The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1884-11-26
The Chronicle Article.

nsnaka KNIGHT accordingly informed
al members OF the pyess that 1t ~
meeting Tor stockholdeas ONLY. M
1! desired they would be acconmo.
osted with . resolution ort1erins
them to leave the room. Hsvlnr -.
cured sxem3tion from pryinR nevs.
paper people, the Officers Of the csm.
pany, In subdued tones. informed
the holders Of the two.bft etoox oi
the condition Of anairs. It va1 not {
datterinG exhibit.
Tho company has run behind
5000 during the pest yeer.U read
the report, 'sand In now 81 00o Ooo h
debt. To meet the demands of the
creditors. the President, Sir Claus
6pfeckles, on his individual note has
borrowed $1,000, 900 Of the Nevada
bank. OF the increse Of the indebt-
edness $l5O,000 has been incurred on
account Of improvements and the
balance represents the lois on the
sugar CROP"
AN UNFORTUNATE CREDITOR.
"Of course I went security on that
note," said Sir Claus, ''because
would be repaid, and I.would now
inform the stockholders that, inas-
much as I am about to 60 to Europe
for y year, to get . needed rest.
1 want the debt to be liquidated."
why not take mortgage on the
plantati0n?" q stock kholuer ventured
to AJAX.
''Mortgage?" was the echo. "The
company does not now own the PLAN
tation. It has only . lease. The
land 10 owned by Sir Claus who
rents 1t for 81 600 . month"
"Ah, that we never knew off" ex.
claimed several stockholders, who
paid SIS q share under theimpressi0n
that the company owned the land.
"But how about the water sys-
temp" demanded another stockhol-
der.
.That we have right TO-" was the
explanation, ION condition that we
pay to its owner GIG, 600 . year."
''Then what does the company
own" was the next question.
1.-THE machinery and other inn
provements, valued at 81 ,25O, 600, ana
imported from Germany; nothing
else on which we can raise money"
It was then suggested that the
stock be assessed. Harrison, of Jar
Doe 4 Harrison, was present and
questioned concerning the legality Of
'It 10 Illegal" said he, ''because
the stock has been issued fully paid
up. You cannot assess.V
Not even If the majority of stock
holders aseent?"
mo, not even them" was Mr..
Harrison's answer.
.'But expect to get my money
Dack," mildly lnterposed Sir Claus.
II shall certainly look to the stock
holders" -.
"Not : cent will you get from u.s."
murmured several of the stockhol-
ders.
Then various measures were pro-
posed. but none Of them met with
general approval. Finally 1t was de-
cided to appoint q committee OF three
to investigate and advise as to the
best means Of extricating the corpor-
alton from it's financial difficulties,
and Messrs. Rose, Dodge and Martin
were selected for that purpose.
INDIGNANT INvEsT0Rs.
The stockholders did not leave the
meeting in good order. One OF them
Who was addressed by q Chronicle re-
porter, admitted frankly that ne
ought to be kicked across the street.
II paid 1$64.50a share tor my stock'
and large number OF business men,
who believed in the integrity OF tne
management, did the same. BY the
eternal, it makes me mad! must
get satisfaction, even II have to get
the directors criminally prosecuted
for declaring dividends when the
company was desply in debt, and
when to pay that dividend the cor
poration's bank account had 10 oe
Overdrawn." ..,,
"Is the company insolvent?"
"It q 81 .OoO, 600 in debt and rum
ming behind 1t the rate of 500, 900
"What has it in the shape of as.
set,?"
"Ncth!ng but . thirty-year lease
from sir Claus and q lot Of machinery
Which cost 81, ESQ, 900. but which can
be made use of only oy ST CIaus'
who holds it % lien for the pay
ment OF the note for 81, ,O0O,OOO"
"And II the company does not pay
the note of course he will fofecloSe
the lien?" =,
"Most undoubtedly"
"And will get back his plantatlo!n. >.
and the improvements made upon IL
by the companyW h,,.
"Certainiy- he'll rake in the wnole
.as1r, An we will keep will Oe our
certificates" a.f+ho
1k' :.1khat's it-that's it. But it wont
r.. the and of me. want 70 seT
whers u re INV money went to. Here !!
VIZ mn the figures Just follow me:
% .'n lime 3Oth, 1882, tho compseny eo
~ - s,ae O0O in debt; on July lst, ~,
1855: on August Slst II nsI o aoth
bank. SIT ,569, and on SepeemDes yep The the
# had oveEdFswn 81, ,SSs 10 ps1 1nth Slho
dividend declared during tnst nCv I;vi.
Tn Tn october it declared anotnei e ~
dend M Of $50, 900 and overdrewa ashtedo - sII
SenT I'LL; r. to nav it, making its inde1Sssot msot
Da.. Dsn : si2I eco on October Slst. i"st -
neas L. ne time when the stcck soia S.s ~
ees ~ !. .hare. on the strength OF tn.sS
?9o ?o,,asrds 4 % paid with DorIoweu
oloruO o.sv On November 3Cth tne cI the
money ..s selO. 600 in debt 20 'no o
psny ~ necember 31st $277, wv "
1AuA, ,rar M 91st. 1883, $8OOOOO, anu s.s on
Decemua1 a1st 1884. the indebtedness
OctoUee1' 81 oa0 @ ooO. Oh, how We nave
0en \ SUGAR BA1rED Trap. =: .,ont
..vuh.t = are you going to do about
it," m..e Several OF us
will take the inasssdI m.sa directors &c who de.