadelphia
Company's No. 31, 1 fonnd a well which
looked as if it had existed from the time of
Moses. It was shut in, all the iron was
rusty, the derrick almost concluding to rot,
and'all surroundings indicating abandon
ment. AIT UNPROFITABLE FLYER.
I wanted to know what was the matter
with it, and it wasn't hard to find out An
independent firm took a flyer in the Murrys
ville field. They leased considerable good
territory at exorbitant rates, and put down
about a dozen wells. They hadn't any pipe
line, and they didn't expect to bave any.
Their idea was to sell their territory and
their wells to existing companies. In the
earlier days of the gas business such ven
tures often proved profitable, but there is
little incentive now for such work.
"We do not care for one well, or two
wells, or a dozen wells, "said a gas company
official. "We have so many wells that one
or two make little difference to us. Besides
these wells are on the extreme western
limit of the territory, and may not be stav
ers." SHOUT SUPPLY EXPLAINED.
The fact that one gas well more or less
does not affect tbe snpply leads up to
this: Whv is the supply occasionally snort?
In the Murrysville district there may be
five or ten, or even a dozen, wells connected
with one line supplying a main. Whenever
the rock pressure or a well goes below 50
pounds that well must be cut out of the
line; at least it must be taken out of the line
that has in it any well producing OTer 200
pounds rock pressure.
A failing well, when it runs below a cer
tain pressure, absorbs instead of giving out
gas. A failure in pressure may occur-atany
time, but nted not be, and mostly is not of a
prevalent or radical nature. To cut out one
well sometimes means the cutting out of a
dozen in order that the connection may be
properly made.
It is often necessary to charge a low
pressure well to a low pressure line, and to
do this may necessitate in cutting a suf
ficient number of wells to make an appre
ciable effect upon the supply. The repair of a
leak in a 10-inch main mar throw oat two dozen
wells. In case of a sadden cold snap tbe pipes
in tbe city may be drained before a heavier
pressure can be pat on at the source of supply.
All these things result in temporary shortages.
In the Washington county district tbe great
difficulty is that salt water Interferes with the
wells, sometimes forming a substance as hard
almost as steel, whic', mast be drilled oat; bat
there is little trqable experienced in, the
Murrysville district with saltwater.
IT JUST BDTNS THEM.
Sulphur water is its bane. That the gas rock
In which the ess is stored Is porous has al-
".j wrwj .Hntii iwuuiu wic nnwi u a wen I
reach that rode coodbr eas well. With 00 1
pounds rock pressure gas ean"hold up a column
of water 1,000 feet Bigh and 4- inches
in diameter. No -well is entirely free
from water. Bat shoald the rock pressure
decrease to 300 pounds, and there be a column
of water 1,300 feet in height, there is great
danger of drowning out the welL The greatest
care must always be exercised to prevent this
casastropbe. Should tbe water get into the
gas sand, filling tbe interstices, it may not only
destroy one well, but is liable to hurt others in
tbe immediate vicinity. When tbe natural gas
business was In Its Infancy it was supposed
that all that was necessary was to drill a well
until gas was obtained, and then let it alone.
Experience has shown that a good well needs
constant watching. Wherever there is much
water tbe well must be opened at least once a
day, to blow out the water. When the water
gets too heavy to blow out, the well must be cut
out of the line, baled out, and the casing must
be lifted and repacked.
A GBEAT CORBODEB.
The sulphur water is also found m the Grape
ville and the Salem districts, although they as
well as the Murrysville field lie below the coal
veins. Sulphur water has great corrosive
qualities. Persons who have anything to do
with pumps at coal pits know how it eats up
iron. When it comes to a gas well its effect is
this: tbe well has been donble cased and
packed, and yet an increasing flow of water
into the well will be discovered. Then the
well is cut out ot the line, baled, and the casing
lifted. It will be fonnd that, for a distance of
from 60 to 100 feet, the inner casing has been
eaten up in such a manner as to make it re
semble a sieve.
The Murry well, right in the village, was cut
out of the line while I was there, for this very
reason. It was allowed to blow for 24 hours,
getting ont as much water as it could, and then
was baled and the casing drawn. The facili
ties for this work are such that the baling and
re-casing only occupied one day.
Not only the well, but the lines, are subject
to danger from water. It is only recently that
catch-basins have been put on the pipe lines.
These catch-basins are "blown out," emptied
of their water each day by persons employed to
see to the condition of the pipe. Leakage into
a well Is different from leakage into a pipe
line, but only within tbe past two years has it
been deemed necessary to establish catch
basins for the pipe line.
ONE SOUECE OF LOSS.
The loss of gas through imperfect pipeage is
enormous. Wherever I found a pipe running
from a well which crossed any territory in
which there was water, 1 found the bubbles
coming up. Indicating a leakage. I have al
ready spoken of leakage from the connections
above ground.
While a well under SO-pound pressure must
be cut out of tne line, where other wells of 200
pound pressure are in the same line, o well
giving a pressure oi omy ou pounds may be car
ried in a larger size pipe under low pressure.
Each of the companies is now realizing this
fact. The Philadelphia Company Is putting
down, as Is well known, a 36-incn steel riveted
main from the Murrysville district. Through
mud more than knee deen I followed that line
in the neighborhood of Niblock station. Tbe
line at tbe time that I was there was within two
miles of Niblock station. In order to lay it it
Has necessary to lift a 10-inch line, to pnt to
one side another 10-inch line, and to ex
tend a 16-inch main around to Niblock at right
angles from the intersection of tbe 36-inch line
Tiltn one 16, two 10 and one 8-inch lines.
IT WAS UNAVOIDABLE.
In making this change, there mast neces
sarily be a shortage of snpply in Pittsburg. It
was entirely Impossible to keep up tbe supply
with a change of so great importance as this.
To lay aline of this size at this time of the year
involves more difficulty than a person living
within tbe city limits might imagine. The pipe
bad to be hauled over an untrodden road. That
road consisted principally of a trench never re
filled from tbe time the ten-inch line was laid.
Talking to one of the men at Niblock station, a
person in charge of tbe work, who complained
to me that the PittMmrg papers had repeatedly
complained that the line never would be laid, he
said tbe trouble was simply tliat the contractor
was too much m a hurry; be would tell the
company that he would bave tbe work com
pleted upon a certain date, but made no allow
ances for weather, road or accidents. When
tbat line Is completed there will be a better
snpply of gas in Pittsburg.
Large size pipes bave become an absolute
necessity in carrying gas to the city. All the
companies made a mistake at first in laying
too small pipes. They are rectifying that mis
take as rapidly as possible.
VOLUME. KOT PBESSURE.
A larger sized pipe does not give any larger
pressure of gas; on tbe contrary, it gives less
pressure, but it gives a larger volume. If it is
remembered that the decrease In rock pressure I
does not necessarily cause a decrease In vol
ume In a well, this will be better understood,
With small pipes it is necessary to carry the
gas under high pressure in order to convey it
any great distance. With large pipes tbe vol
ume delivered Is as great, although under a
lower pressure, and consequentlv slower flow.
Increase in the size of pipes enhances the cost
of carriage, but makes the supply more stable.
Under low pressure tbe Murrysville field may
furnish gas for many years to come, since, as
has already been said, not one well in the dis
trict has entirely failed as yet. Some wells
bave been abandoned, it Is true, but tbat was
because of loss of tools or some other defect,
such as ''Jammed" casing, or something of that
kind. No well has really "played out"
I bave already said that the MurrysviUe dis
trict is the one upon which Pittsburg has de
pended, and tbe one upon which it most large
ly depends. I have also said that tbe Wash
ington county gas is repulsively odorous. Tbe
Murrysville gas is much less so; in fact you
can scarcely observe any odor whatever. In
driving in the Washington connty field, tbe
presence of a gas well was known before you
saw it: in the Murrysville field you only know
the gas well was there when you saw the der
rick; and you didn't always see the derrick, be
cause many of them have been torn down and
used in other operations.
NEW 'WELLS GOING DOWN.
In the new field about ten miles north of
MurrysvUle the Philadelphia Company has
put down, or Is putting down, six new wells;
the People's Company has four or five, the
Equitable has completed three, and has two or
three more drilling. The Black Diamond (or
Park Bros.) Company is also operating in this
substantially new field.
Greater significance is attached to this field
because all tbe new wells found there bave
been of not less than 500 pounds rock pressure.
It shows that the drain on tbe old portions of
the field has not been so great in extent as was
supposed, and these new wells help to carry
gas from the old ones to tbe city.
Tbe Grapeville field is one upon which much
dependence can be placed for some time to
come. It is only seven miles from Murrysville,
and the nearest well to Greensbnrg in tbe field
Is only Si miles. In the Grapevine field
proper there are 21 wells owned by the Phila
delphia Company connected by a 20-inch main
with tbe Murrysville and Turtle Creek lines: 8
owned by the People's Company; 3 by the
Yougblogheny Natural Qas Company; the
Westmoreland and Cambria Company, and
there are two or three owned by other com
panies. The depth of these wells is about 1.300
feet, tbe same as I have already said Is the
average depth in tbe Murrysville field.
THE SALEM FIELD,
in which five wells have been brought in re
cently, is abont four miles beyond tbe Grape
ville field. The last well which came in was one
of the Yougblogheny Company, In this the
gas sand was struck at 1,835 feet, and the bit,
with a 40-foot stem, was sent 25 feet deeper Into
tbe sand, making the total depth of the well
1,500 feet. This same company is now putting
down a well on tbeextreme eastern limit of the
anticlinal, as much for a test well as anything
else.
The advantages of the Grapeville and Salem
fields are that they have not been so much filled
with holes yet as to cause any appreciable
diminution in rock pressure because of drain
age of tbe reservoir. All of the new wells and
most of the old ones show a general rock press
ure of 600 pounds.
The Apollo and Leechburg districts. In
which, however, Pittsburg is not so much in
terested, are still doing well, although they
have been giving a local supply for some years
past. There is not much attempt at extensions
of supply in tbat direction; in fact, as several
officials of different gas companies remarked to
me: "We are not doing much wild-catting now.
The apparent limits of the good territory are
pretty well known, and thcro is no need of
going outside them."
A DBEADFUL DRIVE.
Had I known the difficulty and the danger of
a visit to Murrysville perhaps I might have
hesitated. Had I hesitated I would bave been
lost I would bave been lost in tbe mud, be
cause of all roads that I encountered that from
Stewart station to Murrysville was the worst.
It was necessary to drive from Stewart sta
tion to Murrysville in a back. In tbe back
were two pipe line employes, myself, a lady,
the driver and two boys. It was an eventful drive
in so much that we bad to unload the two
heavy laden linemen. It was impossible to
argue with them; more than Impossible to get
any money out of them, so we left them there.
Where they went I don't know, tbe night was
not cold; but they could not have suffered, un
less it might be from mortification and regret
the following morning.
Once 1 drove at night over a road which as
tounded me the next day when I looted at it,
bnt It wasn't one-half as bad&s tbat road from
Stewart station to Murrysville. Big. strong;
fat horses there Were hitched td tbe -back. It
Is well that they were big and strong, for no
ponies could have ever gotten over tbat ground
and carried us toonr destination bump, bamp,
bump! the sound of running water tbat we
couldn't see; the sliding sideways, tbe unsus
pected dips into depths were such as to make
us wish that we had paid up oar accident in
surance policies. But we got there.
In the next article I will tell of the Bellever
non field. It has caused comment among those
interested in natural gas, because so little is
known of its actual quality. It would not be
proper here to say what are tbe results of ob
servations in it t3ufflcoit to say, however,
tbat the-district has been carefully canvassed,
and will be correctly reported.
C. T. Dawson.
QUITE COEEOBOEATIYE.
What nn Offlclal of the Philadelphia Com
pany Has to Say The Benefit of
Large Pipes Questions
Fully Answered.
' Not content with its own commissioner's
gleanings in the field, The Dispatch de
sired to bring as much light as possible,
from the very best of other sources, to bear
upon the situation at and near Murrysville.
A well-posted city official of the Philadel
phia Company was questioned yesterday in
regard to the Murrysville and Grapeville
fields. He had no hesitation whatever in
replying to a series of questions, as fol
lows: Question How many wells has tbe Philadel
phia Company in the Murrysville field ? How
many of theso were yielding, bnt have, wholly
or in part failed ? Howmany wells bave other
companies there T
Answer We have, in tho neighborhood of
about 150 wells altogether In tbe old and new
Murrysville fields. The new field is extending
further northward, where we get wells flowing
with over twice the pressure of those in the
old field. When I speak of the Philadelphia
Company, of course, I include the Chanters
and other companies we bave under our con
trol. The other wells in the field, owned by out
side companies, numberabout2Q. Tbe Grape
ville field Is seven miles east of Murrysville."
Q, What connection has it with the Murrys
ville field, and by what sort of lines?
A. There is a 20-incu line between them. A
littregas has been discovered there, but noth
ing to amount to anything.
o. How manv wells has the Philadelnhia
Company, and how many have other companies
there?
A. The Philadelphia Company has 21 wells,
tbe Westmoreland and Cambria Company has
8, and about 5 or 6 are scattered among small
companies. Among them are Chambers &.
McKee, who have a line to their Jeannette
plant
Q, What 13 the approximate daily yield of
these fields?
A. The Philadelphia Company sells about
450,000,000 feet of gas per day from the above
two and its Washington county fields.
Q. What are the indications of permanency?
A. The indications can better be illustrated
as follows: Daring tbe summer the wells in
crease in pressure, and during the winter there
Is a direct decrease. iDurlng the cold weather
there is a decrease of a few pounds, probaoly 5
and possibly 10 per cent. This Is caused by a
heavy draft and the delivery Into large lines
instead of small ones. From past experience
it has been shown that tbe gas really accumu
lates in summer. There is not so much drawn
off then as there is when the weather is cold.
0 Are all these fields decreasing (if at all)
in like ratio ?
A. Tbe decrease is positively so decentive
that an Interested person conld so represent a
well that it would show an actual decrease in
pressure, and within a few weeks It would
again show an increase of 100 per cent Take,
for instance, this case : Suppose a well has 200
pounds pressure by reason of the accumulation
of salt. It will gradually drop until tbe gauge
shows a pressure of 123 pounds. At an ex
pense of anont 200 the well can be cleaned out
and a pressure of 200 pounds regained, and put
back into tbe line. The Philadelphia Company
has not one well that has been ruled out perma
nently. The only reason e discontinue a well
altogether is on account of tbe tools making
tbe well hard to handle, or some such reason.
Q. Will It be practicable to further increase
the pressure by tbe substitution of larger pipe
lines?
A. It will not be possible to Increase the pres
sure by the Introduction o larger lines. This
decreases tbe pressure, but increases tbe vol
ume of gas. To better explain this, I will Illus
trate: Suppose we take SO wells in a cluster.
Tbe pressure on all of tbem is small when they
are being worked- Suppose we plug up half of
Continued on Sixth JPage,
PITTSBURG, THURSDAY,
A DEADLOCK WANTED
By the Democrats of Montana, to En
able Their Party to Gain
TflO BHITBD STATES SENATORS.
A Scheme to Prevent Any Election Until
the Legal Period is Past,
WHEN APP0INTHEN18 WILL BE MADE.
Ihe Lower Houses to tn Organized and a Senatorial
Quorum Prevented.
The Montana Democrats have devised a
plan which, it is thought, will enable them
to elect two United States Senators. The
details of the plot, as given below, are de
cidedly interesting, as well as somewhat
novel.
rsrsexu. tzxeqbam to the disfa.tcs.1
Helena, Mont., November 20. Two
thirds of the Democratic members of the
Legislature have arrived here, and in a
secret meeting have practically decided on
a line of action. It has been conclnded that
it would be playing directly in tbe hands of
the Bepublicans to elect two Democratio
Senators, with the aid of the contested Silver
Bow delegation, as tho Republicans have
arranged to organize the Lower House and
send two Bepublican Senators to "Washing
ton. Of course, in a contest before the Eepubli
can Senate tho Republicans would be admit
ted. There is a point, however, at which the
Demoeratscan strike and win, and this they
intend to do. The Senate is a tie, there
being eight members of each party in it
VEST NEATLY PLANNED.
Counting the Silver Bow Democratic del
egation the House stands 28 Democrats and
26 Bepublicans. Throwing out the Silver
Bow delegation tbe vote of the House will
be: Bepublicans, 31; Democrats, 23. Two
Houses will be organized, one by each party,
and each will claim to be able to do business
because of a quorum.
There will be but one Senate, however,
and the Bepublicans will organize it
through the deciding vote of the Lieutenant
Governor. Bnt on the question of the elec
tion of a United States Senator the Lieu
tenant Governor has no vote, and by re
fraining from voting on the Senatorial
question the Democrats can prevent a
quorum. This will
FBODUCE A DEAD-LOCK,
which the Democrats will keep up from,
day to day for 90 days, beyond which time!
the Legislature cannot legally sit Gov
ernor Toole will then appoint two Demo,
cratio Senators, who will go to Washington
with mcontestibie certificates. It is said
Governor Toole has expressed a willingness
to appoint the Democratic caucus nomi.
nees.
The Bepublicans have been made aware
of the scheme, but express the belief that
some Democrat will be found willing tq
break tbe deadlock in exchange for a promise
of aid in getting through personal legisla
tion. AH sorts of rumors are afloat One
is to the effect that if the deadlock can be
broken in no other way the Bepnblicans
will force it by allowing the Democrats to
select one Senator. The outlook to-night is
that the Democratic nominees will be
Hauser and Clark and the Bepublican
nominees "Sanders and a dark horse.
T0UNG EAUJTIH CHABGE.
A New Pension Bnrenn Division, and the
Commissioner's San In Ir.
rSr-ECLAI. TBXXQBAX TO THE DISPATCB.t
"Washington, November 20. Some im
portant changes in the clerical force of the
Pension Office were decided upon to-day by
Commissioner Baum. Bichard A. Dun
can, of Indiana, was made
chief of the mail division.
General Baum also appointed his son,
Green B. Baum, Jr., chie: of a division at
a salary of $2,000. The Commissioner has
created a new division to be known as tbe
Appointment Division, of which his son
will have charge.
The new Commissioner also issued an or
der to-day tbat will put a stop to the prac
tice which has been in vogue for some time,
of two sisters from the Little Sisters of the
Poor, a charitable' institution in this city,
taking their position on pay days near the
pay office, where all the clerks go for their
semi-monthly pay. They hold a box in
their hands to receive the contributions of
those who desire to give something.
ONE DEATHBED P0R TWO.
A Pair of Tramps Who Were Chnmi DIo
on the Same File of Straw.
SPECIAL TELZOBAM TO THE DISPATCII.1
Buffalo, November 20. Yesterday
morning at 6 o'clock. Peter Finnegan was
fonnd dead in an empty stall in James
Schrader's barn on the island in the
lower part of the city. An empty
bottle, which had contained the purest of
whisky, lay by his side, and testified to the
cause of his death. This morning,
at precisely the same hour, Elias
Walker's corpse lay on the same
straw, beneath the same blanket, while be
side the other whisky bottle was a similar
flask. Finnegan's shoes had not been
removed by the Coroner, and
by J their side sat "Walker's.
The men had tramped over half this
country together, and were boon compan
ions. Walker has friends in good circum
stances in this city. Alcoholism has,cansed
the death of both. They will be bnried side
by side by the city.
HO BOOM P0E THEM.
Under tho New Law tbe Prohibition Party
la Ruled Ont of Kansas.
Kansas Cut, November 20. Unless
the law providing for the holding of elec
tions in this State is changed before the next
election the Prohibition party will be
unable to place a ticket in the field
at that time. The law as passed by
the last Legislature, and which supplements
the Australian system, provides that no po
litical party that did not at the last election
poll 3 per cent of the entire vote cast can
place in nomination candidates for offices.
At the last election about 00,000 votes
cast, oi which tbe Prohibitionists cast only
5,000. It is doubtful whether the Union
Labor party will be able to place a ticket in
the field at the next election, either, under
this law.
BUINED BY THE TIDE.
Ilandsomo Avenues at Lone; Branch Badly
Cat Up by Old Ocean.
rspiciAi. imoBui to tbs dispatch.!
Long BBANCH,November 20. The high
tide this morning tore away a large part of
the bluff ot Ocean avenue, between the
Hotel Brighton and the Grand "View Hotel,
where the big cut was made lay the storms
of last winter. At several places between
the great ocean pier and Hildreth's West
End Hotel, the snrf also ate its path into
the drive way. There is also a very bad cut
near the foot of North Bath avenue.
If measures are not taken at once to pre
vent the further encroachments of the sea
Ocean avenue will have to be abandoned
and closed to travel before Christmas.
' NOVEMBER- 31, 1889.
v A SHOET SESSION.
The Genera Assembly of tbe K. of L. Com
pletes Its Work and Adjourns
Powderly's Salary Will Re
main us Heretofore.
Atlanta, November 20. "This has been
the best and most profitable, as well as the
shortest session, the General Assembly has
ever Tiad," said General Master "Workman
Powderly in his speech which brought the
exercises or the General Assembly for 1889
to a close. The assembly has finished its
work, and to-night the delegates leave here."
Tbe treasurer stated that even if the order
remains in statu: quo, the receipts of the
order will exceed the expenses by $15,000 a
year.
Mr. Beckmire, of tbe Co-operative Board,
was appointed to have general supervision
of all the stores indorsed "by the Knights of
Labor. He was instructed td see that
Knights of Labor stamps are respected. The
Knights recommended action by which it
will be as easy for the people to borrow
money from the Government as it is for the
national banks to borrow it A number
of cities were, candidates for the
next General Assembly. Those receiving
the highest votes were in the order named:
Toledo, Albany, Denver and Birmingham,
England.. Under the rules of the order the
Executive Board is to select one of the three
highest, and it will probably be Toledo.
Mr. Powderly asked to have his salary re
duced from $5,000 to ?2,000, but the Finance
Committee and Assembly refused to allow
it to be done. The assembly then adjourned
finally.
QUINTANA A KICKER.
The Argentine Delegate Again Delays tbe
Pan-American Congress' Work.
Washington, November 20. The third
day's session of the International American
Conference was devoted entirely to efforts to
perfect the organization and some progress
was made in that direction, although tbe
work is still far from complete. The re
port of the Committee on Rules
was laid before the conference.
Though simple and direct in their terms
and of the general scope of rules usually
provided for the government ot such bodies,
a long discussion followed their submission,
Senor Quintans, of the Argentine Bepublic,
taking the leading part and making many
objections.
Finally Mr. Blaine, to facilitate the
transaction of business, suggested that the
report be postponed until Friday, and this
action was taken. Senor Quintana next
called up his resolution providing for the
appoinment of two secretaries wno were
described by the presiding officer as an
English-Spanish and a Spanish-English
secretary.
Before the matter conld be passed upon,
Senor Romero called up tbe report of the
Committee on Committees, and pending its
consideration the question came up as to
how the Chair was to be filled in the
absence of MrBlaine. Another long dis
cussion followed, and it was finally
aeciaea to select tne president pro tempore
by lot. This was "done, and, Mr. Blaine
vacating tbe chair. Mr. LaForestrie. the
Haytien delegate, assumed the duties of
presiding officer.
IT IS F1KHLT ESTABLISHED.
Senor Valence Has No Pear of tbe Success
of the Republic.
rsrSCLU. TXXXQBAX TO TnEDISPATCH.1
Washington, November 20. Senor
"Valente, the Brazilian Minister, said to the
correspondent of The Dispatch this even
ing that there was no doubt in his
mind that the republic is firmly estab
lished and that It will -be permanent
TThe people haoffor jears expected such a"
cnange, ana tneir minas were so tuny
prepared for it that .they would fall in with
the new order of things as a matter of
course. The report of fighting at Bio
was untrue, and the story that
two or three of the provinces
would appeal to Germany or other
foreign powers to assist them in restoring
the empire was absurd. Not a single prov
ince but would accommodate itself easily to
the change, and he did not believe that in
popular elections the party ot the empire
would make any formidable showing.
Sofarashehimselfwasconcernedhewoula
perform the functions ol his office as though
nothing bad happened until the Provisional
Government gave place to one regu
larly elected, when he would ofier his
resignation. It is almost certain, however,
that Senor Talente will be retained here
as .Minister, as he is about as good a Bepub
lican as any man in Sonth America.
K0 CONVICTIONS IET.
The Trials far Election Prands In Florida
fellll Going On.
rSPECIAL TZLiailAM TO THE SISPATOH.I
Jacksonville, November 20. Infor
mation sent out from Washington last night,
to the effect that the trials of cases
of alleged frauds in Florida at tbe last
Presidental election have resulted alreadyin
three convictions, is seriously incorrect.
Although numerous indictments have been
fonnd by a so-called grand jury, and the
other machinery of the United States
Court has been persistently employed
for the past six weeks for purpose of politi
cal persecution, still no case for violation of
election laws in 1888 has as yet been tried.
S. C.Sadler, of Alachua county, against
whom two indictments of this
kind had been found, pleaded guilty
to both when arraigned. They
were mere technical informalities,
and as yet the Court has not passed sen
tence upon him. If tbe United States At
torney General at Washington has been in
formed that three convictions bave been
secured his informant is either not posted or
willfully misstates the case.
AESENI0 IN THE WELLS.
Poison Prom a Smelting Works the Sup
posed Caase of Boveral Deaths.
ISPECIAI. TXT.IOBA11 TO TBE DISPATCH.)
St. Lotjis, November 20. The suburb of
Cheltenham is excited over the discovery
that several suddeu deaths which re
cently occurred were caused by asenical
poisoning. Great quantities bt arsenic
are used at the Cheltenham Smelting
works in the refining of gold and silver
ore. The poison flowed into a huge sink
hole and soaked through the ground into a
number ot wells. The water from these
wells was used by the families in which the
deaths occurred.
The alleced victims are Walter Knott,
James Brady, Amelia Reichstadler, .Fred
erick Manheim and Frank J. Paxton. Sam
ples of the water are in the ban Js of chem
ists for analysis.
MARQUIS WILL CONTEST.
He
Thinks That He Van Possibly Been
Elected Lieutenant-Governor.
Columbus, November 20. Mr. Marquis,
late Democratic candidate for Lieutenant
Governor, was in consultation with the
State Committee and his attorneys to-day,
and states that the committee has decided
that justice requires a contest be made for
Lieutenant Governor. He will act accord
ingly. Free Delivery for Little Washington.
Washington, November 20. Postmas
ter General Wanamaker has directed thai
the free delivery system be established on
January 1, 1890, at Jefferson City, Mo ;
Green BaV. Wis.: Washinfflnn. Pa.: Inn id.
JMich. j Santa Boss, dal., and Creston, la, -
STANLEY ALL EIGHT.
The Explorer Emerges From the
Heart of the Dark Continent.
FIERCE BATTLES WITH KATIYES.
The Mahal's Grand Banner Captured in One
of the Conflicts.
AST QUANTITI OP ITOEI OBTAINED.
Patrick Epa dutreed With Ootapllcity In the Plica nix
Tarkllurden.
Captain Wissman telegraphs the ap
parently authentic information that Stan
ley has certainly passed through the African
jungles and is now in safety, together with
Emin and his followers. The party fought
a number of battles and were completely
victorious. The English missionaries in
Africa need protection.
Berlin, November 20. A dispatch has
been received from Captain Wissmann,
dated Mpwapwa, October 13. The dis
patch says: "Four of Stanley's men and
oneofEmin's soldiers have arrived here.
They left Stanley at Neukmma on August
10 and came by way of Noembo and
Mweriewero, north to Mgogo, in 33
days, including 9 days on which they
rested. Emin and Casati had 300 Soudan'
ese soldiers and many other followers with
them. Thsy bad in their possession a large
quantity of ivory. Stanley had a force of
210 Zanzibaris, and was accompanied by his
six lieutenants, Nelson, Jeppson, Stairs,
Parke, Bonny and William. The expedi
tion struck camp as soon as the messengers,
started. Therefore the party should reach'
Mpwapwa by November 20.
"Emin and Stanley repeatedly fought and
repulsed the Mahdists, capturing the Mah
dists' grand banner. A majority of Emin's
soldiers refused to follow him southward,
asserting that their way home did not lie in
that direction. Emin left two Egyptian
officers in charge of stations. The messen
gers bave no knowledge of the Senoussi, or
of events in Khartoum -and Abyssinia."
Captain Wissman adds that the English
Missionaries at Kisouke and Mamboia
needed protection until the fate of Bushiri
was decided. Although on good terms with
the natives, the missionaries were left un
protected and had to be called inside the
German station. Regarding neighboring
tribes, Captain Wissman did not believe that
the Masai would engage in hostilities
against the station, bnt the marauding
Wahehe, with whom Bushiri possibly had
bis headquarters, had to be kept in check.
Bushiri possessed only a few guns.
A cablegram from London says: Captain
Wissmann telegraphs that Henry M. Stan
ley arrived at Mpwapwa on November 10-
PATEICK EGAN CllABGED
With a. Criminal Connection With tbo Colo-
brated Fbsenlx Pork Mnrder The
Proceedings of the Par
nell .Commission.
London, November 20. Continuing his
speech in behalf of the Times, before tbe
Parnell Commission, to-day,. Sir Henry
James referred to the flight of Patrick Egan
as proof of criminal conduct, and declared
that there was other proof of his association
with the. Phoenix Park murderers.' Sir
Henry next referred toByrnes alleged cora
plicitylin"tbeJ2inniers while he was acting,
secretary for tne Parnelllte, party. Allud
ing to the suppression of the s League's
books, Sir Henry said' he dfd not
wish to direct suspicion against Mr.
Lewis, nor to make allegations against
him. Still he could not hel ( thinking that
that astute gentleman had been imposed
upon regarding the missing books. It the
commission could have got the books thev
would have been found to contain records
showing tbat Byrnes and other members of
the, Parnellitte party were connected in a
financial way -with the' Invincibles. The
defense put forward by Sir Charles Russell
on this aspect ot the case was open to the
gravest suspicion.
Sir Henry briefly touched upon the forged
letters published by the Times. He said he
could not go into the matter thoroughly,
owing to the fact that the action for libel
brought by Mr. Parnell against the Times
was still pending. He could not even deal
with the motives of the Times In producing
the letters. Sir Charles Russell, Sir Henry
said, had not suggested while acting as
counsel for Mr. Parnell that the Times knew
that the letters were forgeries. It was to be
presumed that Sir Charles had spoken as he
had been instructed.
Mr. Davitt (interrupting) Not by me.
Sir Henry reminded Mr. Davitt that Sir
Charles was Mr. Parnell's connsel. Con
tinning, Sir Henry declared that every one
connected with the Times was interested in
proving the genuineness of the letters. Pre
siding Justice Hannen recalled the sug
gestions made by Sir Charles that
Mr. Buckle, the. editor of the
Times, neitherapproved nor authorized the
publication of the letters, in which attitude
he differed with the manager of the paper.
Sir Henry replied: "Mr. Buckle does not
now and never has desired to stand aloof
from his colleagues. Whatever might be
alleged against the Timet, Its good faith' in
the production of the letters could not be
questioned."
FOE THE PROPAGANDA.
Cardinals Will Hereafter Bequeath Their
Property to tbe Church.
Rome, November 20. The Pope has or
dered that the personal and real property of
all Cardinals, who die and leave no surviv
ing relatives, be bequeathed to the Propa
ganda. Those having relatives must make
a generous provision in their wills for the
same institution.
These and all other funds devoted to the
use ot the Propaganda will be invested in
foreign countries. This last regulation is
to prevent seizure of the Papal revenues by
the Italian Government.
Bismarck After the Socialists.
Berlin, November20. The trial of the
Social Democrats charged with belonging
to a secret society was continued at Elber
feld to-day. Two of tbe defendants bave
fled. Deputies Bebel, Grillenberger, Schuh
macber. Harm and other accused persons
pleaded not guilty. They denied that their
society was a secret organization.
THE PRESIDENT'S CANDIDATE.
Harrison Sold to Favor MeKlnley for
Speaker of tho House.
ISrXCIAJ. TSLEOnAM TO TO DtSrATCB.1
Washington, November 20. It is re
ported to-night that the President had
shown a tendency to favor the candidacy of
McKiuley for the Speakership, and some of
the friends of other candidates are very
mnch exercised in their minds abont it
It is also said that Senator Allison, of
Iowa, who is anxious to do all he can to
bind Henderson to him in view of his own
candidacv ior Senatorial re-election, visited
the President to-day. and bluntly said to
him that he wanted him to keep hands off
the contest for the Speakership, and that
the President assured him he had net said
one word in furtheraase of the eaaikbtcy of
anyone,
GX
TEN MEN WANT IT.
7a.
A Scramble for'the FoMm afSergea;
n(-Arras of the Senate.
rSPXCIAI. TELEGRAM TO TBS EISPATCH.1
Washington, November 20. There is
likely to be a lively fight over the office of
Sergeant-at-Arms of the Senate, and if Col
onel W. F. Canady retains, his position it
will . not be for lack of aspirants to it
At the present writing tnere are ten can
didates engaged in an active contest
for the place. When the Bepublican cau
cus meets Senator Higgins, of Delaware,
will propose the name of Colonel John
Dunn for the place. Colonel Dunn was
United States Marshal for Delaware under
Grant and Arthur.
Senator Sawyer will present the name of
ex-Representative Guenther of Wisconsin.
Senator Farwell, of Illinois, will urge
the candidacy of Colonel Dan Shep
herd, Chairman of tbe State Central
Committee, and General Hooker, ex-Ser-geant-at-Arms
of the House, will be pnt
forward as acandldate by SenatorEdmunds,
of Vermont Captain A. H. Reed, of Min
nesota, is on tne ground prosecuting an
active canvass for the place, and it
is known that the Senators from the
new States bave a candidate, and that Sen
ator Evarts has another, bnt the identity of
these last has not yet been revealed. Sen
ator Sherman will make a determined stand
for the retention of Colonel Canady.
It has been announced in tho press that
Colonel Swords, of Iowa, who now holds
the position of inspector of furniture id the
Treasury Department, is a candidate for
Sergeant-at-Arms; but, in view of tbe fact
that he has not tbe support of the Senators
from his own State, this is highly improba
ble. It ias been stated that the Pennsylvania
Senators would push ex-State Treasurer
Bailey for the place, but If the Pennsyl
vania delegation in the House decides to
support Leeds.of Philadelphia, for Sergeant-at-Arms
of the House, it is hardly probable
that Bailey will be pushed for the Senate
position.
FIGHT AMONG CHDBCHMEN.
A Rector's Salary Redaced to 81 sue! an
Archdeacon Hissed.
rspscui. nxxoBAjf to thx dispatch, j
Ottawa, Ont., November 2Q. The con
gregation of St George's Eptscopal Church,
Bt Catherines, are determined sot to ac
cept the Bishop's nomination of a sew
rector and to freeze the sew incumbent ont,
and have therefore voted that the rector's
salary shall not exceed $1 per annum, in
stead of $1,600. At the Episcopal Church In
Trenton, Ont, the Bishop has been endeav
oring to force a clergyman of his own
choice upon that congregation. Archdeacon
Lauder was hissed when he announced from
the pulpit last Sunday that the Bishop had
determined to appoint the maa he had se
lected. St George's Episcopal Church at Ottawa
is also under the ban. Chief Justice Sir
William Ritchie headed a procession last
Sunday which inarched out of church be
cause the rector wished the responses
chanted.
HLLED BI COMPRESSED HE.
The Death of Three Miners Rosalt VrassI a
Stagnlar Accident.
rSPBCIAI TXXXGXAX TO THX DISTATCH.l
Ishpemino, Mich., November 20.
Gust Anderson and two Finns, names un
known, were killed by the force of violently
compressed air in .the Buffalo mine early
this morning. A fall of ground was antici
pated and preparations were, made for it, but
it came three hours too soon. Seven men only
were in the mine at the time of the accident
They were warned of expected "runs" of
ground and when a low rumble was heard
tbey started running for the shaft Before
they had gose 198 feei theywerer swept oT
their feet by the power of tlualr essBpresaed:
from behind and carried like chips in a gale
to the shaft. -Three of -the. men were so
bruised and shocked that they died to-day.
The cave-in is an extensive oneaa area of
200x350 feet having sunk. At the deepest
place the ground has fallen 150 feet from
the surface.
A NEW POSTMASTER IN TE0UBLE.
Ho Has Stolen Xasjr Registered Fstekacea
as Well as an Overcoat.
Raleigh, N, O., November 20. The
caie acainst Postmaster Stancil, recently
appointed postmaster at the town of
Selma, N. C, arrested on a charge of rob
bing many registered packages, was to-day
heard by United States Commission Ber
nell. Stancil waived examination and was
bonnd over to await action by the grand
jury of the Federal Court.
He was immediately arrested for stealing
an overcoat from a store is Raleigh in Octo
ber, and on examination was bound over to
the State Superior Court
OUR SENAT0ES AT WOKE
Cameron and Qnay Looklsg for Places far
FenniTlvanla Men.
igrsciAi. xniosAv to the distatcx.1
Washington, November 20. Senators
Cameron and Quay put in an industrious
day visiting the departments sad consulting
with officials is regard to Pennsylvania
appointments. The Senators say that affairs
are moving with extreme deliberation, but
they hope to hear of further appointments
for both Western and Eastern Pennsylvania
within a few days.
AN EPIDEMIC OP MEASLES.
Six Hoadred Children Bio From the Ms
ease la Two Months.
San Fbancisco, November 20. Ad
vices received by steamer from Panama np
to October 20 nave been received. A serious
epidemic of measles in Lota and Coronet,
Chili, carried off upward of 600 children in
July and August
Public meetings in Santiago are to be
held to protest against the- introduction of
any more-immigrants.
WOOD IN AN0IMEK SOLE.
He Brings Salt for Altered Libel AsssJast
Two Cincinnati Papers.
Cincinnati, O., November 20. Suits
were brought to-day by E. G."Wood, the
man who gained some nptonety in the lata
Ohio campaign in connection with the ballot
box contract forgery.against the Times-Star
and the Evening Post for $50,000 each for
alleged libel in publishing certain charges
against him.
Getting Rven With the Corporation.
Louisville, Ex., November 20. Mi
chael J. T. Carney, a brakeman oa tbe
Louisville and Nashville, who was perma
nently crippled in a -fire resulting from a
leak In a Standard Oil barrel, to-day ob
tained a verdict tor 23,000 damages aeainst
the Standard Oil Company. An appeaTwill
be taken.
Freight Cars Needed.
The Pittsburg and Western Railroad has
issued a circular notifying consignees that
on and after November 25 they will be
charged ?1 a day for each day, after two
days, when cars are held without being un
loaded, except In cases! where cars contain
coal, coke, iron ore or limestone, wkea four
days will be allowed.
National Tabs Works lasveetUa.
General Manager E. C. Converse, Treas
urer W. S. Eaton, David W. Hitchcock and
Edmund Converse, directors of the National
Tube Com pany, are asking their annual
visk to Im works at McKMtpert Mr.
Flakier It expected there tt-stey. An as
sistut general manager will Ik a$ polatad.
THREE GENTS
-
rstfji, -x
A'Weil, Back From Europe,
fichus Liigiidii naiiumig '
of American Securities. ' a
vui
rttsf4
OUR MARKETS WAT-GHEDS
r-r:m I I I M I H W" I I I M ' -
mm s s I I B I 1H 1 1 ltfcs. I III II .jr
E$Co1m lii 1 1 Inffl il I III. iii
4i
A
i'C '
C'V. V
John Ball Has a Craze for Americanly
-.PM
Investments.
'S
ELAINE ON TEUST3 BOBNB
A. Leo Weil, of this city, back fromtit;
. . .. ," .7 iF.$
ten-weesis sojourn in tne snanciai center oic8
the world, gives some most interesting factsLj
about the standing of American securitiest
WWtUi JUUgUSU AUVCBIAIJ3 UO iVUVfhdi OS Z i J
jtccujjT auu tiiHcau caavsuuig mo uaii-
hA..la- .....I ..S....11 ........--. .1. 1 T
ness enterprises of the New Worldt:andl
English agents are permeating American
trade circles. The formation and floating "ofi
British fiduciary
plained.
schemes are clearly 4
A. Leo Weil, Esq., of 103 Fourth ajenugf
returned homo on Monday from a "ten-
weeks trip to London- and Paris. Ho'waiy
in London on professional business for some
of the English syndicates operating- in this
country. A Dispatch reporter calledoa
him yesterday afternoon and asked him to
explain the methods pursued by thV En
glish syndicates in purchasing asi floating
American industries. He said : ',.17
"I was much interested is that fubjeetw
To understand the peculiarities of the baM3
nessit must be borne la mind that in Loa
don all companies are brought out publicIrS
and two-thirds of the stock must ba oSersslj
for publio subscription to entitle its 1
to a place upon the stock board. English!
companies invariably put is their proJJ
pectuses a stipulation that the managesmaj
will immediately after registry of thai
pany and allotment of its stock sppJylrtrjS
enlistment on the Sisck Exchange. Wi
out this no investor will buy sharSsy
as otherwise they fear a tie-up; while witsvssl
j.;, i-i! n !i j. J.SJf!
uauy quotation mej can easily uw puses
any sioce tnev may nave nnrenasea., ' i
HOW COMPANIES AEE EOOMEXli
"There are a large number of 'coajjteyT
promoters' in London. These are fometiasesj
private partnerships or individoaJsVJbuti
usually trust companies, ivndicates" or retr-V
ularljr incorporated promoting compialasji
"These 'company promoters bringjoatra
the new enterprises, that is publish, the prosrij
pectuses, advertise the business aud.oCer
the shares of the proposed company far. pa W
lie subscription. The company promoter?
call to their assistance underwriters ISejl
are organizations wno insure tne proasoter.
that tbe public will subscribe for the
of the-new company, and if the publia
not the underwriter is compelled by his
tract to take and pay for the sasse.
"The application are generally teas
made at the- urorjosed eomnanv's baskM7
whose names are published; aleorthese ofjitev
brokers, solicitors, auditors, beard of direct
ors and, oSeers. Tea will observe tht;tiM
machinery or. brisking oat aa'Saglisst
company is sesgewMi MaMraM,
AGENTS IN THE UNITED 8TAXM. Jf
"Promoting companies and syndicates s5j
well ss some or tbe lesdrag bassos' bos W
of London bave had. and have sow ael
in this coastry soliciting options npo Iswf
business and industrial enterprises hew
When an option is obtained It does sot jM3
low tbat a sale will be made, as tbe p
tion of deals consummated to options takssul
is very small indeed. Theveare maayps-"!
ties soliciting options woo are not aumoriasstj
by any particular English parties; but wVsml
they get their contracts they go to LojhsMm
send tnem tnere and saws: tbea aooax wsssi
one financial institution to another. L',
"Having obtained an option, or If net
tion is given, having discussed the prenssdl
sale enough to warrant the belief that ttttl
same can be conclnded on satisfactory tersSJl
the English syndicate or company seasll
some representative of a prominent first"!
London auditors to examine the boolts'ofj
the concern and make out a statement oMiti!
income and earnings for a series of "tresis
three to five years sometimes mora. Thjsj
report of the" auditor is almost
. .. ... -i
to tna untun investor, and were a
auditing firms whose reputations extesMlf
over the whole European continent 1
whose influence and financial power.,
second only to the largest banks aaslf
moneyed institutions.
"Upon this report the purchase is fizwwtfl
usually the price agreed upon Is a sum !
which the average profits per annum feral
period 01 tnree or Pre years would pay oesaj
A3 to 10 per cent. Having rued apes uwf
.price, a contract is made whereby tie veadwij
agree to sell to tne syndicate for said sassy;
and the purchasers pay thereon a ess-tate
amount as earnest money, and an glvssf s
reasonable time, from three mentis usvitT
pay the balance. The venders are genewtgy
required to stipulate to subscribe for o
third of the shares of the new ooapamy, asttt
to retain the management of the baiassg.l
"Having executed this agrees
company promoter and tbe syndicate revise
the figures and sometimes the facts to-' it
their purposes and prepare a Brotpeetas far,
the company. The caDital instead of Mm
amount ior which the business was seldMsl
increased abont 20 per cent The eenieftsj
or showing of profits on this increase k stikl
very ,
LABOE TO ENGLISH EVES u
because of tbe following arrangement of Mst
snares: as issue ot o per cent debeatasesV
usually one-third of the whole capitsllk
made; also one-third of the capital is IssumJ
in preference snares, 1 per cent, tne otasr
third is called ordinary shares, and the bal
ance of the earnings, after paying 6 per ceai
on the debentures and 7 pr cent oa, tbe
preference, is annlied to dividends os ordi
nary shares,, and hence 15 per cent on), A
whole amount of purchase price by this
tribution will be more than 15 on the c
nary; and the advantages of first Uead
benturesand first preference shares ss
tbem also desirable investments, but,strf
to say. the sale of the debentures isjtse
troublesome than that of the other claiiHTjf.
stock, due chiefly to the want of the
lative element tnerein.
"Ha vim: thus added 20 per cent fori
profit, and upon companies of JS,Gf9,Mn
capital and upward, this sum is veryi
siuerable, and smaller companies are sej
brought out
BIG NAMES TTTSNtSHEB,
The syndicate then applies to the
pany promoter to organize sad
out the company, the latter faiistMiiJsi'
board of directors whose names are hmmssII
to be a tower of financial strength. akeTeW
tain first-class bankers, brokers aad srtsisj
tors, tbe auditors make a new exaussMMii
or sew report so as to meet tno.reqHiea
of tbe new conditions tbat i.va maskl
elaborate and detailed transcript frees"!
oooKsot tne concern sua arter everyesHSH
is ready, the underwriter is applied Mjaip
is paid from 3 to 10 per ceat to gstswewese
...Kn.nh.vV ate aiMT.tts.
009 prospectuses are mailed ts paisss7IJB
YNMHj & JfrvfcvjfQ g99pQQwM K J
i
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