The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-06-22

The Pioneer.

Pioneer mining shares had sharp rise
this afternoon on the settlement of the
suits growing out Of certain receipts
given in negotiation for the purchase OF
the property, which receipts fell INTO the
hands OF Messrs. Brazvll and Mcdonnell.
Settlement was effected by council for
Messrs. Cox, Bickiord 4 Co., and counsel
for the other parties, the bankers paying
a sum of money between $1,000 and
$4,000, aud il being agreed that all
suits against themselves and the com.
pany should be withdrawn. The COM
pany, the bankers say, had nothing TO
do with the transaction
Mr.. Cox says he strenuously objected
TO any compromise OF the suite, and re-
fused to consent 20 one until appealed TO
from the standpoint OF shareholders who
apprehended that the litigation might
last year and the property rest under
the burden and he says that he recog-
nized that the firm made a mist axe in or.
iginally issuing the receipts. Moreover,
a holder OF considerable stock was ready
to furnish a portion OF the money TO set
tie the suits. The receipts were accord
ingly bought, and the suits will be dis
continued. The receipts become the prop
erty OF the purchasers, and Mr.. Cox says
they will probably be cancelled. He con-
siders them worthless, and was assured
alx-h xrt ha far hat 4.
suits to have them honored could not be
won on merit.
IL il easy TO see how the bankers could
persuade themselves to practically buy
off the suits in question il they felt that
an error OF theirs in the first instance wal
the primary cause OF the suits being in
stituted, to the great cost OF sharehold
ers. Ii is easy, az well, TO see why Mr.
Cox should have at first refused to com
promise the matter, and one cannot helI
thinking that il would have been better
TO have cast expediency aside and ad
hered to principle in the case, adhered Il
the determination not to countenanc,
what was openly and frequently declared
wrong. 1t il true that the Pioneer
company had nothing to do with thi
matter, save as defendant in a sort O
collateral suit, and the bringing OF tn
quits did not reflect upon the property
The suits did hurt the standing Of tn
stock, because OF the connection OF tn
banker promoters with the affair. Tn
settlement OF the suits, on its face, seem
to give warrant to the assumption tina
the price Of the shares ought to have de
clined for that reason. IL IL. in othe
words, a seeming admission that thing
were done by the promoters which ough
not to have been done. The conclusion
forces itself that the settlement OF thi
affair was the greatest mistake Of all
and leayes a stain not to be quickly RI
moved. The rally ia the market pric
Of the shares proves nothing except spec
ulative exigency or undertaking. Ae tn
suits caused the decline, the settlemen
brought recovery. A greater recover
would have come, and lasting benefit I,
this and all gold properties, il the suit
had been carried 10 IA conclusion in cour
and clean certificate given to the hand
lers OF this property. Moreover, such
verdict would. IL the suits had failed, hav
discouraged recourse to the courts to en-
force doubtful claims or to encompas
movements in the price Of shares. Tn
rumor that settlement OF the suits wa
accompanied by verbal agreement T.
allow certain heavy shorts TO cover
denied by the bankers. Pioneer stoc
closed at g, Y below the highest and i
above the lowest oil the day.-Bosfo
Herald.