13 Jul 1906
Page 1
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Newspaper
Laurel Ledger
Location
Laurel, Mississippi, United States of America
Date
Jul 13, 1906
Page
1
Indianapolis Independent Telephone Company misled stockholders by paying out 300000 in dividends while only 200000 remained to cover wear and tear of plant. The report accuses management of diverting funds from necessary reserves to profits. Regulators consider actions harmful to investors and the firm’s financial stability.
The New Telephone Company of Indianapolis failed to sustain itself, forcing rate hikes on nearly 10,000 users. Critics say promoters and manipulators profited while municipal officials approved edges of expansion, leading to a leveraged, losing venture with bonds sold above value.
David Abraham, a Syrian from Sarine Assyria traveling via New York and Mobile, walked from a backing passenger train into the main line at Beaumont on the evening of the 8th and was struck and killed. The incident occurred as the main line train backed to collect passengers and baggage.
The Indianapolis Telephone Company shows increased leverage with $100,000 in preferred stock amid $400,000 common, while guaranteeing $800,000 New Telephone bond payments and 6 percent dividends. A 19 year lease backs this, a $150,000 mortgage exists, and only about $160,000 of those bonds sold. Despite $300,000 in interest and dividends over seven years, $509,000 is needed to modernize the plant without added earning capacity, revealing a precarious, unprofitable venture for local investors.
Two prominent laurel couples marry in separate ceremonies. The first event unites noted families from the city, drawing local society figures and photographers. The second ceremony solidifies a high-profile alliance, with attendees from business and civic circles, reflecting enduring community ties.
Harris B. Shumaker married Corinne Estelle Teller at Temple Anshe Chesed in Vicksburg Mississippi with Dr Korey officiating. The couple will honeymoon in Colorado and then reside in Laurel around August 15.
Mr Wade Harvey Buckley and Miss Annie Ray Rowan wed at the bride’s parents’ East Front street home at 3 p.m. Wednesday July 11, 1906. Rev J S Parker officiated.
After seven years in Laurel, J. M. Cudabac sells his entire photograph business to L. D. Simmons of Natchez Miss. Simmons brings about twenty years of experience and plans a new studio near Evans Jewelry on Oak Street in August. Cudabac retires due to ill health and praises Simmons as a high quality, principled photographer.
The Bulletin argues that the Indianapolis Telephone Company cannot be profitably run even with higher rates and warns that depreciation hides true profits. It notes $112,000 annual extra costs to users shared by two systems and predicts higher rates would remove any cheaper service as a justification for competition.
Candidate for Laurel mayor reflects on four years as mayor and police justice. He highlights Laurel's growth, a developed water works system, and the city’s school system. He notes bond issuance, policy vindication, and admits possible mistakes while affirming faith in Laurel and community progress.
The special train will go down early Tuesday morning. A coach will be dropped off at Lau rel f Monday for the soldier boys, who leave for the encampment at Gulfport on the morning of the 17th. All are requested to come to drill Monday night with baggage etc., and stay at armory or in special coach.
Voters within Laurel city limits are urged to meet at city hall at 8 p.m. on Wednesday July 25 1906 to elect a new Democratic Municipal Executive committee and decide who shall vote in the Democratic primary elections for municipal offices this fall. J C Griffin chairman A T J Wallace W A Pruit Chas R Shannon Dem Exe Com of the City of Laurel.
L Stainton appeals to voters asserting loyalty to lawful governance and personal merit. He pledges to enforce statutes to curb crime and to advance public good through principled discretion. He frames the campaign as a test of character and capability, thanking supporters and urging merit over other appeal.
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