The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-01-19
IT IS IN DEEP TROUBLE.
The Great Alaskan Exploration
Company.
HAD MILLIONS IN SIGHT
1t Was Capitalized for $12 100000 and
Promised to Make 100000, 900.
Men of National Reputation
Are Involved in 1t.

| lew years ago by men OF national
prominence, with capital stock of
$12,OOO,0OO and $500, 900 of wealth i'll
sight, is in deep trouble. The founda-
ton of the big company was one meas
ley mine near Butte. The Chicago
Times-Herald few days ago had the
| following about the company's trou-
| bles:
| Frank Burlington Nrooman, for him
self and for his Klondike, Yukon and
Copper River company, enters en-
phatic denial to the charges of mis-
management and insolvency made
| against him and against the company
\ in the bill for receivership which was
filed in the circuit court Wednesday.
In turn he charges that conspiracy
involving a number of men of national
| reputation exists for the purpose Of
wrecking the company in order to gain
control of it's Alaskan gold fields, which
| Mr.. VrOoman estimates to be worth
500, 900.
When the receivership case and the
suits connected with 1t come to trial in
the courts a tale of commercial specu-
lation and adventure which has fasci-
mating interest will be unfolded. A
company whose prospectuses a year
ago announced that at least $500, 900, 900
was in sight for it's fortunate stock
holders during their lifetime will be ac-
cused of having become SO poor that it
permits it's prospectors and pioneers in
the Alaskan fields to run the risk of
starvation.
company with men of national rep
utation and men of the highest local re-
spect in it's directorate will be accused
n inn TO pta1y n tn
worthy Of the cleverest adventures.
Some of these very directors will stand
charged with the attempt to ruin the
others and secure property of immense
value for themselves.
The receivership suit against the
company, which Frank B. Vrooman,
formerly pastor of the Kenwood Pres
byteran church and afterward assist
ant pastor of the Peoples church,
founded, was begun by Henry M. Wal
lace, who has been one of its most
active agents, first for the sale of stock
and later for the direction of it's ex-
petition into the Yukon country. A
week ago suit was begun against Mr.
Wallace by the company, demanding
that he account for moneys received.
Wallace in turn filed a praecipe for
$4,000 damages, and now asks a re-
/ ceivership for the company, mainly,
Mr. Vrooman claims, for purposes Of
retaliation.
There was stockholders meeting of
the company yesterday afternoon at
the offices in the Stock Exchange build
ing, but only dim echoes of the fight
were heard. While perhans thirds
of the stock were represented, only
seven stockholders We're in the room.
President Vrooman proposed that, in
view of the small attendance, the an
nual election of officers be postponed
n n f, r.
March 2.
The persons present We're F. B. Nroo-
man, H. c. Vrooman, Rev. Dr. H. w.
Thomas, Charles Loughridge, C. w.
Norris, H. c. Latschaw and Congress-
man James Hamilton Lewis. The last
named, who is the general counsel for
the company and a strong defender Of
the present management had brought
his handsome whiskers. his jaunty
bearing and his fine clothes all the
way from Washington to be present.
In addition Attorneys Barnum and
Mott, for the company. were ready
with advice. and Dudley Taylor, repre-
'senting Mr. Wallace, sat quietly by
taking notes.
After the roll of 500 stockholders had
been called, President Vrooman made
his annual report He said two gold
dredSes were owned by the company,
and were in storage at Seattle and
Kansas City; that IA claims on Bonan-
"a, Eldorado and other creeks were
owned. OF these he said a few had
been jumped, but that his last report
was that six had been easily recovered
He said that 40 miles of the IT'S miles of
river leases controlled by the company
on Canadian territory had been pros
pected, and found to be good. He
mentioned proposal recently received
from large contracting firm offering
ft1n
an expense of $2,0O0.OOO, the profits to
be divided, if the company could show
that it's claims would pan over 40 cents
a square yard. In regard to this Mr..
Vrooman said that the prospected river
bottoms would pay vastly more than
this, and inferred that the immediate
future of the company was very fiat
tering.
He made indirect reference to the
charges by Wallace. and briefly stat
ed what charges the company could
make in turn At the outside, the
debts of the company were, he said,
less than $4,000. He concluded as fol-
lows:
There never has been a time when |
the prospects of the company seemed
so bright, and when the evidence of the |
unexpected and almost fabulous values
OF its holdings were so clear, and l offer
to the stockholders tardy New Years |
brilliant outlook for 1899 1t is a safe
estimate to say that the company's as
sets are in actual cash value worth for |
purposes at least the par value |
of the stock and if the reports from |
our experts. and the government Off |
Gals of both this government and the |
government of Canada can be relied |
upon. such stock is worth not less than
fiVe-fold the par value thereof, and my
personal opinion is that it is
There We're no detailed reports from
other officers in regard to the condition
of business and the meeting adjourned
till March 2.
The Klondike, Yukon and Copper
RlVer company was started by Mr.
Vrooman at the time the high wave
Of Alaskan gold speculation began
Prominent men We're enlisted in it, and
n the first board of directors were for
ner Senator J. c. S. Blackburn. Sena-
-or John l.. Wilson. Assistant Secretary
u War Meiklejohn and C. Robinson
Iflsgs, former president of the L., B.
Y w. railroad. Others interested in it
n l.. |