Show v T AND Pi TALE jAlE OF DIS The Tho or o the Hw Spoils Spells in Ill ont Ill lul Lone t oid ThrIllIng and have been the flashed over the tho wires regarding the Iho of Q the arm army of men thrown out ot or employment loaded loadell with s tune lime checks s II by thu shutting down of tIe the Lake Luko I I Superior plants now such uttel collup o could comae to 1 a mIllion dollar long na of tho Iho financIal giants of oC limo tho country Is 1 a story Atory full Cull ot of und Cull of at me 1 Its I shown that the tho motto VOID DI DEBT Bl ts Is one that may ho bo taken lullen to heart as aa much by the tho great corporations of at the tho I country as by the humblest citizen who tolls toIls for so 50 much pc per do day statements were made yes I that the tho directors ot of tIme the Comm COli I Lake Lalle SuperIor company hll had l taIled In their to raise OOOO In cash to pay off the Speyer loan lonn Alt All that now remains to 1111 l done dona Is the transferrIng of the tho of at that prop property property erty to time tho syndicate which Co formed farmed The ot at tho th f COnsolidated Lake company compan stand to lose control of time the company an In which thy they lIun lIunI sunk I In cash IU as well ns ae nil all Inter InterI I et CP In the tho property The spectacle ot II a company I ed at more than ot of stock be 10 beIng Ing to ralso to pay ort off orta offa i a debt for tor which they had 11 practIcally all their a assets sets was In Wall street to mark the I lowest point ot reached In the tho present i stock and II depressIon i At a 0 meetIng ot of the dIrectors nf the i Consolidated Lake to be 10 I tomorrow In Ihl this city the tho sItuatIon will willIn I In nil probability bo canvassed tor or the thelast thelast last time There are directors of at the company who are hoping t tI I nn an almost forlorn hOIe imog some ex cx 1 may ho bo adopted which will save their company compon At this meetinG I the will iIi ho bo conveyed to the Iho 1 directors director that the last effort to Interest certain Institutions In their i company Ila hs and that Iho t time tAnco wh Ih was train that quarter will not bo be extended i It Is already known that 1 ii hitch has In time the plans ot of the two tru trust t companies whIrl were vere to coma omo Ii I to tl the aid hi ot of the Consolidated Lake Su SuPerior company lint tim plan to I form n a syndicate with time the j Trust company awl time tho Trust l COin company pony as 08 has been heen made mrtle Impossible hy by the al ot of tent Persons 1 sortS of j j Were made by time tho l interests In J the Consolidated company to 10 get INt financial Interests to supply money moncy to put the tho on its feet At on one onetime I time It Ine as thought that time he be supplied but omm la last t IntImations were given Khon that thorl ther had been wIthdrawals rein time tho I and that it WM was now Impossible to 10 tom runt tomp p ply with time tho wishes ot of time unfortunate company compan SUSPICIOUS I Somo of at the directors have havo not us as yeP e eIen gIven Ien up all nh There may ho some adopted nt at the meeting on Monday said lahl one director yesterday to or It scents almost incredible that we shall have to lose the millions we have sunk In I that enterprise e Wo We have spent ot of cash In the tho various and our concessions In forest would form torm II a kingdom All Ai WO we owe Is over O for tor which time tho has been given and ono one would think that with OUr resources there would he be many who would will viii willIngly come caine to our assistance The Tue fact of the matter Is that Wait has hns run riot with PessimistIc sentiment When directors or of large lanIo corporations consider the tho price at I which Stoel commOn Is selling tt It n a cold chill chili Into their plans Plaits ot of commitments Look nt at time tho results of the tho syndicate lIento which formed formel the ito Unit United Id ed States Realty and Con Construction com company pliny That was I a concern which had ot of the tho bent Iwu cs In ibm 1111 Street interested nm and yet It turned out outto to bo be a 0 dl dismal mal with wit some ot of the tho porno Interested sustaining heavy losses No wonder that the Consolidated Lake r rom company pony finds Itself In a 11 gloomy poel tion It was learned yesterday that hn has II I Tweed of tho ho firm of oC cm 0 who has hils charge of the loan lonn will in III nil all probability take tako meas I s to 10 convert time tho assets time the firm n mm security Into cash nR as liS possible In order to pay off the tho loan which wn was entered Into nearly 10 monthA ago Mr Tw Tweed el Went to ton last night where imer It is III sa lot Ime he will con confer tor with OIl Oid Colony Trust who are also interested In tho which time Iho to the Iho company After tho of the tho tomorrow It Ii steps toward a 0 change In will ie he taken t WilY MONEY ONI WAS Omme aile or of the largest muncie mono this explanation o have hae nothing to 10 about III ease time 8 take talle our The They have been Jeon exceedingly ate nto of us 1111 In our unfortunate condi condition tion Th They extended time the time limo for tor nearly three lit In order ardor to ullo allow mis to time tho debt Wo have tried nil expedients aol Int have so 10 for far I do not sni IIII plan to raise the money antI I 1 the bankers that we have tailed failed n nit all oUr Ot Of course courso they must take stops to protect them how It came about the tho Company itself In a It hall had to 10 borrow money monny Iho said Last Novem Noem her ber wo we to complete oX et pensive additions to our works nt at time tho Canadian Son Soo anti aiso to 10 extend the Iho railway to time the ore oro lands Wo We A to 10 underwrite the stock nod about van M pledged Iho Cho no now tock stock was to be nt at par pur All Mt arrangements tor or the tho payment of at the tho tooney were made a for tor time the worse took 1001 place In the tho sto stoIc Jc market tue tho underwriters we worm 1 several and when the fall uro ure ot of the great Toronto Stock Ex E change firm of Ames AmpA Co our friends wore hurt Time The ph phia In contingent had been kurt hurt anti this timie nece n a Of the tho whole plan Thu Tho money was needed to tam tal II plants productive and we ns as a temporary to borrow botros I Ithe the mimic t fromn m bankers to us UI Iwer until wo properly the tho debt Speyer Co 0 l the pro awl wo thought but little of th time event In the tho stock however mutters worsE and or ortho time tho clearing the situation became gloomier Wo Wa had anti tho notes noleR for tor which we had pledged nil all our n assets Bet except the tho lower became due on JUly 1 COULD NOT NOr SELL Wo o wont ont to the tho stockholder and amI asked them to contribute but they re faKed tUMI We tried to them bonds nt itt o on ho dollar bitt wo we received no Ito encouragement Then wo we went to to help WI us out for which wo vo would give It a tied control and allow ItS ta an interest In the property In timis ye we have failed fallet also hwo been nad but none nUllo would take them up The Tho merit Of he our proposition was wall cOin mend hy by J 1 P Morgan who offered to S MODO to 10 nn an syndicate to furnIsh Us with the hut but It seems that wo we are liP up against n a stone 1111 W We macic time the error enol In trying to fin time the proposition without e wanted to have our property properly un bonded and mortgage nm anti We tool took nil as much stock nR as wo vo could among with title this object I In view siew Our railroad was wall and wo we unlimited tor or Ih or of the that our wilt end lii In noUm noth ing hut but failure Time closing down of time various plants lit at tile tho Soo was the first step tep 1 he allure ot of time the efforts to ral raise o cash rho fhe company rUn short of nil au working capital Accord IlIg to tue Iho terms ot of time the loan lonn no nolien lien he be upon time tho Proper Property ty n and ne 08 time the treasury was depleted was 0 no recourse loft left Jut but tu to the plants Is IsIt It iii understood that tho n s h which er Co hohl are the tho various stocks anti of the tho went vent to forum form till Con company In nil I YoN YoNI w ability 11 be offered for or sale palo to 10 satis satisfy t fy Ihl ht It If 19 Ident Speyer will iii an upset of on tho ot of course wIll wll net them their It l is apparent with nil 1111 the s securitIes said there wll be little E equity I II It left time tho Consolidated stockholders NB The Tho list ot at directors among whom are oro the largest lanest stockholders Is as fol follows lows I It J 3 C fl D Orvis Orl I harks Charles IL II Tweed and Charles Mac Donald Tonald ot of Now New York Theodore C Search Janice S II H 0 I E V Douglas George Geore r S t M Provost II 11 A Berwind and Uru ot of harrison ot of haven Comma Conn I F II lennIe of Boult auit ito Marie Canada and br don Abbott of Haston |