The Oroville weekly gazette. [volume] (Oroville, Wash.) 1905-19??, 1911-02-10
ASKS FOR A RECEIVER.

ter of a large and interesting volume
entitled "Blasted Hopes" with "tinis''
at the end 1t is an item that appeared
in late issue.of the Spokane Chron-
icle, and tells briefly of the reef of
debts the property has drifted upon,
and which may prove to be disastrous:
"Alleging he has:been unable to col
lect money due him to the extent of
S325O, Fabian B. Dodds, has commenced
suit in the United States circuit court
in which he asks that receiver be
appointed for the Palmer Mountain
Tunnel company. This firm owns the
townsite of Loomis, in Okanogan coun-
ty, together with all it's public utili-
ties. 1t also owns and operates mine
there and has constructed 4O00-foOt
tunnel for that purpose. The known
liabilities are slightly over 5000 and
the assets are Sl50,000, though the
plaintiff says if the properties were
sold now they would not bring over
$4,000. He asks that a receiver be
appointed.
The errors in the published state
ment, such an one as the company
be passed over. The unfortunate
fact that the courts have been called
upon to adjudicate claim and that
a receiver is to be appointed is the un-
pleasant feature about it. THE ap-
pointing of a receiver for any business
venture in distress usually means the
nearing of the end, for receiverships
are expensive and the assets, no mat
ter how much greater than the liza
bilities, are generally eaten up in an
effort to liquidate the debts, and which
are seldom paid dollar for dollar Some
of the lstockholder most largely
interested may come to the rescue in
selfdefence. This is doubtful, how
ever, as they have been hard hit, and
they will be loath to dig up after years
of disappointment following promises
of rich returns. 1t is another case of
of II istakes, errors of judgment INSTALL
ing treatment plants before opening
up sufficient ore to treat, interncine
strife that have marked the downfall
of So many mining enterprises in the
west, enterprises that at the begin
ming held out the most encouraging
prospects of success.
The Palmer mountain tunnel is one
of the most elaborate mining ventures
in the northwest. No property of like
description was ever SO modernly and
thoroughly equipped. No underground
work, so far as it has gone, was ever
better done. Surface prospecting in
dicated the presence of many ledges,
Fifteen years ago John Boyd conceived
the idea of driving working tunnel
into the mountain, from point near
the base, to intersect these ore bodies
at a depth of several thousand feet.
The plans were laid out on grand
scale. For time work was carried
on by hand. Progress was slow. Grad
ually more capital was secured thro'
the sale of stock. Large blocks were
disposed of to people living in Massa-
chusetts and other far eastern states.
The prospectuses were alluring. East
ern men came out, looked over the
ground and seemed so well satisfied
with the outlook that others were en-
couraged to invest. The sad feature
of it all is that maay invested who
could not afford to take the chance
Mining at the best is gamble. Those
why play the game are in it to win or
lose. A successful mine means big
winning on small ante. This looked
like winner, and there are those who
went the limit of their means. And
money flowed in. OF course not all
the money that the sale of stock rep
resents, for the broker is the most yo-
racious shark in stock selling, and
pockets the best part of the loot with
out risk. Anyhow, thousands upon
thousands of dollars were put in the
ground and in equipment. One of the
largest and best constructed tunnels
to be found has been driven in more
than mile through solid rock. Elec-
trio power was introduced. The power
house is gem of perfect electrical
equipment, and the best mine mach
inery manufactured was installed. The
white elephant, however, and that that
precipitated trouble in the company,
and was responsible for the decline and
fall of the gigantic enterprise, was the
100 stamp mill. The company put in
its own saw mill to supply the lumber
for the immense building. 1t is grand
and beautiful, but turned out to be a
fatal mistake. The equipment, repre-
senting thousands of dollars, is there,
but no wheel was ever turned, nc
stamp was ever dropped. All this
represents value in its original cost,
but so far as being a means of pro.