The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-05-29
MINING.
The Franklin.

The break in Franklin was from III to
"a On Saturday the break was from
l3A TO l14 Far recovery from the low
est occurred this afternoon. Thecause OF
saturdays selling proves to have been
that limited at in yesterdays paper, q
legal reverse, for II IL advised today that
master in chancery. Mr.. Peter White, OF
Michigan. has found that the Franklin
mining company owes the Pewablc min
ing company S20l 900. This informa-
ton was FIRST n ceived in Boston by a
leading banking house of the city and
was later confirmed by Counsel Thomas n
Talbot, of the Franklin company, whose
advices make the award $20l, 7lS and
give the company until June 6 TO file ex-
captions TO the masters report.
lt az somewhat marvelled at that the
amount Is so large. BY it's last report,
the company showed these assets and liza
bilities December 81. 1895:
Cash, accounts receivable and copper. sl75, 126
supplies ............... ................. 55,0o3
lo,ai assets 49,. .......... s2O, 206
Drafts, bills payable, etc ............... s2.s34
Prohtand loss surplus. sig7 275
there, then, are surplus assets of $l9I,.
2I5, including $50, 0S3 materials on
hand. Deduct those and the surplus il
Sl42, l92, an amount quite insufficient
10 meet judgment of S20l 900. But the
company has the benent OF four to five
months output OF copper, more OF less OF
which has been sold at good prices, and
IL is presumed that the company could
pay the award now, without bCrro wing,
II IL should be Obliged to do 30. But the
hndlng OF the master has To be approved
by the court, which will consider any ex-
ceptions taken TO the report.
In communication to President
Thomas ii. Perkins, OF the Franklin CON-
many, Counsel Thomas III. Talbot saws
" The finding OF Special Master Honorable
Peter White that the Franklin mining
company ia indebted to the Pewabic min
ing company in the sum of $201 us has
not impressed me as it has yourself. No
claim on the part of the Pewabic CON-
pauy against the Franklin company has
ever been presented TO the court; nor has
the Franklin company ever b,en called
TO defend against any such claim. A
claim OF the Franklin company for the
sum OF $40, 900 loaned to the Pewabic
company in 1885 and 1886 has been pre-
sented for allowance, and, except az going
TO show that this has been paid in whole
or In part, the question of any indebted
ness of the Franklin has not been before
the court, or submitted to the master.
The counsel against the Franklin,
Hon. Don Nj. Dickinson, understood this
fact exactly as did myself. the counsel for
the Franklin. For when. at Detroit, be-
forethe master February "a and 25, 1896,
he replied TO my opening argument, he
addressed to me The. definite question
whether l would consent that the master
should go into the question OF the indebt-
edness OF the Franklin company to the
Pewabic company, with view TO a Judg-
ment for the amount due, to which, OF
course, / answered in the negative, az |
was not employed or authorized to do |
OF the kind. on course, IL the |
actual state OF the case had authorized |
the master to 90 into that question as
Mr.. Dickinson desired, there would have |
been no need OF his asking my consent. |
therefore.
"One more fact should be stated: An |
account ofthe dealings at the mine Of |
these two companies was kept right on |
after the Pewabic ceased operations as |
before. being generally adjusted monthly, |
being kept with the accuracy and CON-
p'eteness which attend all Mr.. Simmons |
business transactions. This account,
made up from the books OF the Pewabic
IN the possession of the master, was pro-
luced before the master and put into the
.ase, the debtor side being filed by the
counsel against the Franklin, and the
,reditor side by hecounsel for the Frank
in; and this account, as now on the files
II the case. closes with balance OF some
81, 700 in favor OF the Franklin.
The finding OF the master of this in
even II il were within his au.
hority, as it is not, would not be final
The master report Ia open TO exceptions
md the exceptions must be passed upon
~ the court; and thus the litigation OF
his question il not closed. nor near it's
losing. According to my belief, 1t will be
Dund that the award il entirely erron-
Gus. and not only does the Franklin owe
he Pewabic nothing. but that the Pewa.
ic not only owes the Franklin company
4 700 on general balance, but in add
ion the sum Of $4,000, with interest,
he large moiety of which was found due
v the court OF appeals at Cincinnati.
Signed,
THOMAS II. TALBOT.
Boston Herald.