The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1882-05-19
THE ALGoNoUrE COMPANY.



The Algonquin Company, of Phillipsburg,
| some weeks since shut down its mill and
mine while considerably in debt, let Its taxes
go unpaid and seemed to be in bad shape
| generally. Mr.. Weirstein and some others
got Judgment for some 5000 and attached
personal property, subsequently offered at
Sheriffs sale, and the county advertised a
portion of the property at Sherif''s sale to
pay taxes, while the trustees of the bond
holders, in Philadelphia, foreclosed their
mortgage of S107 900, and advertised the
plant at Sheriff's sale. In the meantime
superintendent Pardee was absent and the
labor accounts on which suit was not COM
menced, aggregated some $4,000. As there
is considerable general interest In these mat
tiers, we have endeavored to ascertain the
facts and with the following results:
The Company was composed principally of
Philadelphia capitalists. They owned the
Algonquin mine on which considerable
workmanlike development was made with
encouraging results. They built the Algon-
quin mill, an excellent one by the way. They
also own the Salmon mine. The ore gave
out in the Algonquin; expensive dead work
resulted: another apparent bonanza was
struck but proved small. The Salmon was
not developed deep enough and required
more dead work. The company purse got
empty and the stockholders would not put up.
Mr. Pardee, who had superintendent the entire
plant, went east to arrange for the payment
of the debts and continuance of work. After
the original stock had been issued there vas
more money required to complete the mill
etc, than was on hand, and the stockholders
had mortgaged the plant to certain of their
number, who became bondholders. All the
bondholders were stockholders, but all the
stockholders were not bondholders. Mr..
Pardee himself belonged to the exclusive
stakeholder class. The demand for money
resulted in q refusal by some of the stockhold-
ers to put up. The final result was the bond
holders foreclesed and if they get the prop
erty, when the time of redemption comes,
the stock Of the company will be increased,
and old stockholders permitted to come in
again on the same basis as the bondholders.
In the meantime Judge Knowles represents
the bondholders here as their agent and alter
ney In fact Mr.. Nicholas Connolly leases the
plant from the stockholders, pending the six
months of redemption, and Mr.. J. X. Paraee
is superintendent under Mr.. Connolly to
continue work pending redemption. Judge
Knowles left on Tuesday to pay off certain
of the labor accounts rs authorized by the
bondholders.
The motion we mentioned last week was
argued before Judge Galbraith in Chambers.
Mr.. Weinstein had secured judgment and
execution against the Algonquin Co., for
about 5000, and was proceeding to sell GER
tain personal property. The motion was for
a recall of the execution and stay of proceed
ings. The motion was sustained until the
cause can come up at term of Court. At the
close of the recent Court term the Algonquin
Company had ten days to answer. Within
that time Attorney Knowles for defendant
answered to q portion of the causes. Attor-
neys Robinson & Whitehill moved to dismiss
before the Clerk Of the Court as to the can
Court for default in the causes not answered
The Clerk entered the dismissal as requested
and judgment and execution for the causes
not answered. The ground taken, was, that
the Clerk had not the authority vested in him
to DISMISS as to part and hold default in a
part in an action for money.
As relates to the taxes, Mr.. Pardee claims,
that the list was not made by any one author
lied to list the property of the Algonquin
Company, he being absent and the book
keeper listing at greater value than he should
have done that his application for an equal
ization was not granted, and that the proceed
ure for sale was irregular and void. This
will be a case for the Court to decide, and we
trust the Company will be made to pay its
proper share of taxation.
Mr.. Pardee states, it is the purpose to at
once commence work. There are 200 tons of
Salmon ore in the mill, and new level will
be opened up on that mine which looks very
promising About 40 men will be employed,
of which % will be in the mill. 1t is conf
IDENTIFY believed the Algonquin Company will
be reorganized and achieve the success that
all believed was In store for it when the mill
Yves erected The Developments the Trout
show geological facts as to qualification and
ore bodies that are encouraging as to Algon-
quin property near by.