Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1912-10-11

certain of the stockholders Of the
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 d.
rectors, leaving them to distribute it
in detail to the stockholders. How
ever, in the manner of this restitution,
Captain Shelton wished to avoid the
appearance of compromising 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 CONSOLIDATE
ed Oil Company.
The two bank directors, who had
been until now greatly mytified,
agreed instantly to this proposition,
the elder speaking for the other They
considered their investment in this
oil territory somewhat in the nature
Of a 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 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 If
oil were ever discovered on either
tract, it would pay in full the losses
of the stockholders. This price they
knew to De 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 difficulty in the way of his
fortune thus easily overcome with a
sudden mounting joy he could not
wholly conceal. His face fell into the
sanctin,onious preston 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 to
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 seventy-nine thousand dollars, and
take the other tract at nominal sum,
say one thousand dollars. Then IT
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
it's purchase.
The attorneys nimble fingers
danced on the rungs of his chair
this piece of strategy was excellent.
Shelton, too, instantly saw it's wis
dom. If 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 to
come. Those who sold estates for pot
! tage usually came crying to the courts,
and If 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 assented
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 the 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, was an observation
beside the point. He alone represent
ed Roger Shelton. The purchase OF
these tracts was now a clean-cut mat
ter OF business, showing wholly on the
| face of the deed. Then he took up
one of the deeds, wrote into it the
consideration, seventy-nine thousand