The Daily Courier from Connellsville, Pennsylvania on May 17, 1918 · Page 7
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May 17, 1918

The Daily Courier from Connellsville, Pennsylvania · Page 7

Connellsville, Pennsylvania
Issue Date:
Friday, May 17, 1918
Page 7
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: ; »KiiJAT, MAY.17, 191s.. THE DAILY COURIER, CONNELLSVILLE, PA. j?AGE SOME LESSONS FROM iHOMPSONCOAL iiNDSFECULAHONS Sharply Draws By an Or- sn of the Steei and Iron i ' HELD AS DISCREDITABLE AB* Sb*»l*:St Birr M? remitted; I'iUi* That 6m « · Few Per- lu ShoiM Bar np Cool Land and CMtrol Market; War Scheme- Failed TM deducing lessons from the J. V. Thompson coal speculations, the Anjtrlcaa Metal' Market and Dally Ire* and -Steel Report makes some ratJJtr caustic observations on certain. pha|er*of tala remarkable episode In r of "Western Penni lollops: * 'the sale -to investors of the rerrufctdiuj; coal holdings of Josiah. V. Thompson'the last chapter .has been wrlitea'. inKauL: interesting but auite discreditable *peculation, Mr. Thompson^ position originally was that of president of the First National bank of ttniontown. He began investing in coking coat' acreage*,,'.'chiefly in the loafer Contwllsville of- Klondike re-* gion, ~ir*d«*lljr extending hjs opera- tiow ijBtfl-bU holdings became spec- tacuUf. Tbe operation's eventuated in jwtuit, wag perhaps the; most com- plicatedv.tangle of notes; mortgages, lease* arid; partnerships on record, Mr. Thompson, the bank and the whole commuoity:befti£ involved; Eventually :{h* load proved tob great' and in January, 'ISIS; Mr.'/.Thompson"failed." The'affairs have beeu'iiuprbcess of un- [ ravelment ever since; '^Fhia. whole operation was discreditable in" tie "extreme and should not tay.B been permitted. The- matter! should;not be forgctfcn. for there is! a serious lesson, in it. "We do not refer i pa^icularly to the fact that Mr, j Thompson used 1 his connection vrithj the; "bank in ways that should not be allowed, for "such- cases a*e, unfor- ( tunately, not altogether rira. Nor do we'ritfer especially 10 the loos' which MiV Thompson's neighbors suffered j through their having trusted too greatly to'his business aca'men and forgight. -They-were tryins no'make money and they believed'-Mr. Thompson^ would help, them do so.. Such cas£s are common, and can be expected ias long £ the get-rich-wiuick idea is In the minds.of men. Mr. Thompson was the hero -of thrse people until he failed. "»· '·Waai was particularly objectionable was the speculation itself. II the-affairs of the : bank had been conducted within the strictest limits of propriety, if the,-bank had not failed. If Mr. Thompson had not failed, if his partners, endorsers and note holders had not lost money, the matter would have been worse still. Coal is a public necessity. It Is not right that any man or group of men should be able to buy up coal land and .produce a condition whereby those wh^ wih to j produce coal .must pay fancy prices tor the-acreages the Holder,parcels 3Ut in such piecemeal fashion as to preserve his market. The time is not far distant when men will look back ind wonder more that such things ; were permitted, and were c.msidered , ji good form, than that IT.en-allowed ' ±e great war to occur. j "Mr. Thompson did not set out to do · Ala thing. Ho began as an investor, i He had observed the accretion in Con- j lellaville resioa acreage that occurred ! Jiroush!the growth of the iron Indus- j iry and its call for more aad more ( ;okc, and being farther sighted and 1 nore courageous than the holders of , certain tracts he purchased tae tracts ] x hold as an investment, as lie or j inyone else had a perfect lsal and ·Qoral righ: to do, and always will uive jas iong as our present system ;or tjie holding of real property ob- j .ains; Evan longer, perhaps, for ons j :an conceive of revolutionists bring- ng about a-condition Jn which each! nun is given a non-transferable right ; o a certain portion of the ear'h's sur- j 'ac ri . Mr. Thompson was not dealing j ·vitlt ihe surface, but with a mineral i lucdreds of foet liQderneath. *'Th time ca^ne, however, when the market value' of coal acreag*; in the general district, raised by Mr. Thorap- A COLUMBIA GRAFONOLA In your San Parlor will make your Summer evenings at home so ranch more enjoyable. Come in and hear this wonderful instrument. All the nsvr . Columbia Double Disc Records are here,.; with 12 selections delivered to your homo on terms so easy you'll scarcely feel the cost; (CQQ £ft for only L_._L_, _: «POU.uU NO INTEREST CHARGES AT THE FEATHERMAN- RAPPORT COMPANY. Your Guests in the Summer , --should rightly be entertained where the greatest amounf of comfort is obtainable.. They will prefer the porch or sun parlor and the fresh air. These roomy porch rockers, made of clean, cool fibre, are ideal for this purpose. Besides they are very attractively built, being upholstered In high-grade, durable cretonne, most attractively .patterned. Styles like the picture-- (1 A rr(? ·Rocker or Chair, only ___ __ «P.l/*. I O SATURDAY SPECIAL ' This large and comfortable, Roll Seat, Wicker, Porch Rocke]r--Only $3.95 A well made, durable Hocker that -will last for many years. See Our Porch Swings Prices start with 2 Passenger, Solid Oak, (JJO QC well finished swings at only .-- «?«·«/" Complete With Chains and Ceiling Hooks. THIS GIVE MOTION COLLAPSIBLE GO- CART AT OSLY $8.95 --demonstrates our greater values. It Is of large size, has large.hoo'd. rubber-tired wheels, reclining back and extension, foot rest. , . There's nothing so essential to Baby's health as a dairy outing, and ·when it comes to choosing baby's carriage this is the only store to come to because our lines arc so well selected, our prices lower and our term's so much easier. Don't miss another day of this beautiful Spring weather. See our big values in Reed Carriages. This is the Home of the McDougal Kitchen Cabinet The cabinet that lias lhe most real laborsaving features. Come in and see a McDougall. We'll place the one that you select in your librae at a money-saving price and on pasy terms of $1.00 A WEEK. This Gas Range ·with lurge oren Kasy Terms $J Cash, $1 a MVek. The oven measures IS inches wide by 17 inches deep. It has four burner top and double bracket shelves. $19.75 This Complete Bed Outfit, the Greatest Value in Connellsville, Only Outfit consists of three pieces. The massive, 2-inch continuous post bed. o.n all-steel fabric spr'.ng of good serviceable quality and fibre filled, cotton, top mattress. EASY TERMS 51.00 CASH, §1.00 A WEEK. It Doesn't Pay to Buy a Cheap ! Refrigerator Poor construction means, high ice bills--an everlasting expense. We have a great 'number of very moderately priced ones but tliey are not cheaply constructed. Every scientific feature that insures not only economy of ice but better conservation of foods--foods that are kept cold and dry at a low, even temperature not damp and clamy)--foods that retain all of their original flavor. We have a size and sryle. to suit every need--to fit every pocketbook and your credit: is good as gold. This Handsome Table BIT 'OW IJEFORK TIIK ADTASCE CV PRICES TAKE EFFECT. The f u t u r e price of this Handsome Copper-trimmed Cedar Chest will be ?12.75. Get oue now for only FOR TOtR IlfiKAKY OR ROOK, 03TLT 16.75 It has hook- rack ends which you'll find a great conven i e n c o, magazine shelf and roomy stationery dra- wro. lai $10.50 5 One of these* FIoo ^ - T . f _ _ 1 Lamps for only .. 19.75 Connellsville's Most Dependable Furniture Store. failed, the concern;-; that controlled the various forms of by-product coke son's , continued purchases, became i ovenSt an( j iati concerns who operated inch that there was more disposition ; b _ v _ pr0( ] Uc t plants, did not know what .o offer it for sale than LO uuy IL Mr. · w " ore the best coals ror ^ em to USG . Thompson proceeded to buy, in order ! Cven at ^ pres eiit time, years a.Uer- -o protect his market. To carry his 1 wardSt tj^ information is no- L as prc- ronsfantly Increasing load'he formed J cise and corap i ct c ac it might IK*. Five men ciid not partnerships, ;ave~ secured gave mortgages and ! and unsectircrl noies. i There is little doubt that long before he crash came his chief mottve ^as no longer to succeed personally in a jreat speculation, that would, make years ago.ten years know which were/ the best coal de! posits lo b»y to feed by-product ovens. ' Unless'to. speculate agaiost a general rise in coal acreage prices, in all dis- , trictSr it was much safer to be with- lim very rich, but was simply to bear j Qm e:cteris i ve coa i holdings. The by- he burden he had Invited ami carry j product oven vas a certainly. No hrough a great operation la which j mislako cou i d be ma de in building a he comfort of a great number of in- i by_ pro duct coking plant, if proper en- lividaals was involved. He is reputed i gjneeriug'talent was employed. To o have worked twenty hours a day ; c i rcumscr ib c one's future, by deciding or a long time. Men do not do that ; that QDe coa , p and onc coa i on i y nerely for the sake of gettin-? ricb, | vvould have to he used in all t n e fu _ jarticularly men of Mr. Thompson's lure in ^t plant, was a hazardous *TVby did the speculation fail? fhore was a tomplication of causes! .Ir. TKoinpon' may have misjudged he aliuatioa to an extent. He.may iav« unde t vstmiated the di=t acce rom tbe old rxisirj to wh:cn speculation." Stntriiwnt. Payments a c t u a l - ly tnadR on L f b - r-rty -\i/ A cent bond ·SecurUicw o . t h a n U. S.- hondK (not i n c l u d i n g - slocks) cJwnetl unplcug-ccl . . . . 9.75C.25 Stock yf Federal Reserve Bank (a') p*;r cont of s u l i f c r i j i t i o n ) Value oC b u n k - inp hrnine . . 8,000.90 K i i r n i t u r n and l l x t u r e w . . I-aw f u 1 reserv.: w i t h Fed - eral RcHGrvo C;ink .... Cash in v a u l t and ntt, amounts duf from national banks '. Total or Items I 14. 15, IS. IT, I and IS 31.. r '72.Q2 [ Checks on b a n k s located ; outiiiUe of city or t o w n I or reportinp bank and o t h e r ca-sh items Redemption Cur.d w i t h '*. S. Troasuror nnd duo fro:n U. S. Treasurer . .' "War Savins^ CertiHcatei? and T h r i f t Stampn aci- uiillv owned · 36,192.50 5G.612.50 1.059.00 j S . 0 0 0 . 0 0 ; 1,500.00 t h a n .bank dejjow- it.s Kuhjeu t to Ke*erv«, .Hems 3-1, 35, 30, 37. 38, 3 ( J, 40. and 41 162. Cfirtiflcates uf d ( n t h ' T t h a n for borrowed) Total of t i m e de-posits K u b j r o t to Reserve, Items -12, Total Slate cit Por.nsylvania, County of Fayette. ss: T. W. A. COSOROVK, C.ishier of the above named bank. do solemnly swear that tho above statement, is t r u e ro t h e best oC my knowledge and belief. "W. A. CCSGROVK, Cashior. Subscribed sworn to before me t l i l K ISth day or' May.. ISIS. R. E. iTcLAUGIILlN. N o t a r y Ptb'.lc. r.fir:-,-c:---Attest: .7. F. HL.APK, ROHT. NORUIS. E. T. NORTON, Directors. L i b e r t y ·! 1^ per c e n t V-nndr lh:in f. S. bonds ( n o t i n - c l u d i n g jrto^Us) own-d u n- 1)!f-d«(.·( . 100.009.5-1 Stocks, oilio;- i h a M Federal rtcHi;rvc 0;ui!v stuck . . . . Stock i.f 1'Vdentl Ki^urvn Bank (50 per cent u f subs c r i p t i o n ) F"u rn i Lure and ft-xturew . .. L a w f u l resf-rve w i t h Federal Jiostrvc Bunk Cash in vav.H ;\ml net a t n n u n t R due from n a t i o n al b u n k s Total of I i t - m s 1 4 , I B , 16. J 7 , a n d IS 40».CrG.!)3 | Checks on b a n k s loc-attil I o u tsI(1 o of i- i t y or l a w n of r^poi-Jiifi h.inli and ; oUic-r fitiH 1 ' i t o M i K Rado::-.ption f u n d w i t h U. S. Treasurer rind d u e from U. S. Tr'»;isjror "War Savings Ct'r'.illcates find T h r i f t Stamps actually o\v:iaci 1'35,000.'JO ^SS,300.00 Total Ic. S t n i o $1,552.727.70 Value ' n n y y l v a n i n . C o u n t y of Kay- : T-'urn! oC b a n k - htiusw* ^C.^37.60 ; ros.TVf w i t h hVd- I. HOVVAHO All AMIS, Cashier of ihe ; fal U^OTYC- Bank ..'il b a n k , do soh'jnnJy swear j Cash :n v a u l t a n d net that Uiv n b u v e K i a u - n i i r n t is t r u e to | a m o u n t s d u o from r,a- thc bt-^t. nf r»y knowlod^p a n d Ix-licf. ' i o n a ; bands' . H O W A R D A]ASIS. C;ipl)1cr Subscribed and .sworn lo before Oils H.lli day of M:iy. 1 1 S . 1,300.00 17-1,978.77 Co rre c t -- A 1 1 e M A H T 3 N . Not;iry Public. : 5!. M. COCHI1AN. M . K. STUA\VA', J. H. PRICK. Directors. i TlKPOl^T OP CONDITION OF THK i First Nat ion nl Bank at Pawson. in i rhe Htato of Pennsylvania, at the closu \\ft buwine.'iH on May 10, 131 S. Tola! of n. jr, i6, i^ .and 18 Clu-ck." on b a n k s u n d oilier ciush !t«ms . . . . R o d e m p l i o n f u n d w i s h U. S. Treasurer JITK! tJuo from U, S. Treasurer Total Capital slock Kurplu-.- f u n d r r u l i v i r ! . - a MOBILITIES. Total UliPOtlT OF OOXU1TION t':i.l c/f soinpWiiJU cocipn.ra.ble «^u\l:Ly · " f"i,". xUndcd- Ho niiy bave misjudged tbe ! ·bCirucVr fif rho inea ir. the iron aud tuti 'ransiry and corwidpreri them . i.r, rin . ; a.i r.or\* itaiSy tban tiifty pro\(;d to be to i counf:- ·vy iX-al oiToag-' 1'rwa a specalatqr i jJ'^* (1 ''^ ·wij profit. He prtrtuhiy cxpec;-ifl the } Jt ,e^rt=d ·tte sat! steel industry to giA~. after ' l ;UJT, aX somevbat the rate -that ob- ' 3J*je« for a nuinber of years pi i-nous, .nd thai it did not do. j r "Quk^ 1 possibly he underrated the · «robaiilJtifn of the by-product coke i '·/CD, If be did not, he c e r t a i n l y ! . oC lrN;nr.i;; sd on May 30, THK ! ·ill, :n I :LL tllC L'loiIC ! . f 2 D 6 . C 8 5 . 1 4 | TIB PORT OF CONDITION" OK THE ! I-'irst N i i r i o n u L Bank at Perryopli;'. in ; tUc Stita oC rcr.ttb-ylvanta. iU *vh« ! close uf business on May 10, 19lS. RKSOURClsS. 1 Capital stocV: ! S u r p l u s f u n d j '.'r.dlvidcd 10,633.16 .$340,073.94 J1 J .0,07S.5-1 . Loss ':;:rrfciit ex- ljenu«a. interet-t, 1 and :.;IXCH. piiiil. . 2,521.70 ! notes outstand- ! tbe technical point that n -ihe i ^^^rtr when IK* was satberio;: his j Ic^*' tJ*»», and up to the tiiae ie j ct-nt. , S. eontin i?r- poelred to secye circulation (p;i.r value) ...... 25,000.00 , S. buntia and rertiftc;ites oC in- tiebtfdi'CFS owned a-'.id unpicds- d .......... 5,000.00 ................... 7.55 j i n d i v i d u a l deposits sub- i ject to check .......... of d-epopit days ( money horr ih an than. A-ed) . ^ o A n Cfushier'H . checks standinp Deposits r c q u i r i n p tice but leyy t h a n days deposits ( o t h e r 30 for no- 30 itiSS::!!. RKSOURCBS. counts Cescypt those show:; in b nnd c). .i-l')2,3lO.Gt; 1 Overdra.fcs, «n- 8,111.46 .secured ''63.49 U, S. bonds dd- -5,000.00 posited to secure circula- 155,782.33 t i on ( p a r value )..' $ 50,000.00 U. S. bonds and certificates of 72S.S3 indebted n e s s 733.9fi o w n e d a n d u n p l e d g e d . . . . 1,312.52 r.iborty Loan I bonds, .t'/^ per ; cent and 4 per 3,120.06 j ceni. unpledged 23.300.00 i Payments act- - ually miLde on 31RSOVUC12S. L o a n y and dj.s- c o u n t s (except Hi use .«hown s h o w n , in h and c) . . . . J-J30.210.71 O v e r d r a f t s . u n - ' Total LIABILITIES. C a p i t n l stock PR ill in . . . .$ S u r p l u s f u n d . . . . . . . . . . . . . Undivided prntUn 43.351.16 ' LIOSH c u r r e n t ex| pcnst'S. f n i o r | CHI. und t a x s I paid 4 0 2 . ! » C O . C G | c i r c u l n t l n e note ing- i secure;! "C. S. bon-ds Ac.- jiosiicd to s«- I cure eircuJ; - tion )psr va',- ; ue) certificates* 267.53 ject to check Cashier's c 1 L-cUs ,000.00 306,000.00 Total of do- mnnd do- posits ( m h n r t h a n bank d e p o s i t s / subject tc R e s e r v e . Items n-}, 3S. ,-iG. 37, IS. 33. 40, ami -SI . . 1.254.5S7.38 Advance." received on Third liberty Bonds S2S.H 3 8 . S 5 5 . 7 2 RO,000.00 1 , 2 5 3 , 4 G o . 4 ft 1,122,53 of fiub- out- ou-ned ant! u n - pled^od . . . . f - J f i u . O O O . O O Liberty Lnan Bonds. 3 ! ,i per cent n n d I ·! per cent, un- ' piedped . . . . 55,-inO.OO i Payments actually m^idn on ·! Liberty 4i^ i per cpnt bondn S7.250.00 | Securities oth;r than U. S. bonds (not including 1 stocks pledged ____ 34.1.575.12 Stock, oiher t h a n TInscrve Bank stock . . j Stock of Federal Reserve 109. 584. 00 j Banl; (50 per cent o£ - subscription . . . . . . . . . ig-j -;j j Xet a m n c n t s due to -N;i- I t i o i u i l brinlt;? I Net a m o u n t s due 10 banks, h a n k e r s and I ru^i edinpanio,-: ( o t h e r t h r i i i i n c l u d e d i n I f r n s ^1 or Sl' : Touii of U«ms ."2 and 33 . . T.S: 1 ^.!? : I n d i v i d u a l dnp^sus sub- 711,170.22 5u.000.00 1 026.11 1.ROS.G33.57 s t a n d i n g Total o u t - I e Minsyivania, C o u n t y of Fay- Cash ior *PI the S t a t f of Pei ] cue. I. R. D. HKN«Y. 142,650.00 ; above named b a n k , j swear t h a t t h e abovy st:itenTnt :s t r u e 1 to best of my k n o w l e d g e and be; lief. R. D. I I K N R V , Cashier, SubPcrib^d and « w o r n to before mo t h i s ]^ib day of M;iy, 19IS. A. VAN' K O R X . X o i a r y fublic. M. M. t . - O O J ' J t A N . J. H. D1JC-K. " "· E ' STRAWS. Director* H 3 . 5 7 5 . 1 2 1.900.00

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