The Washington bee., 1894-02-03
is IT A FRAUD?
THE MONTANA AND ILLINOIS MINING
COMPANY-lS THERE PATENT
ISSUED BY THE INTERIOR
DEPARTMENT! !!


nois Mining Company: an alleged
millionaire, called at this office with
a letter of introduction purporting
to be from a prominent citizen from
Chicago commencing him as man
of means, and who is worth mill
lions OF dollars. From the papers
he presented to the BEE an article
was published commencing him to
the citizens of this city. The Den
yer (Col.) Statesman. one OF the
most reliable papers in the West,
has this to say:
A MINING FAKE.
"When Charles Porter Grove
first burst brilliantly above the
speculative horizon and got himself
widely advertised as Montana
millionaire and mine owner, the
Statesman promptly stuck a pin in
the feshy part of his pIetensions,
and we have been pushing it d lit
tie deeper each week, knowing full
well that it would be felt in time.
We are in mining country, and
we know the marks of fraud iu
mining speculatlons, and for the
protection of honest and legitimate
enterprises in the West, as we'll as
the saving of hard earned money
to inexperienced and unsuspecting
spectators, we have always felt it
duty to do as much to expose
n'ining frauds and imposters as We
DO to advance and encourage
speculation in fair and honorable
mining deals. AS Will be seen by
an article on our first page, Charles
Porter Grove turns out to be Only
the owner of tn undeveloped pros
pect holes in a little Montana camp,
with nothing more in sight than
can be fonnd IN thousand other
holes in every mining community
ln the West, and these he has
stocked" with an unreal unable,
mythical capital to the amount OF
seven million dollars. This was
enough to show fraud, and when
the speculative Grove appeared In
Chicago and, with the assistance of
more intelligent but less expert
enced allies, began painting the
glOrles Of his schemes and selling
stock to believers at five dollars
per share, while he bought up with
advertisements the newspapers In
Glued to jump upon him, the fraud
was 1dlte plain to any one with
knowledge of mining matters.
The richest mines in the West are
not "stocked" with such fabulous
capital as that covering Groves
prospect holes. There is no such
thing as selling new mining stock
IN Legitimate deals at five dollars
per share. Most new mining CON-
panles place tie par value of
their stock at one dollar per share
few at five dollars per share,
and put 1t on the market for sale at
The rate OF discount which the coudi-
ton OF The company and the real val
ue of their undeveloped properties
will warrant. One dollar stock starts
out at from three cents to thirty
cents per share, and five dollar stock
would not be expected 20 bring over
fifty cents until something valuable
was uncovered in the mines. Crow
appears to be such a man as might
be picked up III most anv mining
camp If the ordinary prospec Or could
be induced to turn fraud. The Chi
cago Conservator should be cum
mended for its endeavor to make
Grove prove himself, while The Bos-
ton Collrant should be severely criti-
clsed f T attempting to defend an
ignorant scamp against the
opinions of those better prepared to
gauge such characters, and also at the
expense of Western ENTERPRISE
whose legitimacy or the merit of|
whose home backing and business
claims cannot be questioned. The
people should be encouraged to spec
ulate in fair and honorable m ming
for there is certain riches
llnaliy IN the steady, honest endeavor.
but such frauds as the one now before
the public gaze should find no pro-
lection when the light is turned on"