NEWS: Items from the Cambria Freeman, October 9, 1903, Cambria County, PA Contributed for use in the USGenWeb Archives by Patty Millich Copyright August 2008. All rights reserved. http://www.usgwarchives.net/copyright.htm http://www.usgwarchives.net/pa/cambria/ _________________________________________ Cambria Freeman Ebensburg, Pa. Friday, October 9, 1903 How Loretto Hitched Its Wagon to The "Charlie" Schwab Star The following article of general interest appeared in the Sunday edition of the Johnstown DEMOCRAT. While it is true that Cambria county has been hit hard by the recent decline in the stock market, no community has suffered more severely than the little village of Loretto, the home of Charlie Schwab. Throughout Allegheny and Munster townships, as indeed throughout Cambria County, while the name of the brilliant young steel magnate has long been one to conjure with, it was in his old home and among his old associates that his career was most dazzling. It has been long true that Loretto thought Schwab and talked Schwab. To many a simple mind, the young favorite of Carnegie loomed as the Atlas that supported the financial world. His was believed to be the Midian touch that converted all into gold with which it came in contact. The road to wealth, it was confidently held, lay in the direction of those enterprises in which "Our Charlie" was identified. As a consequence of this belief, Loretto and the people of that vicinity long ago began literally hitching their financial wagons to the Schwab star, then in its ascendancy. One by one the conservative people who knew the Schwabs, who had been friends of "Charlie," began investing in steel securities. Gradual investing shaded off into speculation. Staid business and professional men of Loretto and vicinity began investigating the mysteries of margins. They insensibly got deeper and deeper into the market. If an occasional note of warning as to the soundness of "steel common" was heard, the word was treated with derision. "Steel common" was all right because forsooth, "Charlie" Schwab was back of it. This faith never wavered. When steel began its last decline those already in the market commenced buying more. "It was only a temporary decline," Was the word; "Schwab will see that it rallies." Rumors of the failing health of the then president of the steel corporation were laughed at as mere newspaper rumors and the rumor that Schwab would resign his position was treated as a positive absurdity. It was even hinted that these beliefs were encouraged by those in a position to know the facts in the case. Up to the time that Schwab really resigned, Loretto believed that steel common would go to 60 and that the preferred would soar away above par. His resignation came as a bolt from the blue to his old time neighbors. It shattered their belief in the security of their holdings. The hand that upheld the financial heavens had been removed and the skies would shortly come tumbling down. Many who had been carrying steel stocks quietly took their losses. Others, rendered desperate, strained their resources to the limit and margined up as long as they could. One by one these men have been closed out - and every one with a loss. The list of losers is a long one. Farmers, merchants and professional men have all suffered alike. "Schwab's company," that was going to make everyone who had a share rich, has brought ruin to many a resident of Allegheny and Munster township. The abdicated steel king is now at his summer home. Only a short space separates his palatial residence from the humble homes of those who staked their savings upon steel securities. Wall street has their little hoards, they have their experience and Schwab, has - his summer residence. Mitchell Buys Coal Lands J. L. Mitchell, the former Gallitzin coal operator, who is now located in Ebensburg and is engaged in optioning and buying coal properties, has closed deals for the purchase of the fuel rights of between 1,500 and 1,600 acres of land in Upper Yoder township. It is understood Mr. Mitchell is buying in the interest of others. Among the Upper Yoder Township folks who have sold their coal rights to Mr. Mitchell and have received their cash are: Adam and Tobias Keiffer, about 400 acres together; David M. Eppley, about 100 acres; Gideon Kaufmann, 136 acres; William Mothersbaugh, 83 acres; Araminta Holsopple, 75 acres; Christian Straub, 137 acres; and Henry Shenkel, 243 acres. Tom Peach Appointed as Northern Deputy Chairman Denny has announced the appointment of "Tom" Peach as his deputy in the north of the county and from now on Mr. Peach will look after the details of the campaign in this section. M. D. Bearer has been selected as Mr. Peach's secretary. Local and Personal Millard F. Watt, aged 48 years, a foreman employed by Contractor Zigler at Gallitzin, was seriously injured in a runaway accident at Gallitzin Sunday afternoon. He and a companion set out driving and during the course of their drive the horse took fright and ran away. Watt was thrown out of the carriage against an electric light pole and was rendered unconscious. He was picked up and taken to the office of Dr. Troxell and later to the hospital. An examination of this injuries showed that he had sustained a concussion of the brain; a possible fracture of the skull at the base of the brain; a fracture of the nose and left hip; and contusions of the left shoulder and body. Mr. and Mrs. John J. Redinger of this place spent several days in Delaware county last week looking up a new location. Before returning Mr. Redinger bought a 70-acre fruit farm near Woodsides, Del., where he will remove with his family about the 27th of this month. He will sell his real estate and personal property at public sale in Ebensburg on Tuesday, October 20 1903. We wish him success in his new venture. While working on a scaffold at Bloom Hopfer's carpenter shop on Friday, Frank Shettig was thrown to the ground, a distance of fifteen feet, by a horse running into the support of the scaffold with a wagon and tearing it lose. Mr. Shettig received a painful sprain of his ankles but is otherwise unhurt and will soon be at work again. Evan A. Powell of 319 Market street, who was connected with the Johnstown Electric Light company for the past 11 years, has resigned his position with that concern. He had the superintendency of the lights, motors, meters and general repairs and will accept a similar position with the Gallitzin company. P. J. Little was in Gallitzin on Thursday attending the commissioner's hearing in the Gallitzin Water company's case. The questions involved have to do with the satisfaction of a mortgage that dates from the days of H. A. Garner, the absconding cashier of the Second National Bank of Altoona. Miss Roselyn Darragh of Ebensburg and her guest, Miss Mabel Richards of Zanesville, O, who had been visiting Miss Nora McDonald of 120 Catharine street, returned to the county seat last evening. [Saturday's Johnstown Tribune] We are sorry to hear that Harvey Williams of this place is again laid up with typhoid fever. Mr. Williams contracted the disease while teaching school at Twin Rocks. Ex-Associate Judge Thomas who has been stopping at the Mountain House for some time is visiting in Altoona. The "Judge" will certainly be missed while he is gone. The young people of Cresson held a masquerade dance on Monday evening last. A large number of invitations have been issued in that section. County Auditor John Gittings of Blacklick township has purchased one of the properties of Hosea Evans in the West ward and will shortly remove to town. Geo. Porch, the well known music dealer has rented part of the new Barber building and will shortly start a music store in this place. Charles M. Schwab uses a private telegraph line to New York and during these crucial times keeps well in touch with Wall Street. Wildwood Springs summer resort closed Saturday and now passes into the hands of the Webster Coal & Coke company. Mr. Valentine Weakland of Cambria and Mr. John Bitter of Barnesboro were visitors to Ebensburg on Monday. D. C. Philips closed his summer cottage here on Tuesday and returned to his winter home in Washington D. C. Mr. Harvey Tibbott of this place left for Pittsburg on Monday where he entered a school of pharmacy. Mr. Simon Vaught of Allegheny township was a visitor to Ebensburg on Monday. John Blickenderfer of Blacklick township was a visitor to Ebensburg on Wednesday. Casper Leib of Nicktown and his son, Frank J., were in this place on business this week. Mr. Calvin Port and wife of this place spent Sunday in Altoona among relatives. Thomas Parrish of Allegheny township is dangerously ill of heart trouble. Miss Annie Kane of this place spent a couple of days in Loretto this week. Mr. Patrick Leahy of Lilly spent a few hours in Ebensburg on Monday. Mrs. W. McAteer of Loretto was a visitor to this place on Wednesday. Mr. Frank James and wife of this place visited Pittsburg on Monday. He Never Got His Cow After waiting, as he claims for twenty-two years for a horse, a cow and a bed willed him by his mother, Jacob King, of Summerhill, says the Johnstown TRIBUNE, has filed exceptions to the account of his brother, Daniel King, of Adams township, executor of his parents' will, demanded that he be given the legacies mentioned or the value in money which he places at $175. Mrs. Mary King died in Adams township twenty-two years ago, possessed a fine farm which she devised to her seven children at her death, the death of her husband, William King who was to have a life interest in the place. To the children she gave outright her personal property, Jacob's share being a cow, a horse and a bed. Two years ago, William King died and the farm was sold to Jonathan Helsel for $10,500, distribution of the money being made (to) all but Daniel, of the heirs having previously sold their interest in the place. The personal property was all disposed of years ago but when the estate was closed up by the executor and the account filed in court, Jacob took exception on the grounds that he had never received his legacy from the personal property and he demanded it. Attorney Dan L. Parsons was appointed Commissioner to hear testimony and took some depositions on Monday at his office, the hearing adjourning until October 24th when it will be finished up and the evidence presented at argument court on the 27th for a decision whether or not Jacob had ever received his legacy and if not, what became of it and why he did not get it before this. Attorney W. David Lloyd represents the executor and Jacob Zimmerman the ex-departed.