Loup City Northwestern GEO. E. BENSCHOTER, Ed. and Pub. LOUP CITY, • - NEBRASKA. i News in Brief United States Consul Baldwin at Nuremberg. Germany. Is exonerated after inquiry into a postal charge. The death roll in the Baltimore £ Ohio wreck in Pennsylvania reaches sixty-eight. It is expected to grow. The state department announces the appointment of Prof. John Todd Till to be consul general at Greytown. Nicaragua. A marble statue of the war gover nor of West Virginia, Francis H. Pier pont. was placed in statuary hall at the national capital. United States Senator Mark Hanna has declined an invitatin to attend the annual banquet of the Denver Cuamber ot commerce. One of the walls of the old Thir teenth regiment armory building in Brooklyn fell. Two workmen were killed and Leven others were badly hurt. A terrific explosion of gas occurred in the Nottingham mine of the I^e high & Wilkesbarre Coal company at Plymouth, Pa. Three men were seri ously burned, two fatally. In a dispute over the services of a negro tenant. A. D. Fisher, a young planter of Claibourne county, Missis sippi. was shot and killed by Waiter Brown. Brown surrendered. Alden D. Swift of Chicago broke the amateur golf championship reconi of the west at the Country club golf links of Santa Barbara, Cal., scoring thirty-three over a nine-hole course. Part of the business portion of Sa pulpa. I. T.. was destroyed by fire. The principal loss was sustained by P. C. Hall & Co., general merchan dise, whose stock was valued at $50, 000. James M. Edge, the bank teller who embezzled about $110,000 of the funds of the First National bank of Pater son, N. J., was sentenced to seven years’ imprisonment in the peniten tiary. It. R. Nelson, former United States judge for the district of Minnesota, is at the hospital in 9t. Paul critically ill, and but little hope is entertained for his recovery. Judge Nelson retir ed from the bench in 1896. The treaty of arbitration between France and Italy was signed by For eign Minister Deleasse and Signor Tornielli, Italian ambassador at Paris. The treaty is identical with that be tween France and Great Britain. After a harrowing experience in which thirteen men nearly lost their HVes, ttW» bodies of the two Petersons and of Gregorivich, who were suffo cated in the Isle Royale (Mich.) mine fire, were brought to the surface. A petition In voluntary bankruptcy was filed in thp United States district court by A. H. Fuchs, president of the A. H. Fuchs Millinery company of St. Txniis. The petition estimates his lia bilities at $55,682 and his assets at, $10,660. Walter Wellman says friends have sent a cablegram to General Wood as suring him that the senate committee will report in his favor, virtually unanimously, and that he will be con firmed by an overwhelming vote in the senate. The board of directors of the Union Trust company of Baltimore, which was placed In the hands of a receiver about two months ago. decided to re sume business. The capital stock of the company Is $1,000,000 and re source about $3,000,000. The appointment of Postoffice In spector Walter S. Mayer to be inspec tor in eha-ge of the New York divi sion of inspection work has been an nounced at the postoffice department. Mr. Mayer took an active part in the investigation of the postoffice frauds At an extraordinary meeting of the Japanese cabinet it is learned that it was decided to Issue an emergency ordinance, authorizing the guarantee of the principal and interest of an Is sue of 10.000,000 yen debentures on the Seoul-Kusan railway, which is ex pected to be finished before the end of next rear. Commissioner Richards of the gen eral land office has announced his awards under the sealed bids receiv ed for timber on the ceded Chippewa Indian lands In the state of Minnesota, in the vicinity of Cass lake, the salo for which was held December 1, 1903. The total amount covered by the ac cepted bids is $1,432,772. Secretary Shaw has rendered a de cision sustaining the board of gen eral appraisers in its decision that certain silk ribbons involved in cases brought before the board were dutia ble as trimmings and not as articles of manufactured silk. The effect of the board's decision was to increase the duty on the ribbons from 50 to CO per cent ad valorem. The navy department has been ad vised that the torpedo boat destroyer I>awrenee was disabled in a storm oft Hatteras while on her recent run with the second torpedo flotilla from Hamp ton Roads to Key West. Repairs, which will consume a month, will be made at Key West. Labor demonstrations nt Paris re suited in disturbances which made iT necessary for the cavalry to clear the streets. A few of the demonstrators were injured and several arrests were made. The affair, however, was not aerious. A SECRET TREATY RUSSIA 8AID TO HAVE SECURED A VANTAGE POSITION. ARMY AT CALL OF THE BEAR f __________ Thi« la Secured by Having it Drilled and Commanded by Ruaaiant— Greatly Increases Tension in East— Japan Also Gains a Foothold. NEW YORK—A dispatch from Lon don says the Tien Tsin correspondent of the Standard revives the report which was started a few days ago. to the effect that a secret treaty has been signed between Russia and Corea whereby Russia obtains the control of the Corean army through Russian in structors. The correspondent declares this will greatly increase the tension in the far east. TOKIO.—At an extraordinary meet ing of the cabinet it is learned that it was decided to issue an emergency ordinance authorizing the guarantee of the principa. and interest of an issue of 10,000,000 yen debentures on the Seoul-Fusan railway which is ex pected to be finished before the end of next year. At a dinner given by tne oriental association, former Minister Kato. who presided, said he deeply regretted that the people had not been taken into the confidence of the government regarding the position of affairs be tween Japan and Russia. Neverthe less. he said, should the emperor de clare war, the nation would be found ready to give him unanimous support. Count Okuraa, the former premier, said he agreed with the view express ed by Mr. Kato and he thought it was now high time to let the people know the actual position occupied by the government. He also declared that not only a feeling of chivalry, but a desire for self-preservation required that Japan should buttress the integ rity of China. Both speakers thought that the situation had reached an ex tremely critical stage. ST. PETERSBURG. — The Russian government is still considering the re ply of the Japanese government to its note, which was sent in answer to Japan's demands relating to the situ ation in the far east. A reconsidera tion of the proposals made in the Rus sian note is considered as a matter of course here. Russia has never been disposed to take any step which would lead to an abrupt termination of the negotiations with Japan. In answer to many inquiries made by the Associated Press the Russian foreign office has always insisted that the Russian proposals were so liberal that it would be scarcely probable to conceive any further concessions. While the foreign office is unwilling to admit that Russia is preparing to ofTer more than the concessions out lined In the last note, it is considered possible that the government may suggest changes by which the Russian requirements may be met and satis faction given to Japan. READY FOR ANY EMERGENCY. Gets Transports in Shape to Take Troops to Panama. WASHINGTON—War department officials admit that the transports Sherman, Buford and Crook, now ai San Francisco, are being made ready for sea. Primarily these vessels are intended for the Manila service, but officials make no concealment of the fact that they want to be ready for any emergency which may arise, and should the government desire to use any of them for the transportation of troops to Panama, the ships will be raady for that purpose. Still the pos itive assertion is made that no orders have been received at the quartermas ter's office with this end in view. It is simply, they say, a question of be ing prepared. I ne anerman recently nas reiurueu from Manila. She Is In need of some repairs, and the present intention of the quartermaster’s office Is to send her back *o the Philippines on Feb ruary 1. The Buford has been laid up at San Francisco for two years, and just now she Is being overhauled and some coal-saving appliances in stalled. The Crook is in need of a thorough overhauling and renovating, which is being given her. President Takes Recess, Too. WASHINGTON—No cabinet meet ings will he held in the holiday re cess. Such callers as the president may receive in the holidays will have to make their engagements for the afternoon, as he will spend no time in his office in the mornings. Prer# dent Roosevelt lefi the White House early Tuesday for a long ride. He 1 was unaccompanied when he left the mansion, but later was joined by a friend. Favor Panama Treaty. PENSACOLA. Fla. — Resolutions have been adopted by the chamber of commerce of Pensacola urging repre sentatives of Florida In congress to vote for the ratification of the Pan ama treaty. Merrlam Incident Closed. WASHINGTON—In reference to the alleged interview attributed to Major General H. C. Merrlam to the effect that the proposed promotion of General Wood would be harmful to the army, Secretary Hoot has receiv ed a telegram from Secretary Merrl am, dated Denver, In which he de clares that he has nor authorized any publications on any subject. It i3 understood that the gerral’s statement will be regarded as satisfactory at the war department. ONE IN THREE GETS PLACE. Civil Service Report Show* What Is Done for Winner*. WASHINGTON—Frank M. Riggins, chief examiner of the civil service commission, In his annual report says that during the last fiscal year there were 112,624 persons examined for the classified service of the govern ment and 40,423 appointments in all branches of the service. Of the ap pointments 24 per cent were to pure ly clerical positions, 3 per cent to pro fessional, technical or scientific posi tions, 38 per cent to mechanical posi tions requiring no educational exami nation. and 7 per cent to skilled la bor positions, not exactly mechanical in their character, but requiring no educational examination. Of all those examined nearly 80 per cent passed, and 36 per cent of all examined were successful in securing appointments. Mr. Riggins says the commission has reduced its examinations to essential tests of fitness and urges the consoli dation of a large number of local boards of examiners throughout the country, to secure closer supervision and more effective administration. The report srates that conditions of employment in the Philippines are im proving and the salaries for techni cal men' have been increased, with the result that within the last five months more applicants have taken examinations for that service than for the preceding year. i ne numoer oi Americans in mai service now constitutes more than 50 per cent of the entire force, there being 2.777 Americans and 2,697 Fil ipinos in public employment. As the Filipinos acquire a knowledge of Eng lish and become more familiar with American methods, they are expected to take the places of Americans. WHITELAW REID ON EXPANSION. Seems to Fear Result of Extending American Possessions. NEW YORK—Responding to the toast "Forefathers' Day" at the an nual dinner of the New England soci ety, Whitelaw Reid said in part: "Shall we find a safe course by roaming the oceans to drag in semi tropical and revolutionary communi ties to be made states in the Ameri can union, equal from the start to ourselves, with sometimes, perhaps, a balance of power that may enable them to govern us and the land of our fathers? Such questions have burst upon us too suddenly out of our expansion to justify at the outset harsh criticism of any rash or ill-cor sidered proposals that may rise to the surface in the first froth of public discussion. But I venture to predict that the time will come when the man who shall propose the incorporation into a state of this government of the United States of America, of any is land of the sea. the Philippines, the Sandwich islands, or Porto Rico, will be hunted from public life as a na tional enemy, whether he be animat ed merely by lingering reminiscence*; of the filibusters and slavery propa ganda. or whether he represent a su gar trust in Wa'l street or a sage brush trust in the United States sen ate." REPRESENTATIVES’ NEW HOME. Will Be Started Soon and to Cost Sev eral Million Dollars. WASHINGTON—Speaker Cannon and Representatives Hepburn and Richardson of Tennessee, comprising the commission having in charge the construction of an office building for the house of representatives, were in formed by Attorney General Knox that the jury of condemnation had fixed the price to be paid for the site at $741,000. and that his department was now engaged in reviewing title to the various pieces of property preliminary to the government taking title. The ground will then be cleared and the erection of the building begun at once. The structure is to cost be tween $3,000,000 and $4,000,000 and its construction will take several years. Is Assigned to Nebraska. WASHINGTON—At the request of governors of the states indicated and in conformity with the provisions of the act known as the Dick inilitia bill, the secretary of war has detailed the following officers of the army for duty with the organized militia for a period of four years, unless sooner relieved: Brigadier General Aaron S. Daggett, retired, Nebraska, and Ma jor Robert W. Dowdy, Arkansas. While serving on these details the of ficers named will receive the full pay and allowance of their grades. Steel Mills Close Down. CHICAGO, ILL.—The entire plant of the Illinois Steel company at South Chicago, was closed down Wednesday night for an Indefinite period, throw ing C.500 men out of employment. No notice was posted of when work would be resumed in the great mills, but at the offices of the company it was said that the shutdown would last for at least three weeks. When the mills are reopened it is reported a wage cut from 10 to 15 per cent will be put into force. Miles of Railway, 209,855. CHICAGO—According to the Rail way Age. the total railway mileage of the United States on January 1, 1904, will be 209,855 miles, the present year having added 5,723 miles. This mile age takes into account all the new track laid up to the last day of the year. Compared with 1902, the pres ent year is about on a parity in mat ter of railway construction. The construction reported was done on 380 lines and in thirty-nine states and ter ritories, Including Alaska. AWFUL ACCIDENT OCCURS ON THE BALTIMOFtE «. OHIO. CREAT MANY LIVES ARE LOST Faat Train Strikes an Obstruction With Fearful Results — Engine Leaves Track, Carrying all Coaches to Brink of Precipice. CONNELLS VILLE, Pa.-With a terrible crash and a grinding noise, the Duciue3ne Limited, the fastest through passenger train from Pitts burg to New York on the Baltimore & Ohio plowed into a pile of lumber at Laurel Run, two mile3 west of Dawson at 7:45 Wednesday evening. Sixty-tbree lives were lost and thirty persons were injured. The train left Pittsburg in the ev ening running a few minutes late, in charge of William Thornley, engineer, of Connellsville. When approaching Laurel Run, which is a particularly fine piece of road bed, the train was running at a high rate of speed. Sud denly the passengers were thrown from their seats by the lightning-like application of the air brakes and a moment later there was a terrible crash. The train was made up or two nag- j gage, two day coaches, one sleeper and onle dining car. and at the time , was carrying, at the lowest estimate, , 150 passengers. The train ploughed , alongifor a considerable distance and the cars were torn to pieces, passen- ( gers jumping, screaming, falling from the wreck as it tore along. Suddenly the engine swerved to the left and < the coaches plunged down over the ] embankment to the edge of the Youg- , hiogheny river. j The minute the cars stopped rolling there was a wild scene. Many were. , pinioned beneath the wreckage and ihe screams and cries that rent the • air were beyond description. Many ( were insane in their made excitement , and plunged into the river. Others, pinioned beneath the heavy timbers, , pleaded in agonized tones for release. , So terrific was the force of the , wreck that nearly every passenger j suffered a moment's unconsciousness , and many of the able bodied men weie unable to assist in helping the injured from the wreck on account of ( having fainted. , The official statement of Superin- ] tendent W C. Loree follows: ( ' No. 12 was derailed by running into some switch timbers, or timbers of about that size, derailing the engine , and cars. All the cars are badly dam aged. Don't think any of the equip ment will be able to go away from , the accident on its own wheels ex- , cept possibly the Pullman cars and the diner. The engine lies across both tracks. The baggage car is over the bank. The first coach is partly . over the bank. The balance of the train is badly twisted. I judge thir- \ ty-flve people killed. All the killed were in the smoker. Escaping steam , from the engine went into the first , coach, scalding the people. Very few • of the other pasengers were injured. , Injured have been taken from the , wreck and are lying on the bank. En gineer and fireman cannot be found, j The killed were mostly foreigners. , who were in the smoker just back of , the baggage car. They,were literally i roasted to death, the baggage and - smoker telescoping the engine and im- i mediately catching fire. Many of their \ bodies are lying burned to a crisp in the baggage room of the Baltimore , & Ohio depot to be removed later to , the different undertaking shops of , the city.” , — Chinamen Have to Hurry Now. SAN FRANCISCO—Chinese labor- ’ ers are rushing into Canada by the hundreds and on every steamer from the Orient they are arriving here en route to British Columbia. The 1 cause for the sudden influx into Can ada lies in the fact that the Canadian ' government recently enacted a law by which every Chinaman landing on British soil after January 1 willl be compelled to pay a head tax of $500. Under the present law the Chinese are required to pay only $5. Dutch Vote to Buy Guns. THE HAGUE.- -The second chamber of the Dutch parliament voted $1,500. 000 to purchase new Kmpp quick-firing 1 guns. The measure was only carried by 50 to 38 votes, and after a heated debate, the socialists and progressists contesting the necessity for a large army expenditure, especially in view of the outlay required in connection with new social legislation. < Bryan Buys Old Homestead. CENTRALLIA, ILL—The real es tate transfers show the sale by Sena tor Charles E. Hall to William Jen- , nings Bryan of the old Bryan home stead on Broadway In Salem. This Is the house in which William Jennings Bryan was born. The consideration named in the deed is $2,000 and Col onel Bryan traded an eighty-acre farm In this county for It. Violate Their Agreement. ALTOONA. Pa. — The Buffalo. Rochester and Pittsburg Coal and Coke company announced a wage re duction at its Helvetia -operations amounting to 10 per cent, to go into effect January 1. While the Helvetia miners are a comparatively insignifi cant part of the Buffalo, Rochester and Pittsburg company’s workings, the reduction is considered prophetic of a more sleeping move by the company shortly, which will cut the wages of 10,000 men. | NEBRASKA STATE NEWS j THE 6TATE AT LARGE. The town of Madison boasts of the jest orchestra in northeastern Ne jraska. Fremont is raising a fund for en :ertainment of the firemen's tourna nent .n January. The Glen Rock Grain company has lied articles of incorporation with he secretary of state. The concern las a capital stock of $1,000. Immediately upon retiring from the mprerae court Judge Sullivan will re urn to the practice of law. He has ilready been retained in a number of ■asos. Norris Reed of Nebraska City has iccepted a position in the office of he general passenger agent of the 3. S. & S. F. railway, with headquar ers at Galveston. The sugar facto-v at Leavitt has dosed down for the season, so far is the slicing of beets is concerned. V few days will still be necessary to ;et all the sugar made up. County Superintendent W. H. Hy and of Stanton county was the first o report to State Superintendent Pow er the completion of the county ap jortionment of school moneys. The state board of charities and •orrections will investigate the con lition of the I^ancaster county jail ind poor farm in the near future. The ail is said to be in a most unsanitary :ondition. rne o-year-oiu uaugnter or ueorge A’ork, residing a few miles south of Callaway, was kicked by a horse, the loof striking the head on the left dde just above the ear and render ng her unconscious for eight hours. The Omaha Field club has amend ’d its articles of incorporation, fixing he capital stock at $25,000, making he annual dues $20 and providing for he dismissal of those members sixt* lays delinquent in payment of dues. Notice has just been received in Fre-' nont of a general increase of wages )f telegraphers on the Northwestern system. The increase runs from $2.5* o $10 per month. It is understood hat the increase is restricted to op erators only. Brigadier Oeneral Aaron S. Dag jott, retired, has been assigned for luty in an advisory capacity in Ne >raska. and will hold schools of ir struction for officers and members of he national guard. He will have bis leadquarters in the state capitol. He low lives in Boston. At the state penitentiary Christmas norning the convicts were given an •ntertainment for their own benefit, it which only they and officers of the nstitution were present. In the even ng they were given a musical anu iterary, at which the public were ad mitted. letters indicating the widespread nterest in the coming session of the' Nebraska State Teachers’ association ire being received in large numbers it the office of the local committee n Lincoln. Reports from even the re note parts of the state indicate an inusual interest in the association. The signal corps of the Nebraska lational guard has returned its Krag forgensen rifles to the adjutant gen ‘ral’s department and will receive re 'olvers instead. Hereafter the corps (rill do nothing but regular signal vork. Ten of the guns have been re ained, however, for drilling recruits. ‘‘I was In no way Identified with the ictive business of the Casper bank,” laid Auditor Weston, who has just re timed from Wyoming, "and the fail ire was as much a surprise to me is any one. I>aek of conservatism vas the cause of the failure. There vas nothing criminal in the transar ions of the bank." Ike Pollard, a well known character ibout Humboldt, has been arrested and aken before Police Judge Thompson >n a charge of bootlegging, the com plaint being made by Marshal Todd, vho claims the prisoner furnished iquor to a farmer named Strunk, who vas thrown from his wagon about a week ago by a unaway team. The farmers around Deshler are pow gathering the largest corn crop ;ver grown there. The two elevator people have about filled what cribs hey have, and the crop has just bo tun to move, and unless other ar rangements are made farmers around Deshler will not be able to market heir corn, as cars are getting scarce. Several farmers hunting in the southern part of Sarpv county, along he bottoms of the Platte river, dis 'overed the body of a man lying face lown and terribly decomposed in a 'lump of underbrush, not far from the •lver. Coroner Armstrong was notl Jed and went to see the body immedi itely. He said that from appearances t had been lying there at least six weeks. The body was terribly mil itated and indicated that whether leath was the result of a murder or suicide, careful pretautions were tak pn to make it sire. Theories of both murder and suicide are current. Merchants of Pawnee City renort an inusually large Christmas trade. After having served a term of flf :een years, less good time allowance, ’or the theft of a 2-cent postage stamp, Ellsworth P. DeFrance last week stepped from the federal prison > ■it Sioux Falls, S. D.. a free nan. The 'ase Is a remarkable one. DeFrance held up a mail carrier in Nebraska, and although it was shown at the trial that, he secured only the post age stamp, he was sentenced for life. This was afterward commuted by President McKinley to fifteen years. BANKS ARE IN GOOD SHAPE. Report Indicates There is No Mone tary Stringency in Nebraska. LINCOLN.—Secretary Royse of the State Rankin# board has completed his report of the condition of the banks of the state, based on the November call. Compared with the statement of November 25, 1902, this report shows: Deposits, increase .12.5S6.262.Pi l oan*, Increase . 1,863,567.4£ Capita!, increase . 185,100.09 Bin*' payable and rediscounts, decrease . 22 Compared with the statement of Sep tember 5, 1103 (the last preceding report! the report shows: Deposits, decrease .21.327.560.2) Loans, increase . 2.308,071.91 Capital, Increase . 17,100.Of; Number of banks, Increase..., ■'» Number of depositors. 116,484 Reserve, decrease, per cent,.., 7 Banks now hold a reserve of 29’i per cent, the legal requirement being 15 per C€ lit. Of the report. Mr. Boyse says: Coneidering the brisk demand for moneyand the tendency to the with drawal of deposits at this, the liquidat ing season of the year, and the number of cattle being fed in the state on ac count of the low' prices prevailing at this time, the condition of the banks under state supervision, as shown by this report, is especially gratifying. While the report shows a decrease of deposits as compart'd with the Sep tember 5. 1903, report the decrease is not as great as might be expected. It also shows a very decided gain in all important features for the year. There has been a slight decrease in reserve since the September 5, 1903, report, but an increase since the re port of a year ago, and the banks now hold a reserve of 2914 per cent, nearly double the legal requirement. It will be observed by the Increase In reserve and the decrease of bills payable and notes and bills rediscount ed over that of a year ago that money is decidedly easier with the banks of Nebraska at the date of this report than one year ago. RESOl’RCES. I.cans arid discounts. Overdrafts . 452.994.tHJ Bonds, stin ks, securities, judg ments, claim-', etc. 671,312.07 Due from national, state and private banks and bankers... 8,340,255.44 Banking house, furniture and fixtures . 1,430,891.14 Other real estate. 366.843.45 Premium on United States and other bonds and securities.. 1,086.9? Dash Items . 92,081.64 Lash . 2,507.199.91 Total .J48.972.199.5t LIABILITIES. t'apltal stock paid In.* 8.018.100.00 Surplus fund . . 1.426,277.19 Undivided profits . 1,935,471.43 Dividends unpaid . 12.244.06 Deposits . 37,073,882.24 Notes and bill rediscounted.... 199.073.lfl Bills payable . 307,151.58 Total .*48,972,199.5# Number of banks reporting, 501. Number of depositors, 116,484. MET THE BETTER RATE. Lushton Shipper Gets Concessions from wo Railroads. The Omaha Bee printed a special from ldishton, Neb,, in which the fol lowing statement was made: “A shipper of grain here learnetl something regarding rate on grain over the Northwestern and the Bur lington railroads and was made a rate on a shipment, of wheat through or around Omaha that was not on the published tariff rates, but is supposed to have been made this shipper by rea son of the cut rate made by the Great Western and the agitation of the Oma ha business men for a grain market In Omaha. The grain dealer ordered a grain car empty for wheat to be ship ped to Omaha, and as a shipment to Omaha was out of the ordinary and customary way of billing grain the railroad agent asked him, ‘Where do you intend to bill the grain after it gets to Omaha?’ He was told that it was going to Minneapolis over an otner road tnat made a cheaper rate, and that by getting the car hilled to Omaha and then shipped over another road he could get a better rate than the published through rates on the railroad here. The local agent at once took the matter up with the head of fice in Omaha and it was not long un til he had instructions to accept the car for shipment direct through over thoir road to its destination and to make a rate that was the same. Since that time the grain buyer has been taking advantage of this rate.” Something Doing, Anyway. The Hawaiian delegate to congress. Prince Kalauiauoale. was chatting with a friend, who said to him: “You people In congress don't seem to be accomplishing much in (he way of leg islation at this extra session.” “No. we're not passing many laws," said "Prince Cupid,’ as he is called, “but look at the mileage some of us draw.” Thirty Days to Pay Million. LINCOLN.—Judge Holmes issued an order directing that Charles A. Frue auff pay the purchase price of the rail way lien, $1,100,000, into court within thirty days, and that the Trtction company might have six days to re deem. Failing to do so, Frueauff would get a deed to the property. This ruling is virtually a victory for the company, as it could redeem after Frueauff has been put to the trouble of paying in the $1,000,000.