The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-03-04
How about the East Golden Gate?'

! How about the East Golden Gate!
This is a question that is being
asked time and time again on the
streets of Zion, and the echo is waited
in the air from the Atlantic to the sea
and there is much signing and more OF
less emphatic ejaculation on the part
of deluded stockholders when the an
swer is given that nothing is known or
has been found out regarding this
muchly advertised company, the pro-
moters of which. so it is said, are now
enjoying the fruits of their labors in
/ sunny California, where, in the orange
groves of the Pacific state, they are
Willing away their idle moments in
the contemplation of Barnum's favor
tie expression. which is to the effect
that the American people like to be
humbugged.
The Salt Lake postoffice is not
swamped with letters of inquiry re-
garding the status of the East Golden
Gate, but The Herald is informed
that they are numerous enough to sat
isfy the most critical, and that the
officers of the company, in the secret
recesses of their hearts, wish that the
letters could be as easily answered as
written.
L. c. Trent, who is now the president
of the East Golden Gate, was seen
by Herald representative yesterday
and when asked regarding the standing
of the company he stated that he '~as
not posted as to it's exact condition.
In fact, he had been elected president
of the corporation against his will,
and he regretted exceedingly that he
inc fO Wit
prise. For said ne, this was one
of the cleverest mining fakes that has
ever been perpetrated on the people
of this city, who have been buncOed
by two mighty smooth men, who man
aged to make pile of money with the
aid and assistance of some OF the
most respectable and reputa Bile men in
this city, whose names were used as
officers and directors of the East
Golden Gate company, among the
number being Governor Wells, ]. E.
Dolly, Frank Knox, George H. Rob
inson and others.
Il believe" continued Mr.. Trent,
that the property is all right and
that it is possessed of value, but when
the manipulators of the enterprise
shook the dust of this city from off
their feet they left the affairs of the
company in a very bad shape. AT the
beginning it was understood that the
personal stock of the incorporatorS of
the company was not to be issued I'M
til after all of the treasury stock had
been disposed of. but it now tranSpires
that there is but little doubt but that
when the orders came in for treasury
stock they were filed with the per-
Sonal stock of w. r. BuSenbark and
J. E. Carter, and it is believed that in
the sale of stock these parties made a
barrel of money, as an immense
amount of the stock has been disposed
of. and it was not treasury stock /
either. OF course the other incorpor- |
ators of the company did not know |
of this, and it was not until lately that
these facts have leaked out; and il is |
much 10 be regretted, as there are |
hundreds of stockholders of the COM |
pany who, when they paid their coed |
for East Golden Gate securities, !
supposed that they were buying treas
very little of it found its way into the /
treasury of the company for the de-
of the property.
1T is astonishing said Mr.. Trent,
the amount of stock that these par
ties were able to float in the east, and
in order TO work this locality they
sent out a magnificent prospectus. the
of which in this western
country was very limited; in fact, il
IS doubtful if the people of Utah ever
saw any of them. In these beautiful
works of art the names Of our best
citizens were used, as stated above,
With the result that large and small
investors in the east were easily gulle1
md now they are imitators OF Rachel,
'or they are mourning for their ducats
for they are not
STILL continued Mr.. Trent 1.-The
property has merit and there is reason
% believe that with proper manage
nent il can be made valuable as well
Is profitable, but it is hard 10 see just
what is best TO do, as Busenbark and
Carter still hold the control Of the
stock A thorough investigation is now
,eing made by outraged stockholders,
however. and it is hoped that within
| short time everything viii be
;traightened out, and, if not. there is
likelihood that some sensational dis
losures will be made"