The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1914-07-18
ASSESSM'T IN
YOUNGS CASES
decided TO ASSESS 3 PERCENT
ON HURON STOCKHOLDERS
POSSESSION OF MINE NEXT
Tangle Nov Getting Into the Courts
andWiII Undoubtedly Wind up in
the U. S. Supreme Court

The sparring for points is over IN
the Younbs mining interests tangle.
II is now a question of dig" and
how much. The first gun in the dig
program was fired In Marquette last
week when Referee Looney assessed
the stockholders of the defunct COM
pany 3-per cent OF the value of their
stock, the assessment being supposed
to net about $40, 600 ia cash or enough
10 pay the debt of the Huron Mining
Co., the corporation that operated the
Youngs mine at Iron River
The tangible assets of the Huron Co.
were disposed of and they fell away
short OF covering the indebtedness.
This 3.per cent is to make up the de-
ficit
LITTLE CASH PAID IN
AT the time the several Youngs
companies were thrown into bank
ruptcy it was stated that but small
amount of the capital represented by
the stock issue had been paid in and
that the stock holders In the concern
were liable TO an assessment equal TO
the unpaid balance on their stock in
order TO make up the deficit, should
any be found
In the hearings before the Referee,
the two factions sought TO sell the bills
of their own side and TO trim those Of
the opposition, evidently with the
idea of having as big an offset against
the possible assessment on the stock
as possible. That they figured we'll is
apparent from the recently promulgat.
cd assessment
II is said that soma OF the stock
hoIders are not in the best financial
position 10 meet much OF an assess
ment but the small per cent called for
can undoubtedly be met by all
La the action before Mr.. Looney the
Trustee was represented by John Tracy
for Marquette, the Cleveland stock
holders of the Youngs faction by II.
Is. MoGrath of Cleveland, the opposi
tion by J N Martin OF Newcastle,
Ia. and the upper peninsula stockhold
ers by Thomas Clancy of Ishpeming
and N c. Spencer of Escanaba.
OWNERSHIP OF NINE NEXT
The question Of who owns the lease
of the Youngs mine is the next inter.
esting item. The Huron company
leased the property from the Youngs
Iron Mining Co, which concern mott
tied the Huron company of forfeiture
of lease, owing to the nom payment
OF royalty. The Youngs people sought
10 take possession when they were met
with an injunction and likewise the
faction which purchased the equip
ment OF the property were stopped
from removing IL by legal barrier so
that things stand in statue up at
the mine just now
In the meantime the question Of
title has gone TO the United States
courts and is liable TO 20 to the su-
preme court before 10 is settled The
property all the time lies idle and
should the litigation keep up it is
liable 20 remain idle for some few
years.
MCDONALD BEING STRIPPED
The movements at the Youngs mine
have no bearing upon the Mcdonald
minsAeRst OF this city nor upon the
Groveand mine in Felch township
Dickinson county 10 is understood
that the Lake Erie Ore Co., wnIct
concern dominated the Groveland be
fore the bankruptcy movement, ha'
the Groveland sewed mp and will tax,
il over IL IL cares 40 TO do.
- At the Mcdonald, where the futur,
outlook is not good. the machinery j
being removed, having been sold o.
the purchaser to q Mesabi range con
Germ which is opening mp mine upor
that range. The most of the machin
cry has already been loaded mp on cars
and will In short time be- entirel'
removed from the property.
While the machinery remained OF
the ground there was some hope TO
the Mcdonald but with the removal o
the machinery the last ray of hop
disappears and the property will soo
he numbered with the ss.beens