Elk City mining news. (Elk City, Idaho) 1903-1913, 1911-10-05


his gold mine, and he was ready to turn
ovre the control to his new-found friend |
when it came to getting out the incor-
poration papers. Of course it looks to
YOU as if Stickwell had bumped up
against piece of great luck; but. none
whatever; as you will see before l have
fl lished my story. The company was
capitalized of 1 $780, 900 shares, of par
value of 81; million shares going to
the eight incorporators, of which he
was one, of course, while 500, 900 shares
were set aside for treasury purposes.
The treasury stock, according to agree
ments, was to be sold at par, the pro-
ceeds to be employed in mine develops
ment and equipment. This looked good
10 Stickwell, and he was as happy as a
burro when he sees his boss coming
with the barley sack, and he began to
figure that it would not be long before
he could buy him handsome residence
in the fashionable part of the city.
After the company had established
handsome offices in one of the sky
scrapers he thought so wonderful, he
returned to his camp over the divide to
await the first remittance from the sale
of treasury stock. After waiting for
five weeks he received cheek for $3.50;
also gorgeous prospectus, issued by
the company, in which the investing
public was informed that the mine
showed ten-foot vein of ore that was
more than half gold; that eight or ten
million were already in sight; that it
was shame G. to let the small investor
in on such a 'surething' proposition,
and that an offering of small block of
stock was only made for the purpose
of putting up a ten-stamp mill. At
the wind-up the financial agent for the
company assured the reader that
splendid references would be furnished
upon application, and be was request
ed to send remittance by. certified check
or money order. Stickvlell was some
what nonplussed over this amazing
piece of literature, but came to the
conclusion that his city friends had
only thrown a little color into the
scheme; and, within week, had come
to believe that the statements made in
the prospectus were all true, and he
became so chesty that he refused to
converse with his burro any more.
After two months of waiting he sent to
the company asking for more money.
and stated that he was anxious to be-
gin extensive work. No answer. Two
weeks later he borrowed money from
the storekeeper doWn at the mouth q
the canyon, and went to the city to seq
what the matter was. He was dumb
founded when he found that the com
pany office in the skyscraper had beef
closed. Then through friend, he wa
directed to the local office of the u. S
Mining Bureau, where he explained hi
situation and condition in which he hat
| found things. The bureau man begal
Investigations at once. He found tina
the financial agent of the company ha
sold all of the treasury stock, taking
as his commission, 65 per cent of tn
proceeds. The balance had not bee
, accounted for by the company. 1t wa
= also discovered that all of the incol
J porators, but Stickwell, had sold all @
, their personal stock, and that the
5 were no longer interested in the con
= pany; but had skipped the countr
e with their pockets bullying out with tn
, long green. No trace could be foun
s of the president, secretary or treasure
r and not a penny belonging to the trea
t ury could be accounted for. This Sc
= tied the matter for Stickwell. He r
e turned to his camp and, for the fir
v time in six months, held long confe
d ences with his hurro, his chest measu
l. having diminished by about two fee
N He is now staying at the mine, whi'
s. is not his any longer, for the who
IS affair is so complicated that it won
& take a Standard Oil attorney to tt
K lust what interest Stickwell still had
,e the property. He will not work it, a
a. if a man with a diamond stud in
s. shirt front and kodak hanging fro
in his shoulder, happens into his camp,
H. is kicked off the dump as if he were
IL clalm-jumper or highgrader. WI
k Stickwell there is nothing doini
Is. either for himself or for anybody ell
it and this splendid property is liable
D. remain idle for many years to come;
,u- until the 'gold-briclsed' stockholders {
NO together and formulate some plan