The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-30
SNAPPED UP BY SC0TTY
A SYNDICATE CLEANS UP THE STOCK
OF MINNESOTA CORPORA
= TON AT QUARTER ITS
=. .1.--. z1,,. VALUE. -. >ta.. .
Ex-AId. McAiister Tells How He Missed
Giving Some Financial Friends a Fine
Investment Because Foreigners Were
Too Fast.

DR.. L. G. Beebe, postmaster at Winnie
bago City, s. s. Secor cashier Faribault
County bank, also Of Winnebago City, and
L. e. Cross, cashier of the Bank of Della
van, were in Minneapolis yesterday in
connection with the big twenty-five Mil
lin Dollar Copper mine in the Bitter Root
mountains south of the Occur d'Alenes.
This Is virtually q Minnesota company
in that nearly all the men in the enter
prise are Minnesotans It was organized
by DR.. Beebe, who has been upon the
property a. number OF times, returning in
each case more confident Of the mine s
phenomenal greatness.
He is the president Of the company and
one Of it's largest stockholders, and in the
opinion of those who have seen the mine,
he is rich man, if he didn't have a dol
lar outside of his stock. The treasurer
and general manager is Mr.. Secor. men,
Der of the Secor family known In South
ern Minnesota as conservative and reliable
bankers and business men. Mr.. Cross is
secretary of the company.
The purpose of the meeting yesterday,
which was held at the company's office,
1890 Guaranty Bldg, was to take the
stock not already disposed Of off the mar
ket pending certain negotiations. The
reason assigned is that the company has
practically sold all of the 25-cent and
probably all Of the 50cent allotments.
The purchaser Is syndicate of Scotch
mining capitalists who already own divi-
dend-earning property in the United
States and British Columbia worth, it is
estimated fully $250,000,000.
This syndicate has had three different
experts examining the property, the last
of whom is expected to complete his re-
port to his principals within a day or two.
AS stated, the probability is that this
syndicate will take all the remaining
shares of the 25-cent allotment and
probably all Of the allotments intended
to be sold at SO cents share.
The company will now have an
abundance Of capital to fully develop it's
various properties and equip the aerial
tramWay, a matte smelter, a saw mill,
water power for the generation Of cleo
trio current, for mining and transporta-
ton purposes; and, In fact, everything
that will make this one Of the great copper
mines Of the world.
The Minneapolis representative Of the
Bitter Root Copper Mining company is
ex-Alderman P. w. McAllister, who has
been connected with some other successful
mining deals. Mr.. McAllister said he had
| expected to place some large blocks OF
stock among Minneapolis and other Min
! nesota. investors and was disappointed
to see it go to other parties.
"Our people were just getting awake tt
the big things was offering them in this
Bitter Root Stock said Mr.. McAllister, tt
! T h ] n a l, when here comes a re-
port that the Scotch syndicate that al
ready owns 100000 shares, was going t.
take all the 25-cent stock, and porhaps al
| the 50cent' block, too. I wanted the
credit of having sold big block Of this
stock and I was ready to make good IL
nice shape when they told me to hold up
However, had reserved block Of stool
for some people and I shall have this tt
go and come on. The company has give1
me a few days in which to clean up tn,
| lot.
"Now, that this is all over, it will do n,
harm to talk right out. The fact is tina
the people Of Minneapolis and Minnesot;
had no adequate idea Of the bigness o
this propositions or the chance for none,
making. tried to tell them, and I thinl
my ads were convincing and invitin.
enough but I didn't sell half the stool
, should have sold with such a PROPOSE
tion If the people could have been con
WINGED, as I am convinced, of the rea
facts we would have SOD out our entir
| 25-cent allotment the first day. I'm no
complaining. I did we'll enough, but
makes me sore to let lot Of old Scotch
men come in and get what our own peopl
might have had, just as well as not"