The Mellette County pioneer. [volume] (Wood, Mellette County, S.D.) 19??-1971, 1912-10-18

certain OF the stockholders of tho
Union Consolidated Oil Company, act
ing for the benefit Of all. The stock.
holders OF that company had lost In
interest on their deposits. through
Captain Roger Shelton. some eighty
thousand dollars. This money Cap
tain Shelton was now ready TO return.
He wished to do SO through these di.
rectors. leaving them TO distribute II
In detail to the stockholders. How
ever. In the n Of this restitution,
Captain Shelton wished 10 avoid the
appearance OF compromising a fraud.
Mason had, therefore, called this meet
ing to propose that these two direc-
tors sell their tracts OF worthless OIL
territory to Captain Shelton in con-
sideration Of this money and, after de-
Quoting their individual expenditures,
refund the balance of It to the various
stockholders Of the Union Consolidat-
ed OIL Company.
The two bank directors, who had
been until now greatly mytifed.
agreed instantly to this proposition,
the elder speaking for the other. They
considered their investment In this
oil territory somewhat in the nature
Of q trust, and had determined to hold
the tracts indefinitely, in the hope
that at some future time they would
yield enough money to repay what
the stockholders OF the company had
lost. They had gone to Pittsburg as
ENJOYS, In a way, for the stockholders,
and any gain arising from that jour
ney was equitably the property OF all.
They had consequently asked one
hundred thousand dollars In cash for
each Of these tracts, and had agreed
to pool the two properties, so that II
oil were eve discovered on either
tract, 1t would pay in full the losses
OF the stockholders. This price they
knew to be prohibitive. but the tracts
were either to adjust the matter or
remain unsold until the end OF time.
The Pennsylvania, sitting with a
calf-skin satchel on his knees. OBJ
served the diff Guilty in the way Of his
fortune thus easily overcome with a
sudden mounting JOY he could not
wholly conceal. His face fell into the
sa~nctiu!onious expression OF one who,
at the cost of abnegations, would be
perfect. Even the hands of the in
scrutable attorney opened wide their
fingers as in admiration Of a master.
The next statement Of Mason won
still further their amazed approval.
He said that the two sales must be
understood to be complete and sepa-
rate transaction, concluded absolutely
in every detail upon the signing of the
deed, and, in order that no claim
could be afterward set up that in this
sale Captain Shelton took advantage
of any secret knowledge of the value
OF either of the two tracts, he sug-
gested that Shelton be permitted 10
select the tract which at this time he
considered the more valuable. in or.
der that his opinion might be known
before the deeds were signed. pay for
it sev~enty.nine thousand dollars. and
take the other tract at n nominal sum
say one thousand dollars. Then II
either tract should prove in the future
to be oil%-producing. Captain Shelton
could enjoy that good fortune free
from any imputation Of deception in
its purchase.
The attorneys nimble fingers
danced on the rungs OF his chair
this piece Of strategy vas excellent
Shelton. too, instantly saw its wis
dom. II he took, now, the worthless
tract at the large price, the very fact
Of this selection would conclusively
prove that when this worthless tract
was purchased he knew nothing Of the
fabulous value OF the other. His good
faith, his innocence Of secret knowl
edge. would be here and now ire
vocably established for all time &c
come. Those who sold estates for pot
tage usually came crying TO the courts
and II the deeds showed on their faces
that the purchaser was himself mis-
taken in the value Of these estates
that cry would fail. Separate, the two
sales ought also to be, that no one
other than the signer OF the deed
could afterward claim an attaching
equity.
The two New Englanders a~ssented
to this. and Captain Shelton instantly
selected the worthless tract. The at
torney took two deeds from his pocket
and laid them before him on he table
He then stated in detail the terms Of
. the purchase: seventy-nine thousand
dollars in cash for the tract Of twelve
hundred acres, one thousand dollars
, in cash for the tract Of nine hundred
acres; the two sales distinct, sepa
rate transaction directly between the
parties named In the deed. He wished
this agreement clearly understood
The sentimental reason moving Roger
Shelton to this purchase. as given by
/, Randolph Mason. vas an observation
beside the point. He alone represent
ed Roger Shelton. The purchase o.
these tracts was now a c~lean-cut mat
ter OF business, showing wholly on the
face Of the deed. Then he took vi
one OF the deeds, wrote into II the
consideration. s~eventy-nine thousane
:, dollars, and handed Il to the younger
man. who. 1t happened. was the own
er OF this tract. The latter looked
.u,fftfy at.ar tha aaaH an1 GiCUad II