The evening world. Newspaper, April 10, 1903, Page 4

LUNG WIPED OUT NY THE FAILURE OF NIA-BUBBLE TRUSTS. igested Rescate? He Held by a Host nvestors and Incorporated in New ersey Prove a Total Loss, While dundreds of Concerns Ask for Re- rov. Murphy, by Proclamation, Dis- § solves Over’ goo Companies Capital- ized at $240,000,000, Which Have fot Paid Their Taxes for the Year . DISSOLVED BY PROCLAMATION. a No, Capital. ri wes $49,000,000 7. 62,000,000) . 8-927. 239,000,000 | RECEIVERSHIPS, ONE YEAH, ENDING APRIL 1. Appointed. Assets of Cos. Capital. 127 +. $41,000,000 $274,000,000 Assets of Cos. Capital. $1,181,000..... $32,872,000 (Special to The Evening World.) TRENTON, April 10.—New Jersey having sown a Jarge crop of indi- wind inflated securities over a large part of the world, is now ie to harvest the whirlwind, Gov, Franklin Murphy's annual proclamation, forcibly dissolving those and corporations organized under tho laws of the State witch have d their annual tax, was sent to the printers to-day. No toes than 927 of these creations of the commonwealth, cavitalized f aggregate at $239,000,000, are ushered out of existence, and with MAissolution is destroyed the fond hopes of thousands of stockholders. Since the State set up its corporation Incubator ome years ago, It has to hatch altogether 18,270 foreign and about 2,000 domestic com- One out of every twenty of these, therefore, been converted into ‘memory by one proclamation of the Governor. There are al) kinds Of/wreckg Jn the list and their debris Is scattered \eetierally over the United States ard Alaska. Mining companies, trusts, railroad corporations, steamship lines and corn cure cre- are {atermingled indiscriminately. ¢were formed in good faith but met with reverses, Others were in fraud. continued in dishonesty and their fate is welcomed by pipeomoters and officers. VU! [BER OF VICTIMS IN THE THOUSANDS. _ Nobody can tell how many hundreds of thousands of innocent persons been swindled into purchasing their stocks, but the transfer books , recently exhibited in the State courts, would seem to indicate that tt number is legion. New Jersey sets up no test of honesty for its corporations. Any band adventurers can do business under the protection of its great seal. That pwhy it has become the asylum for institutions of this character. Its own mB are among the heaviest losers by thelr collapse. Prior to this year the largest number of corporations dissolved at one by the Governor's proclamation was one year ago. There were then On the list, but they were capita@tized for only $62,000,000. In one herefore, the financial importance of the annual calamity has in- fourfold, in 1901 the number of corporations dissolved was 646, and W were capitalized at $49,000,000, hese figures, though they are startling, do not tell the whgle story of ) State's whirlwind harvest. There ure two other ways in which the cor- ions have met or are meeting their fate, “During the past year, and especially during the months since Jan, 1, fe has been an astonishing rush to both the State Court of Chancery and te ) the United States courts for the appointment of receivers for corporations to be and which generally are insolvent. VER A HUNDRED RECEIVERS NAMED. Between April 1, 1902, and April 1, 1903, receivers have been appointed 127 corporations, capitalized at $274,000,000. One of these, the National it Company, has actually issued $19,529,454 in stock, and another, the Sait Company, has issued $12,000,000 in stock. " applications for recétvers are increasing month after month. are thirty-eight pending now in the State courts alone, Some idea of recklessness or criminality, or both, with which the companies have | formed may be gathered from the fact that chough the thirty-eight are) Hliged at $32,872,000 their aseets, according to the sworn applications stockholders who want (heir affairs wound up, are only $1,131,000. pistter cum would be much smaller but for the fact that in the list is| f 1 Building and Loan and Provident Association, which claims # Of'$255,000, and two legitimate old comporations of Newark which claim} t them assets of $257,000, Many of the companies, which have floated millions in stock, have, ac-| to the applications for receivers, which in many cases are not cone Mot more than $5,000 or $10,000 in assets, WY were established under the free and easy Jaws of the State for the swindling the public, and judging from thelr transfer books they be successfully accomplished (hat purpose. by ind wed have overwhelmed the Court of Chancery with business, was a chancellor and two assistants In the court with six y hancellors, of his desk for a year. VED FROM THE BENCH. For- There is now None of them has been able to see Feceiverships have imposed a great deal of expense upon the! dnt WOnuw: FOCRMER ATTORNEY-GENERAL, WHO CRITICISES MERGER DECISION. JOHN W. GRIGGS. | Rc pS AOR Ol ENGAGE RESTS Fd a eagcl PRIDAY tvasidivo, Ad Gis bv, 1eJo HILL WANTS Determined to Carry Out the Consolidation of the Three Railroads, Regard. | less of What the Supreme} Court May Decide. ! WILL ADOPT A NEW PLAN. Former Attorney-General Griggs | | Says the Decision Against the | Merger Is Revolutionary and Predicts Disaster if It Stands. J. President of urlttes Company, does pose permitting the decisic United States Cireu't Court in gor t of the th Northern of failures and exposures, State House, was predicted, property purchased, a reform. jo get money to run the Government. of all the miscellaneous corporations doing busines: State subject to an annual tax. was $7,302,241,504 corporations paid the State during the year $2, fees during the same year amounted to $465,08: the State gathered over $3,100,000, and that sum kept the mare going nicely. There has always been an expectation, however, among financiers that the graft could not last and the rush for recei which seems to have started down: upon the Leading corporation lawyers who have seen the storm coming have urged amendments to the laws, which would limit the stock Issues of a company to an amount equal to the money paid tn or the actual value of but the Legisiature went home without adopting such Last year the total issued capital} under the seal of the 0, On this capital the 460.12, Incorporation From the two sources erships and the avalanche | SHIP, 2,894 NEW CITIZENS ords with Her Immi- grant Cargo, With a@ list of steerage passengers breaking all records for the number brought into this port by one ship, the Hamburg-American liner Bulgaria dock- ed in Hoboken to-day, She carried just 2,964 {mmigrants The Bulgaria presented an appearance like a mixture of an east side street on @ sunny day and a troop ship, About hér decks were tie hundreds of passen- gers getting thelr first glimpse of the clty and wondering what was In store for them In the new world. Clothing of every description was spread out be- tween decks much as It is along the fire- escapes of the east side Por-#ixteen days the Bulgaria has been the home of the record-breaking cargo. Storm-lossed most of the time, the pa wengers wore kept below decks almost from the day of thelr departure for Ameri Held Up by Congestion, They are now detained unul the con- gestion at Ellin Island 19 relieved suf- fiviently to enable the officials to land them, Thin, it ts expected, will be done to-morrow, when the steamer will leave her bler and drop down to Ellis Island, ‘The arrival the Bulgaria at the tUme she did to-day complicated matters for the Smmigration oftictats, In addition to breaking a record herself the Bul- waria, by the addition of her 25M ster Age pasesngers to those now in po: broke all records for the port for the firat ten days of any montii, At pres: edilor Henry C, Pitney, who sits at Jersey City and hears a y of the applivations, has from time to Ume condemned the prac hg adveniurers to do business under the State's seal, ,” he calls the corporauons which are frequently passed be- , and several times he has indicuantly branded thelr | swindiers and thieves, fons go out of oxistence without the assistance ion or the help of a receiver. ‘They aimply | ‘thelr stockholders, and file & certificate to that effect | '¥ of State, The Bulgaria Comes Into} Port, Smashing All Rec-|: jdetained immigrants, «aged white woman who had reared him , from Infancy, ent there are 7,000 immigrants on the island and about the same number in the steorage of various vessels in «the harbor 4,000 Released in a Day. Of the seven thousand on Hilts island it is expected \that more than tour thousand will be released to-day, They have been examined and passed, ang aire awaiting transportation West. ‘Vheir 4olng wil make room for some of those MM the haroor, but should the steam- ships exp to reach port to-mor- row to the number now he Will be compelled yo up their hands and'ery tor nelp. rapacity of Wills Island has been in more’Awayy than one, "Tne great task of feeding and. lodging the the Inspection ex- aminalon and passing of them into the country has tested ie. capacity of the officials and the bu! In the question of r ted add” largely the officials eiing them alone the depargment factiIaties hh. been taxed utmost. Yeste! 5,000 pounds d, 5,000 pound. suu- sage, es ‘and 6600 pounds of fruits and cake e used. To-day the iret boat to the island carried” 1,500 loaves of bread. fe Record Smashed, ord for sausa ples, bread and fruit has been broken glohg with others. ‘The figures obtainable for the first ten days of the month place the number of immigrants tanded and shipped to other POINts at 38.076, ‘To thix must be added Che thousands’ in the admission, While Commissioner opinton that his force Je to handle those in the harbor to preforn not to. fearing that the tax would be too great on the 20 men under him. As an inctance of the prossure which the department ts workin, steerage passengers on the Anchoria “ harbor awalting Willams is of might be the . Whigh arrived early spected on boat astp funded later-at Twenty-cighth street * North River, ‘Phere were only ) of these t was said this afternoon that ff the plan proved je ships with less than 60 passengers In stecrage would be inspected at their plers and hone but detained passengers sent to ve {sland until the congested condition had been relleved — Janged at Charch Time, 1 to The Evening World ) NORWOLK, Va. April 10—Alexander Spencer, & newro, eleteen years old, who mumered Mrs. ‘IT. R, Wieborne, an Was hanged at Houston, Va. to-day while day services Nare being held in neighboring churches, ¢]to proceed Burlington. Bven if the Supreme Court of the United States, to which an appeal in this case ja to be taken immetiately, hols that the merger ts {ilegnl, Mr. Hill! © will not give up his pet scheme. He is| determined that {n one way or another ) so carefully Mor shalt be atta He said this World reporter t he was going into the oMces of the Northern Securities Company 0 vtreet, and tn the short tlk on the subject @aid: “If the final decision ts, as sweeping by himself and J. Pierpont 0. a3 the present one we will have to adopt other plans for binding together the Northern Pacifle, Great Northern and’ Burlington As to what these plans would be he expressed ignorance Won't Adopt Trustee Plan. “The decision was a great surprise to he said, “but we are not worrying m In fact we haye made no plans In regard to the future except to appeal immediately. It will not be possible to specify what course may be taken until after the final decision has been made, but I can vay that there will be no appointing of trustees from the seyeral rouds with a view to thelr working In unison." Economie revolution and financial chaos is the prediction of former At- torney-General John W. Griggs If the court's decision is upheld by the Su- 3 preme Cou Mr. Grigxs appeared for the Northern itles Campany before the Federal Court at St. Louis, and in his brief he declared that an adverse decision would “taint with iMegallty unnumbered millions of capital stocks and bonds issued upon railroad mergers and consolidations,” Administration's Big Job, He does not withdraw from that proph- y. He holds that the decision rallroad consolidations, Pennsylvania's controt other us the such ofthe Baltimore and Ohio, the New York Central's ownership of the West Shore, and the New York, New Haven and uHrtford’s absorption of several roads | apd lines of steamships, “If the decision stands," he deciared, “the Administration will be forced to in- struct Attorney-General to proceed against y railroad and trade consol ation affecting competition that ha taken place In thé last thirteen yedrs. O1f the Adminintration is forced | all trast com- panies, what w itn fatet “fhe Southern’ Pacific Is not a rall- road company, but a stock-ownlng cor- poration, “And how about the United States Steel Corporation? These arein exactly the same position as the Northern Be- curities. “If this deoision carries with it the broad prinolple it eeems to, Congress | has the power to tell a man what he shall buy, and can forbid one man from purerasing what may be owned and used by another, It is revolutionary,”’ Without saying a word as to his chances before the highest courts, !t was evident that the former Attorney General, hb his disappointment was Spencer confeaned his crime. Keen at yesterday's deelsion, belleves THE MERGER firmly that the Supreme Court will wp- hold him. “T maintain,” he mld, “that the ac- quiescence by the Government for nine- teen years ih the actual consolidation of many parallel and competing Ines’ of ra‘lronds has given as a practical con- struction of the Sherman law that tt does not forbid the natural processes of consolidation under modern methods. What's (he Difference Saya Lamont Dante! 8. Lamont, Vice-President of the Northern Pacific and one of the di- rectors of the Northern Securities Com- pany, sald when seen to-day at the Norihern Pacific offices: * Mtr, Griggs is the man to do the talk- tog, but 1 will say that the roads will be run to- | morrow ax they were the day before, The ronds have never lost their identity, d if the decision is maintatned againat | them it will make Ilttle difference. The same men who own and control North- ern Securities Company own and control Great, Northern and Northern Pacific iC. Band Q. Now, whats the dit- ence? The Northern Securities Com- y makes R easier for these nit say woat's to be done in the ‘That's for the lawyers; that's | Griggs, mut 1 can say that the ty wil conducted as heretofore best Interests of a dident Hil euied. one J, P. Morgan this afternoon, Mr. Hill made quite a stay, but refused to tell what the con- ference was about. What of the Courtet Col. Willlam P. Clough, Fourth Vice- President of .the Northern Securities Company and Its general counsel, made additional statement this afternoon: ven Jf the final decision of the courts is against us T do not believe that the United States courts can prevent the present owners of the threg railroads irom holding thelr stock and continuing tht roads as they: see fit i "It will not be necessary for the roads to appoint rrystees, as a’ community of erest will bind the management of the ds together. We have not received the oMctal de- cision from St. Paul as yet, but we shall ainly make an appeal.” Wear That Worried Look. You need bright, new Easter Clothing for yourself and family, aud maybe you haven't the ready ennh demanded by the stores that won't trast you. Come right here now and get a full supply for the family, and PAY $1 A WEEK Now, we don’t charge one single cent more for this Hberal credit—not one cent. Clothing on Credit At the Very Lowest Spot Cash Store Prices. We manutacture the Goode we sali, That eaves you one lange fem of cont. All Business Confidential. curity required. Open Even! 5 GREAT SPECIALS, Boys’ Good, Strong, Serviceable Suits that always sell for $2, here now at 96c No ee camimere. Regular credit price. SPRING OVERCOATS— All-wool covert, National Outfitting Co, 62 West 125th Strest, Also 68 Newark Ave,, Jersey Cit Eyes Trouble You Now? What will they be worth ten years from now unless you care for them at once? Do you fully realize the danger of neglecting the eyes My glasses, fitted after painstaking eye examination, will remedy the de- fects and prevent eye failure now and in years to come, Trust your eyes only to a spe clalist—never to" a bargain-counter cye-glass dealer, Correct Glasses, $1.00 up, Artificial Eyes, inserted, $3.00 WarManis st Specialist, 348 Sixth Ave, bet.2ist and 2ad sts.) The “Standard” Desks Are the Best. POR BALE BY CHAS. BE. MATTHEWS, 276 CANAL 8T. N. ¥, ™ AU our other office and library furniture match with these in qual- ity and value. We sell on lay and they will be run to-+ shades.. 8 LADIES. GLOVES—"The Lenox,” 2.clasp, ‘The To Let TO MOTHERS OF BOYS: Inside our boys’ clothing, inside even the stout linings, lies the secret of its unusual wear. You mothers who mend best appreciate good sewing, stout stays supporting every spot that’s strained, seams that don’t pull out. In short, none of the cheese paring methods and skimping of patterns that make cheap boys’ clothing short work for the boy. It’s true of all our clothing, no matter how little the price, whether it’s a play suit, or the black con. ——- firmation suits we’re selling these days. i LONG TROUSER SUITS: SINGLE-BREASTED AND DOUBLE | e thet a) Riseaen aint BREASTED WASHABLE VESTS: \ wom peo es shedebaidetosped It TH JCS Se SSE ES $1.75 to $8.00 52 ee. ned Fe totem | BOYS’ DRESS BHIRTS..... .90 to 6160 { SUITS: BOYS’ NECKWEAR..,..... 35 and 0 | Sizes 10 to 16: “ % j Black goods... PATENT LEATHER SHOES: > 4 Fancy mixtures. According to size $2.50 to $6.00 DOUBLE-BREASTED BLOUSE BOYS’ BLACK DERBIEB, 1 SUITS: a $1.90 to $8.08 *} 8 8 Wb. + Deck ook .87.50 to $10.50| SCHOOL SHOES. $1.65 to $4.00 Fancy mixtures. -$3.50 to $14.00! SCHOOL CAPS... Bc. to $1.88 f \ 3 Rocers, Pert & Company. 1290 Bi mai sa {3 are ' ‘and Bt Wrest en Saturdays 1 5 h S W. Seoun tines a 9.30 P.M. t t. est, Seventh Abenues. Easter Specials for Saturday s Men’s Furnishings. ‘MEN’ SNEGLIGEE smURTS, wii bpeetd Ewe igs Boe Pique or. Duck,, wah! in bosom, celebrated “Mon- Sea Ney reg. Ic&l 39 reg, 1.28 and 2.50. OBC, 1: ‘98 ‘ 4.00 and 4.50.....° 7 HIRTS, French MEN'S IMPORTED nee, HOSE, of black ae Peta (ch Rit double lace lisie thread, also embroidered and! seat,’ French band and pearl Jacquard styles, rey. S0c., per 25c¢ buttons, reg. $0C, €8CH,... sony 35c Palle cen cccsesy MEN’: EAR, the new|MEN'S BATH ROBES, of cotton t MENS Setteyne rants, newest designs, handsome colors, ray and fancy novelties, Four-in-Hands, cord and girdie, 2.39 &2.98 ee ad AOC K 9Bc! rex. 2.75 & 3.50 Easter Gloves, MEN'S GLOVES of tan Dogskin, LADIES' GLOVES—"The Cecit,” 2-elasp, oy Suede or Giace, all the new 1. 00 PL. sewn, rey. 4.25.......... 9BQ! MEN'S GLOVES, heavy Cape j P, X. M,, in tan or oak.......4 W 00' MEN'S GLOVES, of tan ¢, English’ areas aac al 1.50 real kid or Suede, a perfect fit- ting glove, all COlOFS.,.....44. MEN'S GLOVES of gray Castor, newest Spring shades 1.49 1.00 Ladies’ pale ah special LADIES’ IMPORTED Hi gray effects, value S0c, per 29c eee IOSE, Of superior lisle thread, fancy and new pair, for Saturda Bulletin Appears in The World’s Housé and tome Columns Evary Qay, pembelspieis Bi CREDIT Rape eat ee ee ee are