Word: stoneroad
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...closing of the First National Bank of Carnegie, Pa., and also of the Carnegie Trust Co. Both institutions were controlled by John A. Bell, prominent coal operator and politician. Two years ago, Bell bought the Carnegie Coal Co. from its former owners, J. H. Sanford and J. T. M. Stoneroad, by issuing bonds and later hypothecating his stock to meet charges on them. The banks were holders of the bonds; and when payment on them was no longer possible because of depression in the coal business, it became necessary to close the two Carnegie Banks, and also to resell...
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