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The Big Stone post. (Big Stone Gap, Va.) 1890-1892, December 04, 1891, Image 1

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn87060150/1891-12-04/ed-1/seq-1/

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NO. 16
U ll i Kl litS SKXT GREAT I S
.... \\.<rk Iccnmpllahed In a fVw
.^One *hn h** Done <;r**af Work
r sdoth ?'!'! -.til! (Jo <;real it.
? 0,-1 ihmisandsarcnow ask
er interest*: "To what will
lflhor< the founder of Middles
Jnowdirecl his tnlcnt:on?M No
. ha? f M-r ncr?'nipli>)ied 80 much
t a time f,,r ,}i<* material ad
' 0fanJ secti >n Not more than
. . Cumberland Gap move
? .?. d. Within that brief
compassed achievements
r< i Sl,fljce to crown with glory
scVork. Where three years ago
. .. |- scattered huts, whose oc
drvtdcd tiieir time between rais
.... d billing ni m n-hine whis
. {,'ng at one another from be
I man Is to-dny a city?an
,.? fhc products of wealth and
... civilization such as ordin?r?
. , ; ; .?.> up in a generation;
. long rows ol stately stone
t stores,ware-honscs, office and
,. - v jtupi rh hotels, scores of
.. i,-. and Imndreds of less prc
cottages, : buildings, enor
: pte?! works and mullitti
. .? industries, handsome church
Ibousi s, numerous hank and
. ..and, in short, all t lie ac
jB(n\i oi modem eil v life in its
ti ed and Active and progressive
:alilj that I iu re year-- ago was
Uran nnknown wildcrncss.cut off
. p.? ol the world, is now quickly
n Pulhnau ems from all directions
-. hundreds <>! thousands of?is
.:? minerals and limbers, rip
sgo valueless because iuac
i m I irnisli raw material and
ndu?trics. Mountains that
ed an impassable harrier to.rail
trc keen cut through by a tunnel
jr. I up, and a new passageway
tin East and Wesl is provided,
id to Knoxviile, (?7 miles long,
lill and equipped. The build
ii i.i the Louisville k Nash-!
km has been procured, whereby '
great trunk-line highway is cre
Iroujid Cumberland llun half a
irirhi", towns Luve grots n up under
mliis of the developments sei on
N'ut only did Mr. Arthur dc
' stu|endous1 work, !>nt he raised
icy for it and directed the exocu
W hut parallel can be
* i ihk raagnificeul creation of his
IV. en has one man evt r brought
many milli-.-j-? for expenditure
.on ? ne nl <?! any localil\? And
lie in no short u lime, with initial
m ?o 'liila-'ilt, have results been
i even remotely approximating
,? :?ol ol land in Southeastern HTen
|?3 been given value win re before
doii The amazing mineral and
[ri i; ail Eastern Kentucky as
[adjacent territory in Virginia and
my have huen made more widely
fnd m ide possible of earlier util
?? reason ol the Cumberland Gap
-out. The railroads have been
jkh t! i nigh Mr. Arlltui 'u efforts,
N: ;: ?I '!| markets u ide it rear ol
in lenncssi e und Virginia for
outlet for :heir product g':
"-ihle rich iron, coal, lim
,srJ" ??- laud* ;.!./ have added mil
rtalcatale vnh/& \n (],c sections
Ijj-lw tiwm^id not Ihe locality
t ?1 ^-P alone, bill the
>-''?' field foriiivcsluienl and
V, bus been made so ronspicu
'?ueixuraphal ?ill find its' wav
| ,mrl"; s<?":< ad a direct
?Int! lias been done at
wrcf^ Kccotd I
n.hllll.U. ORtiWTlI.
??WoU?^nd NeW MHUUfttCt
arlns liuteryrUes.
liaafacturcrT" Record, of Balti
20, in ceviewing the tndus
Utcsi of the South, &?ys:
...... meat ol the South1! lor
ae,whi hhashoen so frcqucutlj
td upon, and which was cmpba
t week in the imnouncemsnt Ol
Lurfttion ot four steamship lines
Eport St to Europe, rccieyes
\ astrali m this week in the c!
Livoi five steamer lines from .
\w L ujiou, Liverpool, t- a-g-?^? 1
L: Antwerpt. The moguitudej
I ? . urss hasalreath attained is
lib bei that the government
ttbc value ot foreign exports
U'r.uvc States ol Oct. puts the
ta al S ithern potts al $44,1110,
y 5$'g0i)0,00Q from^thc ?<-'-st
?nutty, tin: Bhtpments from the
* :.; ovet Vipct cent ol the total
'month. The teadencv of the
Itrade to seek foreign outlet!
\ > . ? ? . ports is beii:"; daily
fu upi n the cour.tr;.. and while
: ? and Kurf?lk, with their
;un: Vines, hiv inaking heavy
. '? gtatn, Sour, provisions, \unt
Ihe taort; sottlUerly Atlantik
advanuiug rapidly, and
'? ? ? I Galveston are handling
general huslness.tbe ship
at Iroui the former eitv for
? ? 11 ding Oct. '.II having
iNMrt) bushels against 291,00?
oi the corresponding time last
gnmtj of t'nt Souih's foreign
kntned to urvc a wide-reachiug
iunon the prosperity and \>rog
? action, Added t*> lite steady
fauccnteul which i^ going on,
Ike mauufacturiug interests
v ?? in.tnivd by preat conuner
| *an iunueiise Irafic. The
|ti>wth goes oa steadily, and
enterprises reported this week
I ' ?' the great million dol
n Columhi'a, 6.C., on which
ueen in pfogtese for t^o many
5 the dectstOu of the New Eug
MisU, who have secured coipiT
to coinineitce ut oi^e on build*
W i.-ottou mill, to We followed
electriudight, EUicott City,
|tw o| coal luudt in W. Virginia
f>e?pUaUsts tor $W,0lW); gtreetr
I &t Houston, T?ui"j a |150,0??
jf atthe tauit place; au |?,01H)
MjW tuuipany at Point Pleasant,
U&rg whle-cat poser-Upuse at
h?4; J^50/W0 elevator com
IrVJS NVaa-Texas; a propos
tehnery at Baltimore* Md;
f "?fua --aelting company at
plant at Marietta,Ga.; a $100,000 enforce
men of wator works at Memphis, Teuu.;
a $l.r>,0()0 lumber com pain at Ocean
Springs, Miss.; a $50,000 coal and coke
company at Clarksburg, W. Va.- n .
000 vitrified brick company at" Houston
Texas: a shirt and clothing facton at
Columbus, Ga.; a $25,000 brick company
at Covington, K\., etc."
thi: vine im/* debt question.
The Response of the llond.holdcr?' Com.
The response oftheOlcott people rc:ids:
RictiMo.vn, Va., Nov. 19. 1801.
T<> the Governor of the Stale ?t' Virgin
i.i and the Members of the Debt Commis?
sion ?
Gentlemen we acknowledge the rcceii I
to-day of your communication dated the
I8ih instant. Our understanding of youi
j communication is that if we will amend
j our proposition basis it will be unanimous?
ly adopted by your commission?viz; thai I
liiere be ;m issue*of $19,000,000 of !?.?!!<!< 1
having 100 years to run, beariug interest
at 2 j.er cent per annum for 10 years and !
3 per csnt for the remaining ninety years, J
and that the new bonds issued arc to j
conform in'the general character lo those
issued under the Riddlebcrgcr bill. We
represent over $23,000,000 stated by you
as outstanding (excluding bonds held by
the United States and I he schools and col?
leges of the State.) We, therefore, un?
derstand that under such amended propo- i
sition we should receive $19,000 of new j
bonds for every $20,000 of old indebted?
ness surrendered. It may go without say?
ing that wc are to receive tor the West
Virginia portion of the old bonds am! the
interest thereon similar cirtificates to
those issued by the Stale under the Iiid
dleberger bill. We beg to say thai the
proposition submitted by us as amended |
by you will go to our constituents with
our cheerful rccomendation, new bonds to
bear interest from July 1, 1891.
We desire now to acknowledge the nn
interuptcd courtesy oS' your commission
during these protracted and delicate ne?
gotiations, and if in discussing these
questions any abruptness has been shown
we trust that your honorable body will not
attribute it to a want of appreciation of
the courtesy which has at all times been
extended to us. We are. gentlemen your
obedient servants for the Virginia Bond?
holders Com in it Ice.
F. P. Olcott,
i i ugh ii. Garocn.
ll only remains for tlie Legislatur?.' of
Virginia.and the foreign bond-holders lo
formally accept the settlement and per?
fect arrangements. There is no doubl as
to the Legislature's action and Captain
Garden, when asked if the bond-holders
would agree, replied, "Unquestionably."
This settlement does not nflect I he
$6,000,000 funded under the Riddlebcrger
-? -"CP- ?
Bui i?<?. yet onto!" lite Woods
Loy do.n*, N ? i v.":' 4 ? ? V i rgi n ia bond hob i e rs
arc taking steps to prevent the surrender
of bonds held by Brown, Shipley & Co. An
indignation meeting is probable.
Pitttiburg Wants to Ship Conl lo the
V? est Indies
Tbjpniiners of Pennsylvauia sofl coals
do not propose lo leave lo their Southern
rivals the markets of the West Indies, of
Central America and iSrazil without mi
effort on their part to secure them. There
is a project said to be well advanced al
Pittsburg to ship coal from (hat porl to
New Oilcans in barges,and transfer ii at
that point to "whalebacks" thai will'carry
1,000 tons of coal. This transfer, it h
Ihouirht, will cost from 10 to 12cents a ton.
A dispntoh lo Ho- New Orleans Delta inti?
mates that while Pittsburg will furnish
some of the capital, most ul it will be sup?
plied by outside parlies, and tin1.! as soon
as (he necessary orafl can lie built, grain
and general merchandise will be added to
the outbound cargoes, and the products of
the countries reached will constitute the
return Inning. Pittsburg has always been
noted for the enterprise of its citizens, and
nothing seriously proposed by them can l>e
considered chimerical. If they have de?
termined to establish such an enterprise,
it follows that thev have given it earful in?
vestigation and are convinced that il will
pay. The prolits attending tiie coal trade
between Pittsburg and New Orleans are
weil known iu the former city, and, with
ample transportation al their command for
the river traffic, '< is not at all strange Ihut
thev are disposed lo seek new markets for
their coal at tho Central and South Ameri?
can ports and Brazil,
Since the Tennessee river improvements
have been completed, what is lo prevent
the conl miners of that state from trying
the Pittsburg axperiment? And why may
not i lie mine owners of Alabama, by way
of New Orleans, of Mobile or one of the
Florida ports, enter into this competition? I
A?i for Cuba and Brazil, Pittsburg must)
expect competition trom the Virginia coal
fields. It really looks as though that pros?
perous Pennsylvania city at the head of
navigation on the Ohio was about to be
the pioneer in an enterprise from which
the Southern coal fields would ultimately
derive the largest profits.
Reciprocity Will Triumph,
The South American Journal, of Lon?
don, England, says: ''The business re?
sult of the reciprocity measures of Mr.
Blame are already discernible in the trade
of the United States. Even English
companies operating in Brazil are now
purchasing their supplies largely iu the
United Slates to secure the benefit of the
reduction of r2."> per cent in duties.
"The Bureau of American Republics is
informed of the organization and charter
of the "International & Industrial Co. of
Brazil," with ollices and depository at No.
G7 Kua la de Marco, Bio de Janeiro. The
capital ofThis company is at the start
$1,500,000 all paid in, "and authority is
granted for an increase to the amount of
^4,500,000. It is the intention of the
company to do business exclusively with
the United Slates, and lo that cud it will
undertake the agency for manufacturers,
and in the execution of orders will guar?
antee payment, and whenever necessary
or advantageous to buyer or seller will
arrange to pay on delivery Particular at?
tention will be given to the complete out?
fitting of railways, the supplying of roll?
ing stock, furnishing and putting up iron
and steel bridges, furnishing and erecting
plants for the manufacture of sugar. The
company is highly indorsed by the banks
offUo de Janeiro, the management being
in the hands of competent and experi?
enced gentlemen, which is a guarantee of
its success. Tho recent treaty of reci?
procity has ted to the organization of this
j How Crhtplg Adding to Springer'* Strength
] la Order to Kill otY Mr. Mills-All cstk
j main of the Vote.
I _
1 WasiiXNGTOfi, Dec. ;2.?There is the usu-.
al amount of brag and bluster and over
i confidence at the several Speakership
I headquarters to-day, So far as appear
j ancee go, Crisp is undeniably in the lead.
I How much this advantage may be check?
ed by the middle or last of the week can
? only be conjectured. There is little, as
yet to found any intelligent statement
Srarcelv one-third of the Democratic
j members of the next House are in the !
city and uutil they arrive and their pur-!
pose becomes known, the result will re
main largely in doubt!
Springer's stock is rising. Of thai there
can be no don!,} as it has been the fash on
heretofore to belittle Mr. Springer's can?
did.ie v.
There is no doubt he is steadily grow?
ing On Friday last no one accredited
him with more than thirty votes, includ?
ing the four fion Illinois.
Today careful computers estimate his
strength at from forty five to fifty votes and
the Crisp men, who never miss an oppor?
tunity to belittle Mr. Mills" chances, arc
t.-niglit claiming lhat Springerand Mills
are nor. neck and neck, and when the two
enter the caucus Springer will be slightly
in the h-ad. Mr. Springer still believes
thai he will be elected. He has lhe four?
teen Democratic votes in Illinois, six in
Iowa, seven in Michigan, two in Ohio,four
in New England, and two in Indiana, and
lie is claiming fifteen or twenty more scat?
tered throughout the country.
The Crisp men are giving Mr. Springer
:i kind of left-handed support. It is their
policy, whenever a man is found non-com
mittal, to encourage him to vote for
Springer where, it is evident he will not.
votcforCrisp. In this way Mr. Springer's
strength lias been somewhat augmented,
and the men thus secured are prevented
from going over to Mills.
Whal Crisp desires is to weaken Mills
?I every point. With Mills out of the race
he expects to present a solid front, and
that his other opponents will speedily drop
out of the fight, leaving him master of
the situation.
,11 is :i clever scheme, but some of Spring?
er's friends think that Crisp is over doing
it. Thev argue in shorl that Springer may
become so strong that Crisp cannot drive
him from the field, and that if other can?
didates choose to unite upon Springer the
lllinoisan might, in the event of a pro?
longed contest, walk off with the prize
A p<'ii of the probable vote is as follows:
Crisp, 87: Mills, 48; Springer, 32; McMil?
lan, 17; Hatch, 12; doubtful, 2S.
The Governor iff Touuesse Says tin- Con.
vlet.-, Shall be Returned.
Xashy;u.!:.Ti.s.v. Nov. 30?"The convicts
shall be returned to the .mines if ii lakes
every able-bodied man iu the Slate to d<>
ii," s:ii:l Governor Buchanan hisf night,
"When will they be returned, Govern?
or?" he was esked.
"Thal 1 do not 1;now yet."
"Will von send n military guard with
"] can not tell you that. I can simply
say that the convicts shall be returned
to the mines ii it takes even able-bodied
man in the State to do it. Is not that
enough V
All hough the Governor was reticent,
from ol her sou ices the information was
gathered thai the lessees made demand
neon the State for convicts and thai this
demand was answered promptly that when
the convicts had been captured they would
be relumed if supplied with sufficient
guard and proper quarters. Proper quar?
ters will be built al once, and this will
take about t wo w eeks.
The question of guard requires no little
consideration If comes pretty straight
that .the present intent ion is to provide
about fifty men each for Bricevillc and
Coal Creek und HM) men for Ol h er Springs.
Ail these will be in the pay of the lessees.
Twenty-five ar euch place, it is thought
will be militiamen deputized to do guard
In regard to tin's las! feat uro Governor
Buchanan wired Gen, Oarnes, of Mem?
phis, brigadarier-tgeneral of the Tennessee 1
militia, to come to Nashville, and the
two w ere in consultation all the afternoon
A veil of sacresy was thrown around the
result reached,bul it may bo taken as relia?
ble that tho plans given above were not
changed. The guard w ill not be from ex?
isting companies of the State. The men
will be enlisted for the purpose. About
300 of the 452 convicts have been recap
A Year of Great Prosperity?A Year of .still
Greater Prosperity Coming:.
Part ?f the Speech ot Chouucey 7d. Depew at tbe recent
Chamber or Commerce Dinner at New York.
If there ever was a meeting ofthe Cham?
ber of Commerce w hen it should feel joy?
ous, when it should feel happy, it is the
meeting of this year. There has been no
time within a decade when this body, rep?
resenting so much as it does of the com?
merce, of the finance, and ofthe industrial
conditions of the country; should feel as
well as it does to-day (applause) at the
conditions as they exist and the prospects
as they are. (Renewed applause.) Speak?
ing purely from a transportation stand?
point, and without any intention of boom?
ing the corporation with which I am con?
nected, (laughter,) the statement as it
comes to me each week of the phenome?
na! increase over the corresponding week
of the last year'and ot the week ofthe
year before, tells the story of that which
is to come for every business in the coun?
try. (Great applause.) For transporta?
tion is the barometer of prosperity or of
There is to be within the next twelve
mouths a famine in this land, but it is to
be a famine of the means to carry the vast
products of the soil. There is to be a fam?
ine of cars,a famine of locomotives, a
famine of the methods by which this enor?
mous product which the fields of the coun?
try have produced may be conveyed to the
sea and so go abroad, where it is needed.
(Applause.) There are times when a great
surplus of products is thrown upon the
market and not consumed, and that is
generally a time when there is a general
lack of prosperity throughout the country;
but this year wo have a phenomenal con?
dition ot the harvest, unequalled for many
a year; of prices greater for our products
than have been secured for them in the
last ten years; of the railways receiving
whole and remunerative rates for what
they carry and having more than they cau
do; and a demand from the other side of
the water, owing to the horrible conditions
there, which will take the whole of our
surplus, and it will probably be unequal to
Ihc demand.
These conitions are going to make rail?
ways more than usually prosperous in their
net earnings; are going to give an unusual
business to every house, no matter what
the particular article in which it deals;
are going to put an amount in the hands
of the farmer such as he has not had in a
long time before; are going to lead to the
construction of new lines of railway; are
going to make a demand for iron, coal and
coke; are going to pour back into this
country in the next fiscal year twice the
surplus of imports of money over the a
mount we expend abroad. (Applause.)
This banquet is as it was the ycarofthe
Presidential elect ion. My fgend Mr. Mills
says that the way to preser^ this pros?
perity is to have Free Tjadejgad an income
lax tr> carry on the Government. My
friend Mr. Cleveland says the way to pre?
serve this prosperity is to have revenue
reform and hon -st money. My friends of
the South and ol the West say.the way to
preserve prosperity i.s to hayeyFrco Tr;idc
and the unlimited coinage of silver.
My friends with whom I am associated
say the way to preserve this prosperity i.s
to have the Protective principle applied in
such a wav that it will protect wjjereevcr
another mill can be built and another man
can be given employment who hasn't it
now, (cheers,) and the reciprocity project
so pushed that treaties by this country
shall bo made with every cou&trv that has
a surplus of tho things we can not profit?
ably produce, and needs the things of the
factory or the farm of which we have a
surplus, and that parity of silver and gold
shall be maintained in such.a way that
both metals will be used to the utmost ex?
tent that, the products of our jnincs shall
afford, but. that in the Treasure there shall
be always enough of both to keep the sil?
ver equal to tiie gold and the promise ol'
the Government upon its paper equal to
gold. (Prolonged applause.) .'
Committee Appointed to Examine All the
Financial Matters!
Nr.iv York, Dec. 4.?At a meeting of the
directors of the Richmond Terminal com?
pany today, Eckstein Norton, ex-president
jf the Louisville and Nashvilie; William
Solomon of Speyer k Co.; Jacob 11. Scnif
of Kuhn, Loch k Co.; Charles S. Fairchild,
president of the New York Security and
Trust company, and Louis Fitzerald, pres?
ident of Ihc .Mercantile Trust, company,
were appointed a committee to enquire in?
to and examine the condition of the prop?
erties and to aid in perfecting the best
plan for the permanent adjustment of
i Hairs.
Pending the adoption of this plan, tho
present board of directors will be rc-clect
3(1 at the annual meeting on December 8,
but whenever the plan is adopted it is in?
tended t<> call a general meeting lor the
purpose of ratifying the plan and the elec?
tion of a permanent management.
President .John 3J. inmau, after the
meeting, made the following statement:
I iie general financial ooiiilUioAS of the
past year and the attacks upon our com?
panies have depressed .their securities.
The result is the railroad companies have
been unable to sell securities based upon
engagements they had made prior to the
period of depression, and to pay for the
necessary equipment and improvements.
A large floating debt has been created in
this way, but each of our railroad corpo?
rations is solvent and they have in their
treasuries a large amount of securities.
The Terminal company owes no floating
debt whatever.
After maturely considering the winde
situation, we felt il was wise to invite the
gentlemen who form the committee to aid
us in perfecting the best plan for the per?
manent adjustment of our affairs. 1 am
convinced from the careful study of the
railroads comprising the Terminal system
thai they are very valuable,and thai under
a wise and conservative plan for paying
their floating debts, providing a sufficient
fund for equipment and betterments, and
of more perfectly consolidating their op?
erations, their earnings can be increased,
and a higher range of values established
for all lines of securities.
George F. Baker, president of the First
National bank, has been invited to act on |
the committee.
Beginning the Campaign for ih?< Demo?
cratic National Convention.
Washington, Deo. 3.?Tho Executive
Committee of the Democratic National
Committee will meet here on next Tuesday
to prepare for Ihc meeting of the whole
committee in February, at which latter
date the time and place of holding the
National Convention will be decided. De?
troit wants the Convention. Having
learned by Republican experience last
week that the early bird catches the worm,
and that it is necessary to see Ihc mem?
bers of the committee prior to their meet - j
ing, the Detroit Democrats have organized
their campaign and will take pains imme?
diately to acquaint the committee with the
political and other advantages of Detroit
as a Convention city. To this end Wil?
liam E. Quimbcy, editor of the Detroit Free
Press, and Daniel J. Campau,.Chairman of
the State Central Committee, have come
tu town. They will see as many of the
Southern members of the committee as
possible, and will lay before them Detroit's
strong points. They will also give the
Executive Committee to understand that
the City of the Straits wili be in the race
from start to finish,
Virginia at the World's Fair.
Norfolk, Va., Nov. ?The Virginia
Association of the World's Fair met here
to-day and adopted a resolution request?
ing the General Assembly to appropriate
not less than $100,000 foe the purpose of
making an exhibit for Virginia at the
World's Fair. It was also resolvod that
the counties and cities be urged to
supplement the appropriation from the
State by liberal donations from their
treasuries, and to appoint committees to
collect a complete exhibit of their resour?
ces. A Woman's auxiliary society was
formed, with three members from each
of the ten Congressional districts'
Two Railroads Heading Toward Itig sta.-.e
BKATTrviLLE, Kr. Dec. 3.?T. W. Todd,
of Clay City, chief engineer of the Ken?
tucky Union Railroad, has made a pre?
liminary survey for a branch railroad from
Beattyville to Lumber Point.
Iuvine, Ky., Doc. 3.?Contract for build?
ing the railroad bridge across the Ken?
tucky river at Iryine for the Richmond,
Nicholasville, Irvin? & Beattyville Rail?
road Co. is said to have becu awarded to
the Phoenix Bridge Company,
While Struggling to Avert Bankruptcy he
osed Anybody's Money lie Could lay Iiis
' Hand* o;i.-Is Now Crazy.
Next Vohk. Dec, 3.?Tbc World Monday
morning says that Edward M. Field, aon
of Cyrus W. Field and senior member of
the firm of Field. Lindiey, Wiecherg & Co.,
which failed inst week, was taken to the
Bloomingdalc Insane Asyiumon Saturday.
He leaves behind him di;;:.ste:\ cotrfusion,
the wreck of a business" firm rained by
his misdoings, and a blot on the escuteh
' eon of an illustrious family.
The innuendoes and accusations of Wail
.?street are justified. The worst suspicions
are mild compared with the hard* facts.
Edward M. Field not only rehypothecated
railroad bonds placed vvitli him as collat?
eral, but-he misappropriated large sums
of money. He raised loans on worthless
securities, deceived his partners and be?
trayed their implicit faith iu hint. The
desperation which followed his wild spec?
ulations and methods of conducting his
affairs seems to haw divested Field of
the last shred of honor. In his efforts to
make the crooked straight, he did not I
spare any one who reposed confidence in
Two thousand dollars in pew rents,turn- j
cd over to him as trustee of the Tarry town
Presbyterian Church, is missing. He was
treasurer of tiie Association which o'.uis
the Washington building, collected $35,
000 in rent and sunk the money to avert
impending doom. It is now said thai his
intellect could not stand a strain.
A fatnih conference was held Saturday
aud yesterday at the home of Cyrus vV.
Field regarding Edward M. Field. Tie..-?
who took part in it were Cyrus W. Field,
nis brothers, David Dudley Field und Ste?
phen J. Field. George DeForcst Lord, Cy?
rus W. Field's counsel and representative j
of Drexel, Morgan k Co. The c inference
was held to decide what course should be
taken by Cyrus W. Field regarding Ed?
ward M. Eicld. The situation i:i briel
was found to be this: Edward M. Field's
liabilatics, arising from the pecuiiui >n
duel of his business which id sueii as to
give rise to intimations of defalcations
and forgeries, amount to millions. To
satisfy the claims of his creditors would
require Cyrus W. Field's entire fortune j
and considerably more. The question
which the conference had lo decide was
whether Cyrus W, Field should sacrifice
his entire fortune for this purpose. The
family honor was as slake. Family pride j
shrank from the prospect of ihe public
disgrace of a Field. It was urged that an
untarnished name should be saved from |
blemish. The breath of scandal had al?
ready touched Edwards M. Field's fair
name. Could not ali this be stopped and !
the lasl of a fortune once great be pledg
ed for sweel honor's sake.'
Whan the desperate situation had been
fully discussed and viewed ftom all .-ides'
it was fin si I y decided, in view of the ratet
I hat even if Cyrus W Field should sacri-I
lice his entire fortune he would not b>- |
;ible to meet the liabilities of his sun, j
that In? should not make the sacrifice.
From facts ascertained yesterday by the
World it is evident that the failure of
Field, Lindiey, Wiechcrs &Co., is one of
the biggesl financial scandals aud !:<!,- j
gleo and muddles in the history of Wall I
strei f- I: is considcrad to be a parallel
case to the famous Ivcs-Staynor failure.
They are many plain evidences of fraud.
So plain arc they that only his illness sav?
ed Edward M. Field from arrest-. A war?
rant, it. is said, has been issued, and in?
spector Byrnes has had men watching the
house, 125 East Twenty-first street.
Regarding the transaction between the
Union Pacific people and the firm,the iat
ler loaned the Union Pacific $900,000orig?
inally, taking as collat'eral bonds worth
;it par val^ $1,000,009. These bonds to?
day arc worth $1,100,000. The Union Pa
L-iiie people bavi Iahen up s<? tar $200,000
of this loan, and to-day owe the firm some
$700,000. The bonds are scattered every- j
where, having been rehypothecated by the j
firm to suit their convenience. The
amount thus disposed of aggregates $500,- j
000. By this method the firm made an
average gain of 20 per cent.
The.more the affairs of Field, Lindiey,
Wiechers & Co. are investigated Ihe more
widespread seems to be the Injury result- |
ingfrom the failure, it is now well known !
that several banks and a good many indi- j
viduals will sutler to a greater or lea's ex
tent by reason of their holding securities
hypothecated by Field cc C>?.. which are al- |
most worthless. The condition of Cyrus
W. Field last night, according to his phy?
sician, showed no material change. The
doctor said his patient required absolute
rest and quiet. Another affliction has
come to the aged financier. His daughter,
Mary Grace, wife of Daniel A. Lindiey, a
partner in the firm of Field, Lindiey, Wie?
chers & Co., is very ill of cancer of the
stomach, and the physicians say she can- j
not live two months.
_^_ I
Growth <>!' Cotton and Woolen Haaufuo
turcs in Ten Years.
The progress of cotton and woolen m m-1
u fact tires in this counbty was effective')'
brought out in an address delivered by!
* !
lion. Robert P. Porter, superintendent ol
the eleventh census, before the Cominor- !
cial Club of St. Louis. The figures re- }
specting cotton manufactures are of par- j
ticular interest. They show, among other
things, ihe remarkable fact that during
the decade between 1880 and 1890 the in- !
crease in the number ol persons employ- j
ed in New England cuiton mills was 21,- 1
755, while in Southern mills it was :>?:,
592 ; in the first case a gain of somewhat
more than 17 per cent., and in the second
of nearly 135 per cent. The relative in?
crease for the same period of col ton con?
sumption, of value of products and of the
Dumber of spindles as between New Eng?
land aud the South is. given iiie following
table :
/" . Increase i>f
Cotton Value ol No. of
consumed. product. Rpfo tiles,
New England.294,059 $33,371,231:2,221,056
The South.. . 323,863 24,106,4 ."> 1 992; 134
It is evident from statistics furnished
by Superintendent Porter that in the geo?
graphical classification made by the com?
piler Maryland was counted with the mid?
dle States' statistics instead of with the
Southern, as in 1^00. Had the same rule
been observid now there would have been
a considerable addition to several totals.
Of this splendid exhibit of the Soutb'l
progress iu cotton manufacturing, Mr.
Porter said : " The Southern States may
well be proud of this magnificent showing,
which I present to-night for the first time.
These Statesure employing in their cotton
mills nearly as many hands as Massachu?
setts did in 1870. in the ten years just
closed they have more than doubled the
number of persons employed aud the value
oi their predacf, and have nearly trebled
theamountpf cotton consumed .and the
[ nninbeT oi" their spindles. The increase
so the amount ofeotton consumed has been
greafcrin the Southern States than in
New Eugland. Tue showing for the Uni?
ted States is mojtt satisfactory; Nearly
50,000 more persons employed, an incrense
of $05,000,000 in value of product, and of
upward of *>,5G0.00fl spindles, is a deccn
nium progress wc may all rejoice over."
j V/onng Brexel, of Philadelphia, Willing to
Chance Jr.
Philadelphia, Pa.. Dr.r. 2. ?When
! George V? . Childs Drexei. son of Anthony
(.!. Drcxel, the hanker, and heir of George
I W. Childs,the eminent philanthropist, and
[his bride, Miss Mary [rick; h> whom he
i-was married las I week, return from their
wedding tour, the groom will not have to
immediately commence to hustle for a
livelihood. They will find a latch-string
outside of the door ??> an elegant mansion
.it Thirty-ninth and Locust streets, a gift
from the father of the groom, and which,
with it.- furnishings, represents an expen?
diture of eighty thousand dollars. In ad?
dition to this, they will find their cupboards
stocked with table linen, lea services of
gold and silver, silver ice cream dishes,
tureens, and bowls, and other articles,and
she nails' hung with magnificent engra?
vings and paintings, all presents from
friends of the family. These presents rep?
resent an additional expenditure of over
one hundred thousand dollars, and arc ex?
clusive ol ;>. ten th ?usand dollar diamond
necklace and bracelet, which was the gift
of Mr. George W. Child-.
Five Steamship Lines to Foreign Ports In?
Last week the Post made the announce
iHeht of the inauguration of service on
the four regular .-teams!:!;) lines from
Newport News to European ports, which
had been reported some months ago as to |
be started. Cm July ISih, it was announc?
ed that the North American Transport Co.
had been organized by New York and
English steamship owners to establish
regular steamship lines from Norfolk to
Europe. The operations of this company
premise to be as important to Norfolk as
the Furness Lines to Newport News.
Several ol its large steamers have already
I mded general cargo for Europe, and the
company has now arranged for regular
sailings <>;i live lines to Liverpool, London,
Glasgow, Antwerp! and Havre, as follows :
Intended Sailings, from Norfolk, Va.,
With Liberty to Call at Other Virgiuia
for uvkrvool.
PE\ Kb'lb :V,oio.NovJ4
VICTORY 2.7S<> .Nov. 21
OLIVE HRANUH.. .9,1 ' I . Nov. 28
SCOTIA.. . -..TW .... Doc.
NETLKV AT>P?EY.. .1,7:25 Sailed.
FOl* ulasoow.
FORT WILLIAM ....1,801.Nov. 14.
FOR ftSTWt'Rf.
RENFREW.2,071. . Nov.21
for li a va r f Pinknev LineL
MAMELUKE .2,611).Nov. 17
fCESTOR. 2,289.Nor: 24
I>LE VILLE.$518.l>ec. 1:2
Here are five lines whose steamers are
to load at Norfolk for European ports, car?
rying cotton, grain, provisions, lumber,
etc. Norfolk is to be congratulated upon
this great advaucestep in the realization
[>f its destiny as cue of the leading sea?
ports of America. ? With nearly a dozen
railroads reaching to the West and to the
South having their seaboard termini at
Norfolk, with a rapid growth in its manu
nfactui ing interests, and with the inaugu?
ration of a greaterdireel trade with Eu?
rope than it has ever enjoyed, its future
is exceedingly bright.
The nine foreign steamship lines now in
active operation between Norfolk and
Newport News and Europe open a neu
era in the development ol t he whole South.
They will confirm the predictions, so often
made, thai the vast traffic of Ihc West and
Southwest will hereafter In ever-increas?
ing volume find a foreign outlet through
Soul hern, ports. With these nine lines
centering around Hampton Roads wo can
begin to sec the phenominnl growth which
is destined to bnild up around this won?
derful harbor a shipping business of
world-wide magnitude and importance,
The Future of New Southern Town*.
There lias been a good deal of unjust
complaint among Eastern and other Amer?
ican investors in Southern town and man?
ufacturing enterprises. The critics in
most ea-c.s forget that the projects were
their own or their neighbots'; thai the
Southern people had no connection with
them bepoud selling the speculators land
oh which to build theia towns, manufac?
turing piants,etc. These fault finders al
so fail to remember that t bey. or those
they assume to sp< ak for, put in money
expecting to get it back doubled from one
to ten or twenty times in a few day s, weeks
or months, and'failing in realizing a small
fortnne'suddenly from an investment of a
few dollars, they "soured on" the country
aud "cussed out" its people, though the
latter had nothing in the world to do with
the plans, and had not solicited anybody
to make ventures therein.
Now, it is our judgment that, with rare
exceptions, the new towns founded in the
coal and iron region of the South in the
last two or three years are all needed; that
with conservative management in the fu?
ture they will come out in good shape in
spite of reckless speculation among their
Some of these new centers, though suf?
fering in common with the balance of the
country On account of moncs stringency
since the Baring failure precipitated a
world's panic, are still financially strong
and ready to nrofit by the general revival
of trade and settlement thai cannot long
be deferred.
Our English friends have more patience
in these matters than have our own coun?
trymen, and they will finally reap rich re?
turns. We not only hope this, but believe
it thoroughly.
?;O,?00,000 for American Bread*tuttti.
For the* ten months ending on Oct. 31st
exports oft American breadstuff's amoun?
ted to ?1C?^463 or over $50,000,000
more than during the same period of 1800.
The great increases, of course, have oc?
curred since August, and at their present
rate thev are likelv to amount to at least
$80,000,000 for thc'tull calender year.
iSlirn* of tho Kevira! of Basinoas.
It is reported that tho Pennsylvania
Railroad Company will shortly build 5,000
new car?. It is als said that tho Lcbigh"
: valley Railroad Company will' also soon
I add largely to its rolling'stock.
^ The Illinois Steel Compnnv's. South
Cbicago Works produced 34,338 tons of
stocl rails in Octobcr,wQich is stated to
be the largest month's outnut in the his?
tory of these works.
The decrease this year in tho exports of
iron and steel from Great Britain has been
very great. The total exports for the first
ten months of 1891 aggregated 2,790,711
tons, ngainst 3,433,543 tons in tho same
period of 1890, and 3,498,185 tons in the
same period ot li-^'.t.
The immense freight traffic has greatly
increased the demand for power. Every
locomotive works in the country is now
busy, and those which had in the dull times
constructed a number of engines have dis?
pensed ol' them at good prices.
It is stated that Carnegie, Phipps & Co
are putting down a plant at their Thirty
third street works at Pittsburgh for the
manufacture of gas for fuel. Tho Nation?
al Heat and Power Company, of whioh Gen.
P. I!. Hastings is president, has the con?
tract. The Kose process will bo used.
The plant will be completed in one month.
The Illinois Steel Company has put iuto
the coke earning trade ten etool ears,tho
property of tho Calumet and Bluo Island
Railway Company, ot Illinois. They wero
built in this country as an experiment.
The ears are 2,000 or 3,000 pouudsheavier
than the corresponding ones of wood.
The next great field lying ready , to bo
cultivated bv electrical engineers," said
a thoughtful man, "is that of cquippiug
large mills and manufactories with elec?
tric power. It's bound to como. Just
consider the possibilities in such a line of
The check upon railroad building in
some ot' tho Northwestern States is at?
tributed to the hostility of tho Farmers'
Alliance to railroad interests. Tho West?
ern farmers are fast finding out, howovcr,
that they have been injuring themselves
more than oth r people by their opposition
to railroad- a; d to other great American
interests whi \\ have as jusl claims to rec?
ognition and encouragement as agricul?
ture itself.
Contracts have been let for building a
railroad from Pugct Sound to tho summit
of the Cascade Mountains eighty miles in
The Norfolk ?\. Western have placed or?
ders for 15,000 ions of steel rails at $30,
besides which large orders for cars are
being distributed, said to be over 10,000
in all. Orders from the shipyards are also
coming in, so that the outlook is much
The Alabama Holling Mill Company of
Birmingham, Ah'., announce that they
have rebuilt that portion of their rolling
mill recenth destroyed by tiro, and com?
pleted improvements and additions that
will increase their production to .75. lQ,ja
per dTiv." The entire plant is now in ope?
ra! inn.
Karly estimates ofthe increased wheat
yieid are borne out by actual rosults. Iu
Minnesota lh<- wheat, acreage in lb*00 was
2,078,787, yielding 40,298,142 bushels of
grain ; but this year the acreage is 3,359,
983, which at 20 bushels per acre, a fair
average for this year, will yield 67,193,0'fJO
bushels of wheat.
The Queen & Crescent linu has placed
an order with the Ohio Falls Car-work's at
Jeffersonville for 100 box cars of 00,000
pounds capacity. All ot the freight cars
lately built al the Ohio Falls Company's
work's are of 00,000 pounds capacity, Iu
former years the average capacity of cars
was 30,000 pounds. The Pennsylvania
company has recently placed orders for
i he building of 3,00(1 ear:-, all of tho capac?
ity of fiOjOOO pounds.
The red hematite ore beds near Ohis
tiansburg, Va., have bei n sold to a syndi?
cate composed ol Virginia and Northern
capitalists for the sum of $19,000 cash;
A railway will be immediately built to.tho
mines, which are now being opened and a
force of 650 men put to work to develop
Ii. J'. G. Sander ton, division superinten?
dent motive power, western division,-Nor?
folk k Western railroad, has returned from
Brooklyn, where he superintended a ycry
successful tcsl of Pocahontas coal on tho
fast train of the New York Central rail?
The plan! established by the owners of
the Michigamme mine for the separation
of iron ore by electricity, has proved a
success. The works have so far turned
out 20,000 tons of high grade Bessemer
ore. By the improvements being made
low grade ore;-, are refined into the best of
Besscwc r.
During October past 54,182 emigrants
arrived in the United States, against 4G,
207 in October, 1890. Of tho arrivals last
mouth Germany furnished 13,224, Russia,
7,056; England and Wales, 5,882; Ireland,
5,282; Sweden and Norway, 4,529, and It
ily, 4,441.
One day last week the L.& N. gave tho
N. a. W. at .Norton, 129 loaded curs, and
on another day, 11*
The statement comes on good authority >
that 150 steamships are bound to Balti?
more to take cargoes of grain for Europe.
Southern railroads are overtaxed. The
West is at last realizing that through
Southern ports they will find shortest and
cheapest rates to deep water thence to
Newport News reports a great rush of
grain to that place. To such an extent ia
This true that the Chesapeake and Ohio
cannot handle all that is offered. 1800car
loads of grain have been engaged for ship?
ment to Europe via this port.
Capt. L. O. Pelt it, with a corps of ongi
neers is surveying Gov. Campbell's tract
of land recently purchased by Col. Has
kell k Co. The company is a very wealthy
corporation, and propose to develop their
mines and start coke ovena. The engi?
neers are also engaged to locate a branch
line of railroad, commencing at West Nor- .
ton and build up Powell's river to the
coal mines on the estate.
His Name was Lipacowb*
Several days ago Mr. James Barrett, of
the Gorman Security, headed a hunting
cxpediton to tho vicinity of Mammoth
Cave. Yesterday a well-known game
dealer received the following note from
Mr. Barrett:
"We have invited some of tho natives
to a Thanksgiving dinner ftt our pawp.
Please send us two dojtea qwU. and a fe?
rabbits. Without fail.'*

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