The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1924-02-13
NiCk1e Mine Is
Not Prosperous
RESIDENTS OF MORGAN COM
MIJNITY WONDERING WHAT
OUTCOME WILL BE.
(From Morgan Messenger)

About thirty or forty citizens Of
the Morgan community received
curt postcard announcement from the
Redwood Falls Mining Association re-
Gently which aroused memories of an
investment made a year ago. Had
the investment turned out as success
fully as many had hopes they might
be spending their leisure time OH
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 for
the meeting were received mere only
the day before the meeting was
held. The notices were signco by G..
r. Warren, secretary and stated that
the annual meeting was for the pur-
| nose of reorganization and election of
! 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 while at least.
/ The Redwood Falls Mining Associa-
/ tion was organized about year and
d half ago with August Boltz then Of
near North Redwood as president.
The purpose was to mine niCkle 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 OF 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 no
face value excepting their proportion
al share of the total Interests or total
assets. They are worcestershire.
Some OF the Beneficial Interests SOLD
around Morgan were marked as per
sonal stock of August Boltz." In
other words this was stock that had
been issued to Mr.. Boltz by the AS
ISOLATION of which he was president,
and was resold by him as personal
property. Whether this applied to all
of the stock sold about Morgan or
Only 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 and
the Beneficial Interests were sold to
develop the mines. Mr.. Boltz boldly
pl oclaimed the possession Of certifi
Gates from reputable assayei; in the
Twin Cities showing rich content Of
hickle in ore submitted by Mr.. Boltz
for assaying. After some stock had
been sold second batch of ore was
submitted to the assayers by Mr.
Boltz and the returns were Just as
assuring as the first and thereupOl,
the price of the stock was increase
go per cent or in other words from
Toe to 25c per Beneficial Interest, SC
it was reported.
Some time later a Morgan man
picked up rocks in the presence Of
Boltz from the same hole that Boltz
from and the core" was sent by the
local stakeholder to the United States
Bureau Of Mines, who reported back
that the rock contained no trace OF
/ metals. 1t was evident that Boltz
had a better eye for the nickie than
the Morganite did.
Things simmered along nicely until
! the State Security Commission took
hand Boltz was indicted for sell
ing stock without 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
lac drove luxurious Hudson sedan
with snickle trimmings, very high
priced car. Perhaps the beautiful
nlckIe 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 at
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" and
save themselves costs and trouble.
There was nothing done. Later the
i notes were sent to a Morgan bank
!. for collection, with no better success.
Now the stockholders, and especially
the signers of the notes, are wonder
IL Il