The Coconino sun., November 01, 1912, Page PAGE THREE, Image 3

About The Coconino sun. (Flagstaff, Ariz.) 1898-1978

Image provided by: Arizona State Library, Archives and Public Records; Phoenix, AZ

                
WA :
FRIDAY. NOVEMBER I, 1912
THE COCONINO SUN
PAGE THREE
'"-"' as.n-wtKijKass -7BiSgaiasMwjgjgiKaKaMLi,iiiia.wMMaBa
'' v?tTKfSml?f tTc?,.i i?- sSPt?5 "-tR v p 'SiSiKfv,lft',v? s'iffKWESU)iSiSsBP3?'v 'WsBbKl'
"-
I
k
' I.
.
I ii
.:
i ,fi.
1 Ww&'0' d,ilaa Kk s 5? www I u
ANSWERING A VOTER
TATEMENT3 WHICH ARE OF IN-
TEREST IN ALL SECTIONS
OF THE COUNTRY.
TARIFF REVISED DOWNWARD
Opposition to President Taft Stlmu
lated by Magazines Which Were
Made to Pay Additional Postage,
and Thus Relieve the Peo
ple's Additional Cost of
Postal Service.
A Republican voter In Grand Rap
ids, Mich., recently addressed a let
ter to the headquarters of the Repub
lican National committee In Chicago,
In which he said:
"I hare been a Republican all my
life, and for 30 years hate been vot
ing nothing but a straight Reputl'can
ticket for president of the United
States."
Ho does not say that he trill do oth
erwise this year, for he believes Pres
ident Taft to bo honorable and worthy
of the many honors that have come
to him. He adds, however, that the
Republican platform of 1908 called for
a downward revision of the tariff and
that this solemn pledge has not been
kept. He also asserts that the large
majority of the laborers In the wool
n mills are foreigners instead of
Americans, and are employed at starv
ation wages instead of being paid
wages upon which people in this coun
try can live decently. He further
calls attention to the fact of a state
ment that English automobile manu
facturers are forming a trust to com
pete with American companies that
are said to bo ruining the English
market. In conclusion, he wants some
Information about the panic of 1907.
The explanations and Information
desired by this Republican voter are
o general in their character that the
answer forwarded to him will certain
ly be of Interest to other voters In
very section of the country. The re
ply says:
Tariff Revised Downward.
"The past four years have Indeed
been most prosperous ones, with few
industrial or other disturbances, and
with conditions generally satisfactory.
And, after all, Is not the real test
of any administration the conditions
which exist In the country while it is
Is powar,
"It Is doubtful If you could find a
tatemont of Mr. Taft In which he
said there had been no promise of a
revision downward. His letter of ac
ceptance states clearly that he did bo
construe the pledge of the platform
ta 1908. Furthermore, the tariff was
revised downward. The Impression, to
the contrary is due to three sources.
One Is the attack made upon the
Payne law by the magazines. That
attack was prompted chiefly by the
hitter resentment toward President
Taft becauso he had recommended
that the second c1ps postage rate be
advanced so that the magazines would
comp somewhere npar paying the gov
ernment what It cost to transport their
editions. It costs tho government
now about $60,000,000 a year to carry
the magazines through the malts, and
they pay in postage about $10,000,
000, leaving a clear subsidy of $50,000,
000 a year. The president suggested to
congress Hhat this was not a square
deal toward the government, and the
magazines determined to break him
down."
Opposition to Taft Explained.
The reply further stated that the
opposition to the metropolitan press
to President Taft Is due to the fact
that he declined to put print paper on
fhe free list, while the third source
from which the people derive the Im
pression that the Payne law shows re
vision upward Instead of downward
was the declaration by Mr. Champ
Clark In his speech opposing the bill
when It was bpforc tho house of rep
resentatives. Mr. Clark, speaking as
a prophet ami not as an historian
Raid that the duties under the Payne
bill would show an average Increase
of 1.71 per rent over the Dlngley law.
The letter continued-
"That statement went out to the
country, and was ncrepted as a fact,
when It was merely a guess. Hut
the law has been In operation now for
nearly three years, and we do not have
to guess, becausp we know. And
these are the facts shown by the
books of tho treasury department'
"Under the Dlngley law "4.3 per
cent of all Imports were on the free
list. Under the Payne law 51.2 pel
cent ar free.
"Under the Dlngley law the nver
age duty on all dutiable Imports wai
X5.5 per cent, while under the Payne
law the average duty has been 20.1
per cent
"In ofter words, the Payne law
shows a reduction of 10 per cent be
low the Dlngley law on dutiable goods,
while on all goods Imported It shows
a reduction of 21 per cent This is
not prophecy, as Mr. Clark's state
ment was, It Is history."
Mr. Roosevelt. In a signed article In
the Outlook, said: "Tho Payne Jaw Is
better than the one It succeeded, and
very much better than the McKInley
law."
Wool and- Woolen Cloth.
Regarding wool, It is stated that the
last Democratic wool schedule re
vision put tho sheep growers out of
business and closed up 90 per cent
of the woolen factories. It is also
stated that the average manufactur
er's profit on the cloth which goes
Into th average suit of clothes Is an
average of 30 cents. This sum would
not be saved by the purchaser of tho
suit If all oi It wire taken away from
tho mill men. Tho letter then con
tinues: "As to the situation Bt Lawrence,
Mass., it Is true that the mills are
largely operated by foreigners; but
so far from that being an argument
against our tariff policy, It seems to
mo to bo one in its favor, because the
very presence of thoBe foreigners Is
evidence that labor conditions here
are better than in other countries. The
recent disturbances, you must have ob
served, do not grow out of any wage
I dispute, but without doubt are due
uiuiy io me anarcmsuc protest
against the trial of two men charged
with murder or some other Iolent
rrlme. It may be that wages In these
mills are lower than they should be,
but I do not possibly see how a reduc
tion In the duty which would neces
sarily reduce the profits of the mill
owners, could result In advancing
wages."
As to the tariff on automobiles, It is
asserted that there Is no evidence
which shows that Americans pay high
er prices for these machines here than
would otherwise have to bo paid.
There Is the llvelest competition
among American automobile manufac
turers, and the machines arc sold
strictly 6n their merits. As they are
sold In America on a competition ba
sis, there Is no reason to complain If
other makers are able also to compete
with other countries. American goods
find J big market abroad, as a rule,
because they are better than foreign
goods, not because they are cheaper.
An Important Difference.
In conclusion, the reply draws a con
trast between the panic of 1907 and
the panic of 1893, as follows:
"As to the panic of 1907, It cannot
be properly charged to the Republics
party, because It arose not through
loss of confidence )n measures, but
through distrust of men. The panic
of 1893 came becauso the country fear
ed the result of Democratic measures
the tariff bill and others. The panic
of 1907 came because the country lost
confidence In some high financiers
who were gambling on the country's
prosperity In Wall street. The proof
or this Is the fact that no act of
Republican legislation was charged
with responsibility for the panic, and
no new legislation was demanded to
cure It, except the emergency currency
law, which was promptly passed."
Some Republican Facts
Business never better.
Wages never higher.
Factories running full time.
Railroads crowded with traffic.
Labor in great demand.
Bank deposits Increasing.
Everybody busy And hopeful.
Why Change When All's Well?
: Some Democratic Facts
Bread lines n mile long.
Soup houses everywhere.
J Banks mostly busted.
Three million men Idle.
Ten million children hungry.
I Homes plastered with mort-
sages.
Nobody making any money.
!Why HaveHard Times Again?
Taft's Fight Is Your Fight
BECAUSE
Do you R member the years
1893-4 the free soup houses,
bankfailures, thousands of men
out of work and the bread line?
Do you remember that at this
time we had a Democratic Pres
ident, Grover Cleveland?
Woodrow Wilson, the Demo
cratic candidate, and his free
trade doctrine will bring this
condition on again and it is your
dutyto see that he is not elected.
How can this calamity be pre
vented? Don't throw away your
vote on Theodore Roosevelt, be
cause it is utterly impossible for
him to be elected and a vote for
him is a vote for Wilson, as it
splits up the Republican party.
Can Wilson be prevented from
being elected? Yes, there is but
one way, put a cross on your
ballot as follows:
(X) REPUBLICAN.
Certificate of Incorporation of
The Grand Canyon Rail
way Company
Whereas, The Santa Fe and Grand
Canyon Railroad Company was
duly incorporated by articles filed
with the Secretary of Arizona on
or about July 31st, 1897. under the
laws of the Territory of Arizona,
to construct, operate and maintain
a railroad from the Town of Wil
liams, in Coconino County, Terrn
tory of Arizona, in a northerly
direction to the Bright Angel Trail
and Indian Garden, at the Grand
Canyon of the Colorado River, a
distance of about Seventy-One (71)
miles; and
Whereas, afterwards on the 1st
J day of January. 1898, said The
banta re and brand Canyon Kail-
road Company executed its certain
mortgage or deed ot trust to The
International Trust Company, of
Boston, Massachusetts, as Trustee,
to secure the bonds of said The
Santa Fe and Grand Canyon Rail
road Company, issued under and
pursuant to said mortgage or deed
of trust, and in and by said mort
gage or deed of trust.mortgaged and
conveyed to said The International
Trust Company, as Trustee, all of its
railroad, constructed and to be
constructed, and all franchises,
rights, privileges, immunities and
exemptions, then or thereafter per
taining to said railroad; and
Whereas, before the completion
of said railroad, the said The
Santa Fe and Grand Canyon Rail
road Company permitted certain
liens of contractors to attach to
the railroad as constructed and to
remain unpaid and unsatisfied; and
Whereas, afterwards on June
8th, A. D. 1901. at the April A. D.
1901 term of the District Court of
Coconino County, Territory of Ari
zona, a judgment and drecree was
entered in a certain cause therein
pending wherein Thomas Bassford
was plaintiff and The Santa Fe and
Grand Canyon Railroad Company, a
corporation; the Tusayan Develop
ment Company, a corporation; The
Canyon Construction Company, a cor
poration; The International Trust
Company, a corporation, Trustee;
Lombard, Goode and Company, a
corporation; L. W. Goode. Hattie
N. Goode, Saginaw and Manistee
Lumber Company, a corporation;
The J. M. Dennis Lumber Com
pany, a corporation; Union Hard
ware and Metal Company, a cor
poration; S. S. and C. E. Derby
shire, a co-partnership, doing busi
ness under the firm name and
style of Derbyshire & Derbyshire;
E. J. Post and Charles F. Meyers,
a co-partnership, doing business
under the firm name and style of
E. J. Post and Company; A. and
f. u. tioison, a co-partnership,
doing business under the firm name
of Poison Brothers; The Arizona
Central Bank, a corporation; Max
Salzman, George W. Martin, J. W.
Thurber, R. R. Coleman, J. H.
Richards, John Hurley, James
Donohue, H. E. Brooks and J. B.
Jones, were defendants, which
cause was instituted to foreclose a
mechanic's lien upon said railroad,
and in which cause said The Inter
national Trust Company filed a
cross-complaint to foreclose the
aforesaid mortgage or deed of
trust, and in which cause other of
said defendants filed cross-complaints
to foreclose certain me
chanic's liens upon said railroad;
and
Whereas, in pursuance of said
judgment or decree there was sold,
upon the 18th day of July, A. D.,
1901. to Edward D. Kenna. Byron
L. Smith and James H. Eckels, all
of the City of Chicago, Illinois, as
joint tenants and not as tenants in
common, the following described
property of The Santa Fe and
Grand Canyon Raurqad Company,
towit:
The rights, franchises, privileges
of every kind, nature or descrip
tion, including a 1 1 exemptions
from taxation, owned or possessed
by the defendant. The Santa Fe
and Grand Canyon Railroad Com
pany, of which it, or its assigns,
may or can hereafter acquire, own
tfr possess, through or under the
charter of said Railroad Company,
(save and except only its right to
bo a corporation), or any Act of
Congress of the United States, to
gether with all other property,
either real, personal or mixed, in
cluding all right, title and inter
est, in and to its located right of
way from the Town of Williams,
in Coconino County, Territory of
Arizona, to the rim of the Grand
Canyon of the Colorado, in said
County and Territory, together
with all its right of way for any
and all branch lines; also including
all grades, railroad tracks, switches,
turnouts, buildings, rolling stock,
locomotives, telegraph poles and
lines, telephone poles and lines,
located or situated upon such right
of way, or appurtenances con
tiguous to it; and such other prop
erty, i any mere be, of every
kind, nature and description, in
or to which said Railroad Com
pany has any interests, together
with all and singular the tene
ments, hereditaments, and appur
tenances belonging or otherwise
appertaining to any of the right of
way, or other premises and prop
erty above mentioned or described.
The right of way referred to, be
gins at the Town of Williams, in
Coconino County, Territory of Ari
zona, and runs thence northerly to
the rim of the Grand Canyon, with
a line for a branch railroad, run
ning from Anita Junction to Anita
Mine, a distance of about two and
quarters three(2J) miles; this right
of way being astrip of land two hun
dred (200) feet in width, having con
structed upon it and as a part
thereof, sixty-thiee and three-
quarters (633) miles of main line,
and two and three quarters (2J)
miles of spur or branch line to the
Anita Mine, togelher with six (6)
miles of grade; also all and sin
gular the appurtenances, tene
ments and hereditaments belonging
or appertaining thereto, including
all rights acquired, or partially
acquired, under the Acts of Con
gress of the United States approved
March 3, 1875. and May 18, 1898.
Whereas, said sale was made un
der said decree by E. B. Gage, as
Special Master, and such sale was
duly confirmed by said court on or
about the 20th 'day of July, 1901;
and
Whereas, the said purchasers
and their associates, successors and
assigns, under and by virtue of the
laws of the Territory of Arizona,
in such case made and provided,
did thereby become entitled to
form and become a corporation
with power to own, operate, exer
cise and enjoy the properties, fran
chise, rights and immunities ac
quired by such purchasers; and
Whereas, the said purchasers, for
the purpose of forming such cor
poration ana investing the same
with the aforesaid properties,
rights, privileges, immunities, ex
emptions and franchises, and of
completing the aforesaid railroad
to the rim of the said Giand Can
yon of the Colorado upon the route
and right of way of said The Santa
Fe and Grand Canyon Railroad
Company, have associated with
themselves the following named
persons, viz:
Clinton N. Sterry, who is a citi
zen of the State of California, re
siding at Los Angeles; and
Thomas J. Norton, who is a citi
zen of the State of California, re
siding at Los Angeles; and
Whereas, the said purchasers and
their said associates have organized
themselves and do hereby organize
themselves as a new coiporation as
hereinafter in this certificate set
forth:
NOW, Therefore, the undersign
ed, being the said purchasers and
their associates, do hereby certify
and state as follows:
First: The name of the new
corporation formed by the under
siened is THE GRAND CANYON
RAILWAY COMPANY;
Second: The purposes for which
such corporation is formed are as
follows:
To acquire, own, maintain, and
operate the aforesaid railroad, sold
as aforesaid, and to construct and
complete the same upon the route
and right of way of the said The
Santa Fe and Grand Canyon Rail
road Company to the Grand Canyon
of the Colorado River; and also to
acquire, own, use and enjoy the
railroad and appurtenances, fran
chises, rights, privileges, immuni
ties and exemptions, and all other
proportion acquired by the said
purchasers at said sale as herein
before recited.
Third : The maximum amonnt of the
capital stock of such corporation
shall be One Million. Four Hundred
and Fifty Five Thousand Dollars
($1,455,000.00). and the same shall
be divided into Fourteen Thousand
Five Hundred and Fifty (14.550)
shares of the par value of One
Hundred dollars ($100) each;
Of such capital stock Two Thou
sand Five Hundred (2,500) shares,
amounting in the aggregate to Two
Hundred and Fifty Thousand dollars
($250,000), shall be five per cent
Cumulative Preferred Stock, and
Twelve Thousand and Fifty
(12,050) shares, amounting in the
aggregate to One Million, Two
Hundred and Five Thousand Dol
lars. 51,205.000). shall be common
stock.
The holders of the preferred
stock shall be entitled to cumula
tive dividends at the rate of five
per cent per annum from the date
of the issue of such stock before
any dividend shall be paid on the
common stock; and in case of dis
solution or liquidation of said cor
poration, the holders of said pre
ferred stock shall be entitled to
receive par amount for their stock,
together with any cumulative divi
dends at the rate of five per cent
per annum that shall have accrued
thereon, and that shall remain un
paid before any sum shall be pay
able out of the company's assets to
the holders of the common stock.
The common stock shall be subject
to such rights of the holders of the
preferred stock.
Fourth: The number of its di
rectors who shall manage the af
fairs of such corporation shall be
seven and the names and post office
addresses of the directors for the
first year are as follows:
NAMES POST OFFICE
ADDRESSES
E. P. Ripley - Chicago. Illinois
W. R. Page - Proctor, Vermont
Byron L. Smith - Chicago. Illinois
James H. Eckles, Chicago, Illinois
E. D. Kenna - Chicago, Illinois
I. L. Hibbard - Winslow, Arizona
R. J. Arev - Williams, Arizona
Fifth. The term for which this
corporation is to exist is Fifty
years.
Sixth. Said Railway Company.
shall not issue any Preferred Stock
in excess of Two Hundred and
Fifty Thousand Dollars ($250,000)
par value thereof as authorized bv
Article Third of this certificate,
and shal I not issue any mortgage
bonds except with the consent of
the holders of two-thirds of all the
Common Stock of said Railway
Company which shall then be out
standing. Seventh. Previous to the time
of such sale a Plan or Agreement
was entered into in anticipation of
the formation of the new corpora
tion and such purchase was made
pursuant thereto. Such Plan or
Agreement was entered into by
the said Edward D. Kenna, Byron
L. Smith and James H. Eckels and
certain holders of First Mortgage
Bonds of The Santa Fe and Grand
Canyon Railroad Company issued
under its mortgage dated January
1, 1898. and such Plan of Agree
ment is as follows:
"AGREEMENT, made this sev
enteenth day of June. 1901, be
tween Edward D. Kenna, Byron L. '
Smith and James H. Eckels (here
inafter termed the "Committee"),
parties of the first part; and such
Holders of First Mortgage Bonds
of the Santa Fe and Grand Canyon
Roilroad Company issued under its
mortgage, dated January 1, 1898,
as shall become parties hereto in
the manner hereinafter provided
(such bondholders being herein
after termed the "Depositing
Bondholders"), parties of the sec
ond part.
WHEREAS, the Santa Fe and
Grand Canyon Railroad Company
(hereinafter termed the "Railroad
Company"), a corporation of the
Territory of Arizona, has issued
one thousand of its 'first mortgage
five per cent, twenty-year gold
bonds, each for the sum of $1,000,
secured by mortgage dated Jan
uary 1, 188, to International Trust
Company, as trustee, all of which
bonds are now outstanding and
unpaid; and
WHEREAS, the Railroad Com
pany made default in the payment
of the interest upon such bonds
and is insolvent, and a receiver
thereof has been appointed, and -the
holders of claims against said
Railroad Company for materials,
supplies and labor, and, also, the
Trustee under said mortgage of
the Railroad Company have insti
tuted proceedings for the enforce
ment of their claims and to obtain
a judicial sale of the railroad and
property of the Railroad Company:
and
WHEREAS, the Santa Fe Pa
cific Railroad Company (herein;
after termed the "Santa Pacific
Company"), i'b the owner of $324,-
000 of said bonds of the Railroad
Company and has expressed its
willingness to enter into an agreer
ment with the Committee to de
posit with it the ?324,000 of bonds
of the Raihoad Company and to '
provide the sum of $150,000 on t,fie
terms hereinafter stated:
NOW IT IS MUTUALLY
AGREED BETWEEN THE PAR-'
TIES AS FOLLOWS:
I.
This agreement shall be
signers
4
tf
v
A
AJ . 1
-t -Jt