The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-04
SHARES DROP TO
HALF CENT EACH
MINING COMPANIES OF NORTH
ERIN IOWA COLLAPSE.
Pretty stenographer of the Officers Is
Blamed and Wife of Secretary Bliss
Wants q Guardian Appointed for Him
Savings of Scores of Persons Swal- |
lowed UP.
Special to The Journal.

Special to The Journal.
Webster City, Iowa Oct A matter or alb
sorbng sensation in northern Iowa is the crash
in the affairs Of the Iowa Ltllooet and HaWKeye
mining companies organized in Iowa Fails
George SchOenhair of Alden has been buying
stock in these two companies at half cent a
share. 1t originally cost 10 cents. o. Z.
Cobb also Of Alden, has sold some of his hold
ings at l cent a share.
B. B. Bliss secretary of both companies. ad-
vertised the stock extensively thru all northern
Iowa last summer. y week ago ugly rumors
began to spread the state that all was not
1t should be, and that the money of the
stockholders being put to wrongful uses.
These rumors were followed up by meetings of
the board of directors and searching investiga-
tions begun. The companies stenogra-
pliers had consigned many of the accounts ana
papers to the flames, so that little could be
learned of many transactions. 1t is believed
however, that the deficit of the LiIooet Is $23,Ooo
and of the Hawkeye $4,000.
Must of the stock was owned in and about
Webster City, and in all the cities and towns
of the northern half of the state.
The exact dates of the various misappropria-
lions are likely to be brought to light by the
eastern bonding company By which the Llllooet
supposed to be secured. The bond expired
Aug. Is and the defalcation came to light
Sept. H. When was the money taken? No
bonds have ever been taken out to secure the
Hawkeye.
The discovery of the trouble due to the
Inability of the Ltllooet dredge to produce
suits. AS day after day passed and the dredge
gave no important returns, the officers of the
new company, the Hawkeye, became restless and
held a meeting at Iowa Falls. They determined
that dredge should be bought for the new
company, and motion passed that
contract be entered into until Dec. l. On re-
quest of the directors, Secretary Bliss furnished
a check for $4,000 on the State bank at Iowa
Falls, which represented the funds supposed to
be on hand. Only assessment has ever been
made on the stock, but many had already paid
In full without demand. The check was cOun
tersigned by II. c. Miller, treasurer of the COM
pany. 1t presented for payment and pay
ment was refused on the ground that the Hawk
eye account had all been drawn out.
series of disclosures of the most startling
nature by the directors duplicate both Mr.. Bliss
and Mr.. Miller. Mr.. Bliss has been very sick
Miller is out Of town, presumably at Lllooet or
some other point in Canada. 1t is understood
that Mr.. Miller's bond expired on Aug. Is. Mrs.
Bliss has made application to the courts for a
guardian for her husband. She alleges that he
Is temporarily unbalanced and is incapable of
transactng his business.
pretty stenographer, receiving a salary of
So a week, Is said to be blamed for part of the
shortage. She has suddenly acquired pen
ages, In which she often appears on the street
While she admits that she burned certain rec
Ords or the two companies, she asserts that her
employers directed her to do so.
Inc shortage has caused a tumble in the value
OF the mining stocks from so cents a share to
] cent share, and hundreds are losers by the
sudden drop. Prominent men like George L.
Dodson, ex-sscr~tary of state; Frank D. Jack
son, ex-governor; Charles T. Hancock eS-chair-
man of the republican state central committee
Professor Calvin of Iowa state university; Mayor
Mattern of Des Moines, Chief of Police James
w. Jones of Des MOines and scores of others ore
interested in the stock