The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1924-02-13
NiCkIe Mine Is
Not Prosperous
RESIDENTS OF MORGAN COM.
hlUNITY WONDERING WHAT
OUTCOME WILL BE.
From Morgan Messenger)

About thirty or forty citizens OF
the Morgan community received q
curt postcard announcement from this
Redwood Falls Mining Associa zion re-
| Gently which aroused memories of ar
! investment made a year ago. Hac
! the investment turned out as success.
fully as many had hopes they might
be spending their leisure time OIL
Broadway but as it is none of them
were there for the annual meeting
which was held at BOT West Broad
way. Minneapolis. The notices fol
the meeting were received here only
the day before the meeting was
held. The notices were signco by e.
I r.. Warren, secretary and stated that
the annual meeting was for the pur-
pose of reorganization and election oil
trustees.
Whether the Morgan stockholders
were crowded out in the plan OF
reorganization does not seem to be
worrying them very much apparently
for the local stock was not represent
ed at the meeting. Those who have
paid in their money have probably
kissed the gold eagles goodbye, and
those who gave notes expect to "stand-
pat" for a while at least.
The Redwood Falls Mining Associa-
ton was organized about year and
half ago with August Boltz then OF
near North Redwood as president
The purpose was to mine niokle sup
posed to have been discovered on Mr.
Bcltz's farm along the Minnesota river
IN that vicinity.
The organization was perfected
under the common law of the state
and Beneficial Interests" were sold
Fifty Beneficial Interests Represented
fifty dollars in stock in the mind OF
the purchaser whether or not they
were represented as such. These
Beneficial Iterests were SOLD at a
traction of what they were supposed
to be worth although there was nc
face value excepting their proportions
al share Of the total Interests or tota
assets. They are worcestershire
Some Of the Beneficial Interests sole
around Morgan were marked as per
sonal stock of August Boltz." l.
other words this was stock that haC
been issued to Mr.. Boltz by the AS
sociation of which he was president
and was resold by him as persona
property. Whether this applied to al
of the stock sold about Morgan OF
Only a percentage Of it is not known
The grounds for the organization
OF the Mining Association was MI
Roltz's claim that he had discovered
valuable nickle ore on his farm an(
the Beneficial Interests were sold tt
develop the mines. Mr.. Boltz boldly
p1 oclaimed the possession OF certifi
Gates from reputable assayei:; in tn,
Twin Cities showing rich content O
nickle in ore submitted by Mr.. Bolt
for assaying. After some stock hat
been sold second batch of ore wa.
submitted to the assayers by Mr.
Boltz and the returns were just a.
/ assuring as the first and thereupol
the price of the stock was increase
$50 per cent or in other wofdS from
loo to 25c per Beneficial Interest, 81
it was reported.
Some time later Morgan MAJ
picked up rocks in the presence o.
Boltz from the same hole that Boltl
was supposed to get his sample ore
from and the lore" was sent by the
local stakeholder to the United State:
Bureau of Mines, who reported bach
that the rock contained no trace oil
metals. 1t was evident that Bolt2
had a better eye for the nickie than
the Morganite did.
Things simmered along nicely until
the State Security Commission took
a hand. Boltz was indicted for sell
ing stock without a license. He was
fined and this put quietus on furth-
er sale of stock. About that time
stockholders began to get uneasy.
Boltz left North Redwood and it
is said moved to Minneapolis.
The last time Boltz was in Morgan
l.e drove luxurious Hudson sedan
with .nickle trimmings, very high
priced car. Perhaps the beautiful
MCKEE trimmings were intended as an
advertisement for the nickle mine.
1t was said that at the time the as
ISOLATION was organized the Boltz
farm was heavily mortgaged. Those
who bought stock supposed that some
of the first funds would be used in
clearing up the land so by no chance
could any of the mortgages step In
and gobble up the nickle mine. Boltz
seemed to have overlooked this pos
sibility, and left the community with
out clearing up the debt.
Estimates of the amount OF stock
sold vary greatly. Stock was sold
In many communities. There are be-
tween thirty and forty persons here
interested. it is thought, ard while
the individual holdings in most cases
are small, running from fifty to two
hundreds dollars, in one or two cases
they mounted up to five hundred dol
lars. However, only those who paid
cash, are out their money so far
Some gave notes. The Mining off
Gals attempted to discount notes a,
the time and get the cash, but it is
thought did not succeed very well
Signers of the notes, it IS claimed re.
fuse to pay.
Several months ago they received
notice from Minneapolis man say
ing he had bought the notes and urg.
! ed the signers to "come across" anf
save themselves costs and trouble
There was nothing done T.ator ~.