New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-23
LITTLE PITTSBURG MINE.
ITS MANAGEMENT AND PROSPECTS.

Mexico, and ex-senator Chaffee, of Colorado,
| talked freely with TRIBUNE reporter yester-
day in relation to the reports which have been
in circulation concerning the Little PIttsburg
Mine. 1t Is denied that the latter, who is pIesi-
dent of the company, managed Its affairs for the
purpose of stock speculation; and it is asserted
that although he might have realized a large
profit by selling out his stock when he knew
that ore was no longer produced, he continued
TO buy for The purpose of preventing panic
and because he had not lost faith in the mine,
and he owned more stock when he started for
Florida than at any previous time.
STATEMENTS OF ELKINS AND CHAFFEE.
LONG AND FRANK INTERYIEws-ELKINs SAYS MoF-
FATT AND CIIAFFEE SUSTAINED THE MARKET
CHAFFEE TELLS HOW AND WHEN HE SOLD
RACY ACCOUNT OF HIS DEALINGS WITH COULTER
AND OTHERS.
During the past few weeks rumors have been cur
rent upon the street that the officers of the Little
PIttsburg had long ago unoaded their stock upon
au unsuspecting public at high prices well knowing
that the mine would soon be unable longer to pay
regular dividends.
With view to ascertain the facts in regard 10
this much-talked-of matter q TRIBUNE reporter
Yesterday called upon some Of the gentlemen most
prominently connected with the mine. The Hon.
S. b. Elkins, formerly of New-Mexico who has from
the first been well acquainted with the inside his
tory of the organization. said:
AT the organization OF the Little Ptsburg Chafeo
and Mofatt had onethrd OF the capital stock 5000
On the 1st of February they held about 10000
shares Making allowances for all they have sold, they
owned about sc 900 to 10000 shares more the LIST
Of February than when they organized the company.
| They bought from Governor III. A. W. Tabor, OF
| Colorado, $4,000 shares OF the stock for which
tha i'm
was one of the original owners OF the property
Jointly with Mr.. Chaffee and Mr. Mofatt and received
his proportion OF the stock when IL was organized He
is still director In the company and probably hss
made out individually twice much rs Mofatt and
Chafee. In January Mr. Chafae had news that the re-
serves we're being exhausted, but that they sum
cent to continue dividends at least until June. Mr..
| Chafee did not make any pubic statement about
| have had a depressing effect upon the stock;
and he fully believed. with four months
work would be pushed and the Dives covered as well
as parts Of the mine. which would mantain aboas
four or months and have effect upon 100
stock For this reason ne dd not sell ms stock AMI ad
| vIsed his friends to hold theirs. Chatee and Monas
bought the stock The Ptsburg Company when IL was
26. ~ and 2S-even as high as 32-havlng fni conn.
in it, Tney never sold snare OF tie scck barring
the sale Coulter and few other sales above eighteen
twenty, and most OF the sock that they have sod bas
realized them only about S13 beng less than they paid
for 7eOO0 shares to Tabor ., e,... l.. A.. -.
and Thought they secure In holding 10 for diVi-
donds 1t is difficult TO state what amount OF stock
|
have certain agreements which may result In tue sur
render stock to them They are liaoie TO take fm
published list of the directors shows that only four drec-
tors on the 5tb of February held stock t is said that
some the directors selling out wben Tue STOCK
was 27 and %.
SENATOR cHAFFEEs STATEMENT.
Ex-senator Chaffee the president of tue company,
was found at his residence, looking somewhat BET
| fer than when he left New-YOrk month ago,
though still suffering from his old malady and the
effects of the recent unpleasant voyage from
Savannah. Mr.. Chafee said:
ION the organization OF the company Tabor took bis
| interest In shares. 10000 ] had an option on tho
balance OF the stock OF which availed myself in duo
time paying $4,000 for such balance. Tabor gave me
an option his stock. and he was to draw the dvi-
dends until paid him. paid him 81 100000 for his
73 900 shares beside the dVdends the last paymene
! came due on March T."
! "What amount OF dividends has he drawn the
stock was asked by The reporter have not Gsured
IL up" was the reply. Il don't care what the public say
about it, and don't enough about 1t to make fuss
about it, do not know there is any particular blame
o he attached 20 any one when went 10 Florida had
more stock than when went into The company. I
bought stock up TO S25 per share to sustain the
| market think bought some 5000 or 1000 shares
while my associates, the other directors wer, sen&
sSmia somHni STOCK "p TO "''"'" 'e" '''' WV '''
"Do YOU know who was selng'" No. do not. l
knew thew We're stopng ore they all knew thar.
fojd them So | told them we had not found any new
a
| yon9 10 strike a large body of the same
as the Little Chief had We expected 10 strike rch ore,
ana did want 20 make panic in the stock, De
hevng would be in rich ore again before the 80. 10
nanzas gave out MY sore e 1ee Ws Scr TO and
as have before stated, bought considerable qnant-
! lies OF the stock with that object In view;
From the reports of the last ten DAYS. as TO VINO
owned the stock the 18Th OF March," connnued Mr.
Chafee mud that there only two or three Of the
directors who held any. telegraphed MOnat 10 sell
out and let II CO. have NOT triea 10 maze any
| money out of my knowledge of ihe nnr bnt, on the
contrary, have tried my best 10 sustain the price OK
'"e StTS Sow when this company was being organ;
ICED at my own expense | GhattrTed % speedt eot
az and anime the mine and appralse the property
told them wOuld not sell any OF toe stock ior less tban
with her experts aud make sucn examination as they
desired. had a special car to Denver Tor ne party:
aud another mining engineer IRON NewEnglhnn WHOSE
do not now recall They were o J"ntn dto At ,ns
examination OF the mine IN connection WIN Professor
RAYMOND aud his associates. and iu report was made
TIe money IIeceyed for that stock turned In
fr aboT 73 900 shares or about sI3 per share The
stock sold has probably been sold for less money than
that don't how much has been sold, aud care
very litie.'
| HONEST DEALINGS PREFERRED TO GAIN.
In response the reporters suggestion that Senator
Chafee seemed hardly mp TO the tricks OF tue street.
IN New York. lie said:
could easily have sold out my stock for S25 per
share and made least $20000O0 by the operation,
but as have said before don't want TO have any
lose any money through any action Of mine.
The other directors had the same knowledge that
had but probably did appreciate IT, In regard 20
the mine knew the Bonanza was being diminished.
but never supposed 1t would be exhausted until June.
at least Bearce and Wilson both told me it would run
until Juue 1850 and long before that time they would
have this large body and could pey dividends and
maintain the price of the stock. MY course has been
perfectly straight and square with the public; but
| ihlnk fLcse directors have all cot out or
| ~ and mad. mouey but the facts
| tho, when Ileft for Florida | had more stock than
when I started IN. did not sell single share at high
Mr. Ekins says" remarked the reporter. that YOU
and Morat bought stock when 1t was 20 and 2s. and
, insl