The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1917-02-08


even though the dream steamers have
been converted into little tug boats
the stockholders of the Kenosha Gold
Mining Company met at the Offices OF
Buckmaster and Hammond on Thurs.
day night and confirmed the contract
made some time ago by the board OF
directors for the sale of the property
of the Kenosha company to j. M. Duke
of San Francisco. Duke has made
two offers to take over the property
in Grass Valley, California. One of
them is that he will pay to the directors
the sum Of 100000 in five years and
the other that he will pay $4,000 for
the property before the end of one
year, The propositions were both ac-
cepted by the stockholders and Duke
lis to get the property for $4,000 if
payment is made on or before the first
day of next November. IF the prop
erty is not paid at that time the
one hundred thousand dollars is to be
accepted with the five year clause. A
large majority of the stock of $4,000
was represented at the meeting and
the action on the confirmation Of
the contracts was unanimous. Duke
is now working the mine under an OPP
ton to purchase.
Probably more dreams have been
built about the success of the Kenosha
Gold Mining Company's operation than
about the operations of any company
ever organized in Kenosha or financed
by Kenosha men. In 1906 George w.
Root came out of the Grass Valley
region to Kenosha with stories of the
wealth which was to be taken from the
streams in the valley there and his
story appealed to the people of Keno
sha. The company was chartered by
the state of Arizona and more than
$150,000 worth of the stock Of it was
sold. Most of this stock was bought
by Kenosha men and it is declared
that there is at the present time some
sixty stockholders of the company IN
Kenosha. The stockholders have long
ago given up hopes of recovering all
the money they invested in the mine
and the business of the corporation has
been handled by the members Of the
board of directors who from time to
time have advanced considerable
money in order to keep the object go
ing. Duke came along and looked the
property over many months ago. He
saw a possible future in the property
and made an agreement with the board
of directors to work the mine with the
understanding that he would be given
an option to buy at the figures named
in the contract which has now been
ratified by the stockholders. 1t is prob
able that close to 100000, mostly Ke-
nosha money, has been invested in the
development Of the mine. Only
small amount of gold was ever taken
from the mine and of this the receipts
were expended in paying some of the
bills which had been contracted to
continue operation.
The failure of the mine to prove a
bonanza was great disappointment
to many of the stockholders as the
rosy future predicted with the organi
cation of the company had caused
many of them to have visions Of great
wealth. The present disposition of
the property was brought about by the
desire of the board of directors to get
the matter cleaned up even if they
were forced to lose some of their in
vestment. The board of directors is
composed Of William F. Fisher, T. J.
Dale, W. J. Birmingham, August
Piper, E. Z. Bailey, Thomas Hansen,
Fred Larsen, w. F. Howard, Fred Per
kins, Edward Koos and w. F. Bose.
eve are holding out no hopes to
the stockholders that they will receive
any great returns from the sale of the
property" said Attorney A. E. Buck
master this morning. ''They under
stand that only small amount can
ever be paid to the stockholders and
that these contractors will simpl
make it possible to close up the busil
ness and get through with it. I would
not venture a guess as to what per-
centages of investments would be
available for the stockholders, but it
viii be very small"