davidaulloa/AmericanStories huggingface dataset:
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30

motions The name of this company at
tached to a fotation may not be a guar
antee that a great producing mine will
be made out of prospect. 1T assuredly
is a guarantee that the rights of the
purchasers of treasury stock will be
jealously protected, that every one of
them will be given a run for his money.
In view of the successes of the COM
pany in 1906 and in view of the long
within the range of possibilities that at
any future time an offering of treasury
stock will fail to be subscribed and
oversubscribed. Nevertheless, such a
thing might come to pass. / thought of
this contingency and I asked one of
the companyS highest officials what
would happen in such an event. Sup
pose" I inquired, you should promote
a company and offer for sale 800, 900
shares of stock in it. And suppose the
public should take only $4,000 shares,
or 100000 shares. What would you do?"
ST was expecting a question of thai
sort" was the reply. Now, I'll ten
you what we would do. though must
confess the contingency suggested by
your hypothetical question seems to me
to be so remote as hardly to be worth
considering. Is we should make a stock
offering, and if only $4,000 or 100000. or
even only ten StiGieS VI lHS SlpCh SilouuI
be purchased by our clients, this COM
pany would Immediately take over the
remaining treasury shares at the pro-
motion price and place the money in the
treasury to be used in the development
of the property.
'You seem TO regard that as 1Quixo-
tic" he went On. answering half
spoken suggestion, "but it is not Out
xotic. 1t is bare. ordinary. common hon
esty. The man who buys ten shares OF
our stock is just as much entitled to a
run for his money. even though he is
the only purchaser. as though all tie
treasury stock were taken up and paie
for over and over again. He made his
subscription in good faith relying on
our reputation and our rosiesty OF IN
tent TO give him value received.
eve would rot be true to the conf
dence reposed in us; we would not be
true to ourselves or our state If we
failed to make good. Don't YOU see now
how the question resolves itself into one
of common honesty and business integ-
rity? If We were in this business for
few days or few months il might be
possible for US to take money for treas
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30
BY JOEL L. PRIEST.

from time to time as to what is going
on, and in order that people generally
may continue Vheir interest in the
growth and progress of the company.
Take a page from the cOmpany's diary
for 1906 as an example:
Along toward the latter part of the
year the market letter one day con-
effect that the Silver Pick Extension
Mining company of Goldfield was about
to be promoted. While the market let
ter has larger circulation than any
similar publication in the United States,
it can hardly be said to have a circula-
ton such as the great daily newspapers
of The country enjoy. simultaneously
with the market letter announcement
advertising copy for the newspapers
was prepared.
Copy Was Not Used.
That copy was never used. The rea-
son was that The market letter story
was sufficient 10 cause rush of sub
scriptions that considerably exceeded
the entire issue of stock. If ever the
L. M. Sullivan Trust company wanted
vote of confidence it had the vote in
that instance. At the last moment,
however. it was decided to publish
some Silver Pick Extension advertising
in some of the mining journals of the
country, not with a view to selling
more stock, hut to let the public know
who was promoting the company and
who was entitled to credit for the sue
cess of the promotion.
In my inquiry into Sullivan methods
L acquired some valuable informa tion
on the subject of mining )romot ms
generally For example. Lrned that
Up to the advent of this company the
principal hindrance' to the success of
mining companies In Nevada was the
lack of treasury funds in such sums as
would justify the complete exploration
of the prospect ON which the company
was based Some companies that have
made tremendous successes were, at the
outset, improperly financed.
A striking illustration of this fact Is
found ia the experience of the Mohawk
Mining company This company was
not properly financed. 1t lacked the
money necessary to open lis ground.
and so was compelled to award indiyid
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30
No Failures Recorded.

No Failures Recorded.
And that seemed to be the general
sentiment around the offices of the L
NJ. Sullivan Trust company of Gold
field, the corporation that has made an
enduring name for itself by being
square and honest and above board in
its dealings with all men. 1 must cor
fess that. it looked good to me. The
company has not been doing business
very long-it was organized last Feb
ruary-and it has yet to record fail
ure. Its fiota lions have been, with n
single exception. uniformly successful.
The exception, the Bullfrog Rush
Mining company. is mentioned else
where in this. the L. NJ. Sullivan section
of the New Years Herald. 1t may be
said here, though, that no subscriber TO
Bulifrog Rush stock lost dollar. When
the. values pinched out the Sullivan
Trust company did something no other
promotion company has ever done, as
far as my knowledge goes. 1t promptly
announced the failure of the values,
and coupled with the announcement
was another to the effect that the
money of original subscribers would be
refunded uDon the return of the stock.
All of the expenses of advertising, pro-
motion and development work, aggre-
eating thousands of dollars, were cheer
fully born by the company.
1t is not too much to say that the L..
III. Sullivan Trust company has done
more to encourage legitimate mining in
Nevada than any other influence. 1t
has aided, as no other individual firm
or corporation has aided, in the work
OF lifting Nevada from the grave
snaaEinsS from the mining standpoint.
At the same time it has made millions
of dollars in profits for its clients and
has compelled the attention and the
admiration of the nation for the Won
derful development and resources or
what for years has been derisively
known as 1.-THE Sagebrush state
The L. NJ. Sullivan Trust company
proposes. during 1907. to keep up its
good work begun in 1906. Thousands of
people in the United states viii wish 1t
the fullest possible measure OF success
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30

ual leases. The leasers, as is well
known, have taken from the Mohawk
millions of dollars. This money, had the
company been started with sufficient
funds of its own, would have gone into
the treasury of the company and thence
into the pockets of the shareholders.
The shareholders will, of course, re-
ceive heavy dividends after the leases
expire, but the money taken by the
1easers is gone forever.
Other Nevada companies, organized
with first-clasS prospects, are actually
overdrawn at the bank and are out of
treasury money. AS their stock is not
assessa bic, nobody can determine just
when they will pass into insolvency,
though it is possible that, if they had
more money, they might uncover ore of
value sufficient to yield handsome re-
turns on the investments. The trouble
with these companies is that their
treasury stock was sold at too low a fig
ure. only a few cents a share in some
instances. They never had enough TO
do any real business on.
New Era Inaugurated.
Coincident with the advent of the Sui
Ivan Trust company new era was IN
augurated- Before a single promotion
set in motion machinery that would sell
treasury stock in sufficient volume and
at a price nigh enough to bring into the
treasury at once from $4,000 to 500. 600.
This is enough to insure development
work in practically any mining district
in Nevada until ore is found I'm quanti-
ties and of value sufficient to pay the
cost of further work Or it is enough
20 develop the ground to such an extent
as to prove that ores does not exist
within it.
1t was with the Jumping Jack Man
haitian Mining company that the Suiii-
van Trust company began its opera
lions. Three hundred thousand shares
of treasury stock were put out at 80
cents per share, and at the end of ten
DAVIS IL was announced that the sale
had Melted, after paying all brokers'
commissions, advertising and other ex-
penses in connection with the promo
ton. the sum CT $50 ,00o- This was the
FIRST instance in the history Of Nevada
mining in which all the treasury stock
was sold a as high a figure as 80 cents
a share, and the aggregate netted was
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30
|. NJ. SULLIVAN WRITES
OF MINE INVESTMENTS.
How Purchaser of Securities May Protect Himself in the Buy
ing of Newly Promoted Socks-SOme Timely Hints by the
President of The l. M. Sullivan Trust Company That May
Be Remembered With Profit
BY L. M. SULLIVAN.

Goldfeld. New, Dec. 21.-In responsC
TO The Herald's request for an answer
70 the question as to how a purchaser
of mining stocks can prevent himself
against iIl-advised investments. 1 de-
sire to submit the following:
So much depends upon the character
of the promoter, his reputation for in
tegrity and honor and square dealing
that it is difficult to enter into dis
cussion of the subject you have as
signed me without some Suggestions
along shis line at the outset. While the
fact that a promoter fails TO list his
stock on some reputable, exchange with
in a reasonable period. say thirty OF six
ty days after it's fotation, is not prima
facie evidence of dishonest intent, the
fact that he does list his stock is GER
tainly an evidence of good faith, to So y
the least.
The broadcast possible market should
be created for a stock wherever it IS
possible to do so. The reasons for this
are perfectly Obviocs. IN the first place.
if stock is not listed It's e-c.e+ market
value cannot be quickly determined ~
one vino lives at any distance from the
point at which it is traded in. Second,
If broad market is not created the
stock may not be readily saleable, and
most investors like to know that they
can realize on their stock at any mo-
ment in. the event of a crisis in their
financial affairs
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30
Listing Is Advisable.

There are, of course, many meritori-
Gus stocks that are not listed. Some
times the difficulties of listing are too
great to be overcome. However, ]
would strongly advise the purchase IF
stocks that are listed OF that will be
listed shortly after they are offered I"
the public. Under ordinary conditions
q mining stock, on being listed, should
sell for at least the promotion price. II
O. stock seesaws little above or q. little
below the price at which II was promot-
ed during the first three or four months
and then declines sharply, the promoter
may be honest. but his judgment of a
mining property may reasonably be
called in question
1t is very important, as 1 said at the
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30
Instance of Dishonesty.

For instance, it is known that stock
in one Nevada mine was sold at zoe
per share to original subscribers, and
1t did not turn out we'll at the outset.
The promoter, who was not honest.
spread false stories about the showing
on the property and then unlCaded his
own holdings. After he had done this
the property began to show up very
well. In fact. it was pronounced a
great gold mine, and he Immediately
instructed the superintendent to cave
in tunnel and stop work on the prop
erty, announcing that the orc bodies
had pinched. AS a result. the innocent
holders of the stock. who had purchased
at zoe, were glad to dispose of it at 10c
Buying stock from concern like the
Sullivan Trust company means that
good news will never be hid from any
stakeholder The reason is apparent
The Sullivan Trust company's business
is conducted on the theory that II It's
clients make money on its stocks the
company's following will increase at a
tremendous rate every year, and 1t Will
in time command the backing or more
capital that any of the big operators
of the country and will place itself IN
position TO make millions.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30

the largest Sur.l ever realized, up to that
time. from such a sale.
The Stray Dog Manhattan ard the In
dian Camp Manhattan followed, the
same methods being used. These pro-
motions were, if possible. even more
successful than that of the Jumping
Jack. The same thing is true of all
the other Sullivan promotions. The
value of this system is apparent, or
should be apparent, even to The veriest
tyro in matters appertaining 10 mining.
company must be amply financed at
the outset or it cannot, in the nature of
things, be successful.
The company that has money in its
treasury is the company that is goinS
TO weather financial storms. No better
illustration of this fact than the condf-
ton i'm which the San Francisco disas-
ter found the Sullivan companies IN
Manhattan could we'll be imagined. A
great deal Of San Francisco money had
beer. invested in. Manhattan. When the
disaster came upon the city there fol-
lowed a rush to sell the stocks. for the
neopie needed the money very badly.
The result was the instant collapse of
the mining industry in Manhattan.
Mine after mine was compelled 20 cease
operations because of lack of funds.
Hundreds of people left the camp be-
cause they believed that nothing could
restore it to life.
Work Went On.
In the properties of the Sullivan Trust
conpany operations were not suspend
ed for an hour. The treasury money was
in the treasures of the companies. 1t
had been placed there as trust funds
for the benefit of the stockholders. and
not for the enrichment of any firm or
any individuals. Into The ground 1t was
mt. and the results that have since at
tanned are known of all men. The Sui
Ivan mines in Manhattan are many
months ahead of the other properties
there i'm development and in brillianre
of prospects for dividends in the near
future.
The reason may be told in a very few
words II is: The Sullivan company's
propositions were sufficiently financed.
II was>not necessary TO offer any stocks
for sale at a period when il was very
hard TO sell stocks at any figure. AM
pie funds. thanks to the confidence of
the public in the company, were on
hand. So ii is with all the Sullivan pro-
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30

ury. stock and then. fail to put it into
the ground We are here, however, to
stay, and we cannot afford to give any
body anything except an absolutely
square deal"
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30

outset, to know the character and the
business acumen of the promoter. 1t
is as important to know this as it is to
know that the property owned by the
company is a good one and that the
directorate is composed of capable and
honorable. men, 1t is one thing for Il
man TO own "the greatest mine in the
world" and it is another and entirely
different thing for the public TO believe
that it is the greatest mine.
Market values are established largely
by public opinion. Any great mine. be-
fore it reaches a dividend-paying basis,
10 matter who its directors are, how
economical, how honest, how famous,
will not sell at anything near it's true
value unless a buying sentiment has
been created for the stock, and this is
part of the promoters business.
The honesty of intent of the promoter
must be established beyond any ques-
ton, for the all-impcrtant reason that
if the mine develops into a great sue
cess, and the information is withheld
from the stakeholder, the stakeholder
could be parted from his holdings and
the promoter and his friends could take
ADVANTAGE
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30

FIRM HAS GROWN GREAT
BY ITS HONEST DEALING

Square Methods Have Won SuccessA Instance OF the Cost
of Integrity in Mine Promotion Money of Stockholders
Was Refunded When Values in the Prospect Under Deve
opment DWnded to Nothing.
Republican news item. [volume] (Laport, Pa.) 1896-19??, 1906-03-08
NO LIFE, NO AMBITION,
NO ENERGY.

These are common expressions nova
lays and the finger post that point with
infailing accuracy To a nervous sys.e.r
'obbed OF its vitality by over-exe-.ior.
,verstrain or excess OF some kind. That
anyone should allow this condition to go
n e complete mental physical or sexual
,uin as it surely must il neglected, is IA
positive crime when the cure is at hand
IN DR.. A. w. Chases Nerve Pills.,
Medicine designed expressly for this con
t'iiion--a medicine that cures to stay
cured by resupplyirg the very essential OF
'ie--Nerve Force.
Mrs. w. G. Mastriler Of 900 E.
9Th ST., Bloomsbury, Pa, says
Il was feeling very nervous aud very
much run down last winter when | saw
1r. 4. w. Chase's Nerve Pills recon-.
mended for such condition. ! got box
and tried them. They have done me
world ofgood, toned up and strengthened
,oy system generally, made my nerves
s;ra",, and steady and give me feeling
NJ l'i~ and vigor. The medicine is good
Irv,uorator and rebuilier aud can rec.
3,amcnd il highly 10 anyone needing
inc erve and general tonic Soc box
nj dealers or DR.. A. w. Chase Medicine
q, Buffalo. \. Y. See that portrate
nj s. snalure oi A. w Chase NJ. b. are
a. every package.
Republican news item. [volume] (Laport, Pa.) 1896-19??, 1906-03-08
commonwealth OF Pennsylvania
County of sullivan. So.

We the undersigned Auditors OF Sullivan
County do hereby certify that in pursuant to the
various duties imposed upon lis by the several
Acts OF General Assembly and the supplements
thereto we did meet at the Office of the County
Commissioners in the Court House in the Borough
OF Iaporte, on Monday the LIST ay of January,
A. D., l9o6,sand did commence to audit. adjust
and set tie the said various and several accounts
subject to our adjournments, until this date when
we completed this our Annual Report and we
further certify that we did audit and adjust the
said several accounts correctly to the best OF our
knowledge, ability. information and belief as the
same appears audited, adjusted, settled and fully
set forth and itemized in this foregoing report
IN testimony whereof we have hereunto set our
hand and seal this 20thday OF January 1906.
q. ELDAAH WILCOX,
HARRY NJ BOTSFORD go. Auditor
JOHN NJ. WRIGHT
Republican news item. [volume] (Laport, Pa.) 1896-19??, 1906-03-08
R.,
account with the

Amount received from Collectors for 05
ANA for previous years, during 1905. 44G5 50
Amount received from Collectors of 'O5
state tax, 5S4: County tax 1884 6l
l"e tax 501 a. .........:................ l0eil 10
Amount of County tax received from
tnseated Lands during 1905 576i5S
Less advance charged 190i...... 100000 1864 IS
70 ami. reed. on state tax from interest
henting orders. ......-.................. as OF
ke:tiii,' from Laporte Boro poor Dist for 'o4 %
10 ,po do '05 81 25
90 Goiley twp do 05 81 81
90 fox twp do 'U 81 90
, 40 90 do 'o5 81 %
1 1;e'uuii rom touey foor Dlstr1ct......... 67 90
i" h",'' Fecu, from A. j. Bradley for Files IL 90
tuuge Ierry, Court Rule book so
hcaeinpuon money from Co. Comm. 44O9
overpayment OF mileage n Tompkips 70
Recd, Emery Lumber Co per Ct addition
ai rounty tax Wolf Trap dam property $50
Reed. +. W. Buck. Sheriff, Jury fee...... 90
Sho,iilt oil temporary loan. ........... m 10000 90
IoRHty portoh OF liquor ncense..."".... 654 rs
Ah't' que county Ireasurer.............. 1860 81
36I63 81
Republican news item. [volume] (Laport, Pa.) 1896-19??, 1906-03-08

the Official Year Ending December 81, 1904.
RESOURCES.
Amt. due County from Collectors for
the year 1905 and previous years.. 44S6 90
By amt due from Cherry Poor Dist 142 80
do HillsHrove do al25
Amt.due from ex-SherT TrppJury fee "A 90
Amt. due from sheriff Swank, Jury fees IL 90
Amt. due Co, note OF P. Murphy % AZ
' John Stevens...v... 81 06
From surcharges of 1897 as follows:
H.. G. HuffmaSt.................. 90
Due from surcharges Of 80 against co
Commissioners Jointly, y,................ 90
Amt due from County note Lydia Cadow "A AZ
do do Harry Cadow 81 q
do do F. G. Schanbacber 4S So
do do Verona Buguo 35 596
do do Daniel Suber 122 80
do Gen. and Phil. Sw.sher ~ 80
do Fred Ruttke I9C4
do Robert Swsher 2s 81
Amount due from State, County's por-
ton of State tax u of &IOl3 fS........ 760 %
amount OF Fire Claims. ~ SO
Liabilities in excess of Resources. 1!305 73
l932a IS
Republican news item. [volume] (Laport, Pa.) 1896-19??, 1906-03-08
COrNTY COSTS

COrNTY COSTS.
Paid Jesse R.P0rtcr taking Commissioners
nom Wheelefville 70 South Road bridge 2 80
+. W. Gallagher, horse hire................ 400
b y bentley Proth. Lycomtng Co fee IL 90
y n Croseley, horse hire and carriage $50
Republican news item. [volume] (Laport, Pa.) 1896-19??, 1906-03-08

LEE r. GAvITT, COUNTY TREASURER.
aeun with the
Lands for the
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1906-10-17

Mr.. Paxton s visit to the Orient is for
the purpose of securing labor for the
Cuban cane-helds.
Toasts were responded to by the fol-
lowing:
Governor George R. Carter, 1.-THE
President; T. Give Davies, 1.-THE
Sugar Agencies ]. F. Morgan, Z" Aims
and Objects of the Stock Exchange y;
w. r. harrington, "The Press Geo.
P. Thielen, Bubbles"
Mr.. Dillingham; spoke optinnistically
of the progress and development of the
island and was cheered to the echo.
Among those present were Governor
Carter, Messrs. l.. A. Thurston, Will
lard E. Brown, James A. Kennedy, F..
L. Hooqs, E. E. Paxton, E. /. Spalding,
F. NJ. Lewis, C. H. Cooke, J. Harris
Mckenzie, Alex. Garvie, A. j. Camp
bell, Harry Armitage, w. 0. Smith,
James F. Morgan, T. Give Davies, j.
r. Gait, C. II. Atherton, r. R. Reidford,
George H. Robertson, George P. Cooke,
Richard Ivers, L. Tenney Peck, W. F.
Pfotenhauer, W. r. Harrington, A. F.
Along, w. LAM, j. P. Cooke, r. w.
Geoge P. Thielen.
The table was beautifully decorated
and the dinner was one OF the most
elaborate of the season.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1906-10-17
LETTER OF THANKS
FROM San FRANCISCO

Governor Carter has received a let
ter of thanks from the San Francisco
Relief Association, for Hawaifs aid
during the days following the earth
quake and fire. as follows:
San Francisco, Sept. IS, 1906.
His Excellency, Hon. G. r. Carter,
Governor, Territory of Hawaii:
Dear Sir: I beg to hand you here
with our official receipts, being &C
acknowledgements of receipts Of sub
scriptions from the Territorial govern
ment and from the citizens of Hawaii
of SIS 900. $4,000, $4,000 and $194.55, in
the aggregate $50, 1874. So.
ALLOW me at this time to express
the gratitude of this community to it's
generous friends among your beautiful
islands and to say that their splendid
donations have been indeed of great
assistance in relieving the sufferings
of our stricken citizens. Our great fire
left thousands homeless; left them
without means of securing livelihood;
without even the very necessities of
life, and it was only through the great
generosity of the world that they were
saved from actual starvation.
SAT the present time we are feeding
twenty thousand and are also engaged
in an endeavor to provide shelter for
as many as possible during the rainy
season. In addition to this we are car
ing for as many more in hospitals, or
phanages and other public institutions,
besides aiding in the rehabilitation of
those who can with a little assistance
help themselves, and I am sure that
you and the generous citizens of Ha-
wall feel some recompense in knowing
that you have done so much in this
noble work. Yours very truly,
JAMES D. PHELAN
president"