Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1903-05-11
ELECTROMAGNETIC STOCK UNDER
THE PROBE.

subscriber ED.
"Gross misrepresentation have
been made, and I shall not rest until
the affairs of the California Nevada
Mining Company have been thorough
ly investigated and the responsibility
fer the rank receptions placed where
they belong The speaker was w.
II. Bald win of the firm of w. Fl. Bald
win & Company of Albany n. Y, the
man who placed thousands of dollars
worth of California Nevada stock,
and who is in the city seeking vindi-
cation in the eyes of the stockholders
of the company and the investing
world in general.
The Californian is one of the
most widely advertised get-rich- quick
mining securities that has been al
lowed to flourish for many days, and
from the evidence at hand it is prob
ably one of the most daring schemes
perpetrated on the investing public in
many years. Who is responsible for
the gross misrepresentation in con-
nection with the f1otation is what the
unfortunate stockholders of the con-
Germ are anxious to find out.
Mr.. Baldwin, who acted as fiscal
agent for the company until he be-
came suspicious that all was not right
with it or its management. suspects
that he has been duped, and states
that he acted in good faith, based on
sublime confidence in the officers of
the concern. Mr.. Baldwin's inno-
cence in the matter he explains on
the ground of lack of knowledge of
details of the mining business. He
presents strong evidence to show that
representations made by him in efforts
to dispose of stock we're made to him
by local officers of the Nevada Cali
fornia company.
The preposterous claim of"S20, 0OO,
900 worth of ore already blocked out
and in sight ready for the mill'' and
that "when the tunnel cuts the vein
there will be 1900, 900 tons of S40-ore
blocked out. In other words, $50, 1000
900 to divide among stockholders"
are statements furnished Mr.. Baldwin
from the local Office of the company.
Dividends of 1 and per cent. a
month were guaranteed until the
completion of mill that it was
claimed was being built. After the
erection of the mill 5 per cent. a
month was to be paid. That such
was the representation made by the
company is evident from letter in
possession of Mr.. Baldwin. This let
ter was written to Andrew Bush of
Springfield, Mass, by @. S. McKelvey,
president of the California Nevada, in
an answer to certain inquiries made
relative to claims made in the fam
boyant advertisements.
On such representations Baldwin
sold close to 500, 900 shares of stock
Betwee doing so he states that he
took precautions to investigate the
officers of the company, and found
them to be of good standing. The
stock was first placed on the market
at 20 cents a share, and advanced at
various times until it reached 81.
Dividends of per cent. a month were
paid from July up to and including
February.
81 had disposed Of the stock under
the impression that the company
owned the Victor mine, having clear
title to the property, and this state
ment was made to me in letter from
Mr.. McKelvey," said Bald win yester-
day. 81 was therefore much sur prised
to receive a letter from A. T. Van
Sickle, general manager of the COM
pany, that it would be necessary to
pass the March dividend, and that it
would also be necessary to raise more
money to meet payment of $40, 900
| due on the Victor NINE" On receipt
of that information, Mr.. Baldwin
states that he withdrew the stock
from the market, returned checks
received and began an investigation.
"There is nothing more to say for
the present." said Mr.. Baldwin. eve
can do nothing until we receive a
statement from the compa ny setting
forth what property, if any, it owns,
and the value of it's improvements.
We have made no charges, but before
we are through we will have sifted
this matter to the bottom" Officers
of the California-Nevada decline to
discuss the situation, and it is under
stood are engaged in preparing a
statement for MIR. Baldwin.
The recent discontinuance of the
payment of $50 per cent" dividends
by the California Nevada Mining
Company has caused q sensation in