Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-01-13
.L|L[OOET MINING
AFFAIRS aired
Stockholders Elect New Direc-
tors and Will Sue Bond Com
pany For Shortage
GROSS IRREGULARITIES FOUND
Because tho company's Affairs Were
Loosely Managed and Bills Were
Paid by Personal Check of Secretary
Bliss the Fraueulent Transactions
Are Not Definitely Located.
Special to Times Republican.

Il
Iowa Falls, Jan. 13.--When the an
nual meeting OF the Iown-Lilooet Gold
Mining Company was called to order
by President c. II. Hancock, of Dubu-
que. at the W. II. c. Hall In this city,
at 2: 30 yesterday, the room was filled
by anxious stockholders who had come
to gain If possible. q true understand
| ing of the condition and history OF the
| company which has been In public
print more or less for the past few
months.
Secretary Sclicl1er. the secretary Of
the company since the retirement of u.
I B. Bliss, was chosen secretary OF the
meeting and the first business was the
appointment of a committee on Gre
dentials. President Hancock naming H..
! G. Miller. of Iowa Falls, A. B. c. Dodd.
OF Charles City. and II. w. Strother. of
Hubbard The committee was unable
to report until an adjourned session
last evening. thus delaying the election
OF a board of directors In which the
/
dent that big contest would result.
| Judge Deemer, Of Red Oak. was
named on the committee, but declined,
preferring to remain on the floor and
learn the facts regarding the COM
pany's status. President Hancock
made his report, In which he review
ed the organization and history Of tho
company up to the present time. 1t
| showed that this company was capi-
taized for $350,000. of which $125,000
was treasury stock and the balance
promoter stock. The former stock was
placed on the market and speedily
| sold, between the organization OF the
company in May, 1902 md March. 1908.
The dredge bought by the company
with which to scoop the gold from the
bed of the Frazer river in British Col-
umbla was bought for $64.49a, of which
| $4,000 has been paid. leaving a ball
ance due on the dredge contract of
about $500. and bill of repairs Of
about $4,000. The dredge Co. has rep
resentative here who demands settle
ment, and this will be one OF the first
problems for the new board of direc-
tors to handle. The company claims
| that the board has never accepted the
| dredge, and that 1t has never fully met
the test called for in the contract
President Hancock expressed faith
in the proposition, and an opinion that
proper management at the home office
and on the dredge would yet make the
company some money. 1t appears that
nearly $4,000 has been taken out Of
the river since the dredge has started
h11t 1ot f1,fc hos hno l,,
penses at Lillooet
No reports from the claim indicates
that things there are managed in a
slip-shod manner and that radical
changes are essential before any pay
ing returns are received from the far
northwest.
1t was shown that the first year or
two the books Of the company were
kept in a shiftless manner and that no
records in many Instances were avail
able in arriving at the true condition
of the company's affairs. 1t appears
that in order to put the books IN good
shape Ex-Secretary Bliss sent Mrs.
Hamilton, the stenographer and book
keeper In the office to Chicago to pur-
chase q new set Of books for the COM
pany and have the accounts put in
proper shape by an expert accountant.
This appears to have been done but
the records were on blotters or mem
orandum sheets and We're to be trans
cribed into the new set of books by
Mrs. Hamilton on her return home.
Before this work could be ac-
complished the crash came and the
records were found In a tangled condi-
ton.
Irregularities.
The report of the expert accountant
was read and the same was verified
and endorsed by the local stockholders
investigating committee as correct. He
states that few books were kept and
that bills of the company We're paid by
the former secretary by personal
check. 1t also shows that $124,OO0
was received. Gross irregularities are
charged in the management Of the
companys affairs under the former
administration. 1t shows a deficit in
the treasury of about $4,000 for which
claim will be made the bond COM
pany unless u settlement can be
effected.
Mrs. Hamilton.
1T was shown that Mrs. Hamilton,
whom the expert In his report says is
wholly exonerated first called the at
tention of President Hancock and
others to the true condition Of the
company about September 1. intianat-
ing that there was discrepancy in the
accounts of from $4,000 to $4,000. A
conference was held and it was decid-
ed to send President Hancock to
Lilooet in hopes of Strengthening out
49, 10; Of hot
ing to stave off matters here until he
could return. But the crash came about
October / and he was called back here
before he had finished his reorganiza-
ton in the west and has been en-
gagged here ever since trying to adjust
the company's matters in the home
Office.
It is claimed that II the company