THE STATE REVIEW. 



Fred Lister and Alderman Dwyer, of Clare, 



having purchased the sunken logs in the lake 

 on the east part of section nineteen, Hamil- 

 ton township, Clare county, have a number 

 of men at the job of remm ing them, and a 

 mill is sawing them up into lumber. The 

 work will not be completed before the lake 

 freezes up but will be resinned in the spring. 

 Several hundred thousand feet of logs are 

 expected to be removed. 



The work is in progress where in the 

 hties stood the hustling village of Dodge 

 with its electric lights, saw and planing mills 

 and all the aecompaning hustle of a lumber 

 town. Orla P.arnes, of Landing, was in those 

 days a big investor in timber interests there. 

 Tin; vill full of 'activity and there 



were those who predicted a future for it. A 

 branch railroad extended to it from Tiatton. 



Now all is changed. Unlike the "Village of 

 the Plain," there isn't even a deserted house 

 to mark where once stood the "Sweet Au- 

 burn" of picturesque lumber days. Here and 

 there may be seen a little hole in the ground 

 where once was a cellar, but everywhere 

 now the ungainly stumps, with an occasional 

 clearing not far away, keep silent watch over 

 scenes of early day activity. 



thousand dollars less? Is the exact point of dan- 

 ger that at which it crosses the million line? The 

 same reasoning must be followed and the same 

 questions answered regardless of the sum which 

 is arbitrarily fixed upon as one too great to be 

 permitted to descend to the heirs of the holder in 

 its integrity. 



The fact of the matter is that Mr. Roosevelt has 

 permitted himself to be carried away with the 

 popular outcry against great fortunes as a source 

 of danger to the body politic. There is neither 

 rhyme or reason in the claim that great fortunes 

 are dangerous. Great accumulations of wealth 

 must be administered in what will prove to be 

 the public interest if their integrity is to be pre- 

 served. Let us take an example. Suppose a cit- 

 izen of Detroit is possessed of ten millions, or 

 twenty millions, or whatever may be the objec- 

 tionable and dangerous amount of wealth for one 

 person to hold. If his wealth is wholly in the 

 form of money, which is rarely the case, the 

 holder of that money cannot add to his wealth by 

 hoarding his funds in places of safe deposit. It 

 will not grow upon itself. In order to make it 

 grow he must put into bank at interest or invest 

 it in productive enterprise on his own account. 

 The moment he puts it into bank he imposes upon 

 his banker the duty of finding some safe and 

 creditable person who will borrow it and use it 

 in his business. That at once makes it useful to 

 the public because it is invested in raw material 

 which sonic one has gathered and in labor to 

 fabricate that raw material into finished products. 

 If the owner of the wealth invests it in productive 

 enterprises he accomplishes the same purposes as 

 if he put his money into the bank and let the 

 banker become the intermediary between the own- 

 er and the user of the capital. 



If this objectionably larger fortune is of a 

 mixed character, as most fortunes are, that is, 

 partly composed of ready capital and partly of 

 invested capital, the latter must be either some i 

 of the forms of debt or liability, or it must be i 

 real estate and the improvements thereupon. 

 When does a fortune so invested become a men-' 

 ace to the public? At what point does the own i 

 ership, let us say; of Detroit city bonds, Michi- 

 gan Central Railroad stock and Western Union 

 telegraph debentures cease to be a wholly harm- 

 less and moral proceeding and pass over the. line 

 to barm fulness and immorality? The fact of the 

 matter is that it doesn't pass over the line at 

 all, and that to say that it does would be equally 

 as absurd as holding- that what was moral before 

 the noon hour became immoral when the hour 

 had struck. 



Mr. Roosevelt is putting himself into the cate 

 gory of the alarmists and the spreaders of envy 

 against whom he himself so eloquently preaches 

 as being of harm rather than good to their fel- 

 low men. He is simply giving standing and quasi- 

 respcctability to the very sentiments which, in 

 other forms, lie finds worthy of deprecation. 



HOW GOLD CROSSES OCEAN. 



The captain of one of the big trans- Atlantic 

 liners which carries in its strong room millions 

 of gold a year while recently di.-cussing the sub- 

 ject with a reporter, said: "After the gold, worth 

 perhaps $.-,110.000 or $ 1. 000,000. and which is 

 packid in solid wood boxes strengthened with 

 enormous bands of iron, has been placed in the 

 bullion room, access to which is only obtained 

 through the flooring of the saloon. 1 sign 111 

 ceipts and then become responsible for its safety. 

 Krom this moment till 1 arrive at port -the ke> 

 never leaves my person, it hanging suspended 

 from my neck inside my clothes by a piece of 

 ribbon. Do I think it impossible for a thief 

 to obtain access to the strong room? Fifty des- 

 peradoes shipping as passengers might, as you 

 say, wait till we were out in the open and, after 

 murdering us all, help themselves to some of the 

 gold not all, it would be too heavy and then 

 take to the boats. Yes, fifty determined men 

 might do this. But how are fifty criminals to 

 assemble in New York without the police be- 

 coming aware of their presence. Why, I should 

 spot them before we started. Responsibility for 

 such treasures as I carry sharpens the wits. No. 

 the n.oney is safe enough on the ocean. 



As soon as the officials .consisting generally of 

 a few detectives, clerks of the steamship com- 

 pany arrive the bullion room is opened, the b- 

 art. removed in a strong net, each box oeing 

 checked, and when the word "All right" is pro- 

 nounced I heave a big sigh of relief, for my 

 responsibility then ceases. 



STOCKHOLDERS' RIGHTS. 



An important decision declaring the right of 

 stockholders of a corporation to participate in 

 all subscriptions to increases of the capital stock 

 of the corporation has been handed down by the 

 Court of Appeals of New York state in the ac- 

 tion of William E. D. Stokes against the Con- 

 tinental Trust Company of New York city. 



The company increased its capital from $500,000 

 to $1.000,000 and then voted to sell the increase 

 to Blair & Co., private bankers of New York 

 city, for $-150 a share. Blair & Co. represented 

 Marshall Field and others of Chicago. Stokes 

 owns r.':. 1 ! shares of the stock and voted for the 

 increase, hut voted against the resolution granting 

 all the stock to Blair & Co. 



Stokes insisted he should get his pro rata share 

 of the new (Stock at par. The trial judge found 

 that Stokes was entitled to his share at par and 

 found his damages to be $99,450, or the difference 

 between the par value and the market value of 

 the stock at the time of the sale to Blair & Co. 



The Appellate Division reversed the Trial Term 

 and now the Court of Appeals reverses the Ap- 

 pellate Division, though modifying the rule of 

 damages b" awarding Stokes $22,100, being the 

 difference between the price he would have had 

 to pay for the stock. $450 a share, which was the 

 price to Blair & Co.. and the market value of 

 the stock on the day of sale to Blair & Co., which 

 was $550. 



Judge Vann wrote the opinion of the court, 

 which was concurred in by Chief Judge Cullen 

 and by Judges Werner and Hiscock. Judge 

 llaight wrote a dissenting opinion, concurred in 

 by Judge Willard Bartlett. Judge O'Brien was 

 absent. Judge Vann says: 



"The subject is not regulated by statute and 

 the question presented has never been directly 

 passed upon by this court. The issue of the new 

 stock and the sale thereof to Blair & Co. was not 

 only a transfer to them of one-half of the voting 

 power of the old stockholders, but also an equit- 

 able right of one-half of the surplus which be- 

 to them. 



"The new stock belonged to the stockholders 

 33 ,111 inherent right by virtue of their being stock- 

 holders, to be shared in proportion upon paying 

 it, par value, on the value per share fixed by vote 

 of a majority of the stockholders as ascertained 

 by a sale at public auction. While the corpora- 

 tion could not compel Stokes to take new shares 

 at any price, since they were issued for money 

 and not for property, it could not lawfully dis- 

 pose of those shares without giving him a chance 

 to get his proportion at the same price that out- 

 siders got theirs. 



"lie had an inchoate right to one share of th'j 

 ii"u stock for each share owned by him of the 

 old stock, provided he was ready to pay the price 

 n.xeil by the stockholders. If so situated that he 

 could not take it himself he was entitled to sell 

 the right to one who could, as is frequently done. 

 ( If course there is a distinction where the new 

 stock is issued for property, but that is not this . 

 ease. 



"This rule is just to all and tends to prevent 

 the tyranny of majorities, which needs restraint, 

 as well as virtual attempts at blackmail by small 

 minorities which should be prevented." 



FORERUNNERS. 



They excite the poor to make war upon the 

 rich. * * * They complain of oppression, 

 speculation and the pernicious influence of ac- 

 cumulated wealth. They cry out loudly against 

 all banks and corporations and all the means by 

 which small capitals become united in order to 

 produce important and beneficial results. They 

 carry on a mad hostility against all established 

 institutions. They would choke up the fountains 

 of industry and dry all its streams. 



In a country of unbounded liberty they clamor 

 against oppression. In a country of perfect equal- 

 ity they would move heaven and earth against 

 privilege and monopoly. In a country where 

 property is more equally divided than anywhere 

 else they rend the air with agrarian doctrines. In 

 a country where the wages of labor are high be- 

 yond any parallel, * * * they would teach the 

 laborer that he is an oppressed sl.ave. 



Sir, what can such men want? What do they 

 mean? They can want nothing but to enjoy the 

 fruits of other men's labor. They can mean noth- 

 ing but disturbance and disorder, the diffusion of 

 corrupt principles and the destruction of the 

 moral sentiments and moral habits of societyi 

 From a speech by Daniel Webster in the Senate, - 

 March 12, 1838. 



NEW IRON RANGE. 



In the light of comparatively recent explora- 

 tions and discoveries, the question is pertinent if 

 another distinct iron range will not have to be 

 given place among those already making up the 

 mineral wealth of Marquette county. This ne.v 

 iron range, if it may be called such, follows both 

 sides of the Escanaba river, in a northwesterly 

 and southeasterly direction, from a still undeter- 

 mined point somewhere southwest of Clarksburg 

 for a now known length of about 18 miles. Fu- 

 ture explorations may prove that it is even longer 

 than this. Because of the little exploratory work 

 done on it none of the state geoologists who vis- 

 ited that county to make personal examination of 

 its rock formations, paid any attention to it in 

 their published reports, with the single exception 

 of Dr. Carl Rominger. who had a cursory descrip- 

 tion of it in his report on "work done and obser- 

 vations made in the iron region of the upper 

 peninsula west and south of Marquette.' Dr. 

 Rominger's personal investigations were conduct- 

 ed during the years 1881 and ixs:.'. and from ob- 

 servations made at the old Cheshire mine, now 

 known as the Princeton, at the south end of the 

 explorations made by G. N. Loustorf in Sec. 19, 

 T. 40, R. L'li at the north end. he credited the 

 range with having a length of at least nine miles. 



Recent drilling by the Cleveland-Cliffs Iron 

 Company in the southeast of its property at 

 Princeton proves that this range has an added 

 length of at least nine miles more, and the drill- 

 ing operations now being conducted by Me. \rthur 

 aba, on the land on which they own 

 in T. Hi. K 26, about four miles south of the old 

 l.onstorf pit, proves that the range has a width, 

 near its northern extremity, of at least a- mile. 

 McArthur Bros, bought the land for its timber, 

 with no thought of mineral wealth. 



A mining man, who has lately taken an active 

 interest in the present explorations, which he feels 

 certain will before many \ears lead to the thor- 

 ough exploiting of this range, offers the sue 

 tion that it be named the Rominger range in 

 honor of the stale geologist who first deigned to 

 make mention of it in his report. 



