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THE SUMPTER MINER
Wednesday, February 3, 1904
C.B.WADES
TROUBLES.
Bankruptcy Proceedings Forced Be
cause Trustees Played Favorites
Among Creditors.
One Stockman Handed a Note For
$7,000 Instead of $40,000
in Cash.
Peoplo hereabouts regret t0 oarD
of C. II. WwIo'h accumulating finan
cial troubles. Ho went into miniug,
played (lit) game llku h thorough
lired, acted straight and wliitu with
IiIh associates, lint couldn't cash iu
in tlmo to avert tho wrock. Regard
iiiK lute development the Herald
says:
OreditorH of O. II. Wndo, tho re
cently depoHed cashier of tho First
NhMouhI bank, of Pendleton, with
claims UKKreKdtluK 150,000, hiive
tiled h petitiou iu the United Stated
diHtriut court nuking that Wado he
declared 11 bankrupt und thut his
financial iilfairH lie taken from tho
trustees natned In IiIh assignment and
placed in charge of a receiver to bo
appointed by tho court. Sorvlco
wiih made on Wade at I'ondlotnu Hat
urday. The petition Ih tho outcome of dis
satisfaction with tho management of
WiiiIo'n alfairH by T. C. Taylor and
V. F. Matlock, tho trustees whom
ho doHigiiatod iu IiIh iiHHlgniuout a
few wcokH ago. Tlie potitlou openly
churuoH that tho claliiiri of pruterred
creditors have been mot without pro
portionate Ht'ttlomout of other claliiiH.
It iiIho declaroH that at tho time tho
triiHtoori took tlio alfairH In hand
iihhoIh of 150,000 wore available.
Now, it deolaroH tho aiiiouut Iiuh con
siderably dlmlulfihod and that llabll
Iti'H to tho extent or SIIOO.OOO have
loomed up.
Tho petition polutH out the fact
that utter WuiIo'h alfairH were turned
over to tho tiuwteen, Wudo .V Co.. nf
which linn Wade Ih alleged lo be tho
principal partner, executed a chat
tel mortgage to the Flrnt National
Hank. Tho mortgage wiih for 1-,-500,
and wax muilo on livestock and
farming ImplemoiitH owned by Wado
A Co. It Ih alleged that the mort
gago wiih to satisfy a claim by the
bunk, and that by tho Issuing of tho
mortgage the bank wiih made a pro
feired credllor.
The laigest individual claim
agaiiiHt Wudo Ih that of Joseph Vey,
an illiterate Htockmati, who supposed
that he hud an account of 10,000 iu
Wade's bank, but discovered thut ho
owed a note of 7,000 liiHteud.
Another heavy claim Ih that of the
Craig cHtatc, of which Wado wiih the
admlulHtrator. Tho Umatilla county
coirt Iiuh called for a tllntrltiut imi of
11. (Kit!, hut Wude Iiuh no money
with which to meet the demuud. 1 1 Ih
bondsmen are threatening prosecu
tion iih a icnult.
All ot Wudo'H creditor are clamor
iug for an iuiuiediute settlement,
while a number Insist on bin arrest
and crimiuul prosecution. In tho
meantime Wado Ih making prepara
tion fbr an extended tour of F.oropo,
much to tho chagrin of the people
whom he owch. Tho creditor for tho
most part are widows and orphans,
with aggregate claims of 170,000.
Wade departed Sunday for the
Sandwich Islands. The train to the
west stopped at the edge of Pendle
ton and took him on board to escape
a crowd of curious people at the
depot. Wade is a physical wreck.
STOCK MANIPULATION
WILL RUIN A 600D MINE
The lioston Journal for investors
publishes the following significant
hostory of un unnamed mine, that
Hiiggests a caso or two of local stock
manipulatien:
It occasionally happens that the
price of a stock may run to a low
flguro without any apparent reason
therefor. We have in mind the case
of a company which purchased a
splendid property and paid for it in
stock until the company was on a
solid fluauclal basis. The property
whh devolop(TF'at tin expenditure of
many thousand dollars, a mill was
erected and production begun. Ex
cellent results followed and the
price of the stock rose rapidly from
20 cetus to 50 conts, there being
many purchases ou tho curb at 45
cents. Whon the persons who sold
the property found this out they
began immediately to unload. The
lurgo stockholders and tho officers of
the company attempted to cover these
sales for u while, and did succeed
in taking euro of about 100,000
shares. Still tho former owners of
tho property kept on forcing out
their stock until they put over
1200,000 shares ou the market. As
a result tho price dropped Htoadlly
from 45 centH to betwoeu 8 ceutH and
10 ceutH a share. Then, frightened
at the result of their own actions,
thoHo sollorH begged tho otllcors of
the company to do something iu
order to prevent tho wholesale raid
ou tho company's shares. The
otllcers of tho company explained
to thoHo men that thoy weio paying
for their own fool hiirdiueHn
and that nothing could bo douo,
although, as a matter of fact, it
reorgaul7iitlon was Dually elfected,
and In time the company will un
doubtedly continue to prosper.
Any Inventor who was fortunate
enough to buy up any of thin ntoek
at eight cents or ten cents per Hharo
will undoubtedly prollt largely by
tho trauHiiction. although at the tlmo
it was doubted If they would bo sue
ccHHful In getting their money back.
Of course tho situation was a little
hard ou tho original Htockholdors,
but they will secure good leturus in
tho future, because of the excellent
manner hi which the alfairH of the
concern are being conducted.
LOOKING FOR A
MINING PROPERTY
(i. W. Hoggs, the mining man of
Tacoma, IiIh sou Kay and It. A. Marr
left this afternoon to drive through
to tho (ircuuhorus, to examine min
ing property iu that district. Mr.
lloggn represents eastern Interests
witli an abundance of capital and it
is understood that an important deal
is under advisement, though nothing
di'lluito 1m known at this time.
Mr. ltoggs is known to be looking
for a property for his peoplo to take
hold of, and he states there will be
no ditllculty iu tluauciug the right
sort of a proposition.
SAMPLING WORKS WILL
NOT MOVE TO 6AKER
"The Surapter Sampling and Test
ing Works will not be moved to
Baker City as reported," says John
Arthur, of MoEwen, Arthur & Mc
Ewen, who returned today from the
sister city. "I do not deny," con
tinued Mr. Arthur, "that we have
been made a flattering proposition by
Baker City, but different arrange
ments have been made, and we will
stay in Sumpter. Aguiu, I do not
deny that the matter of moving to
Baker has been under advisement,
but it has beon declared otf. The
trip east of my partner. A. L. Mo
Ewen, has cbauged tho situation to
a great extent, and we will remain to
await developments.
"In this connection I should like
to state that there Is a vast difference
between tho business men of Baker
City and those ot Sumpter. The
general impression has obtained that
there was a decided lack of har
mony among Baker City business in
terests, and that each man was knock
ing every other man engaged in a
different line. This is not the case
now, whatever may be said of former
conditions. The Citizens' League
represents a concerted, harmonious
endeavor to bring business to the
city, and whenovor a plausiblo propo
sition is presented the League is out
for it to a man. If thero aro knock
erers I failed to encounter them. I
thought how different ia the situa
tion in Sumpter I Sumpter, the town
of all towns which most needs a busi
ness men's club, on account of the
mineral wealth of the tributary
country and tho varied Interests in
this respect, is entirely lacking.
Thore is no ooucorted action hero iu
the matter of bringing capital in.
Every mini is trying to engineer his
owu little game, regardless. I don't
mind statlug that my intoiests hero
Call for ii town of less restrictions
and further I make no bones of say
ing thut 1 havo in udo investmouts
elsewhere for the simple reason of
existiug conditions horo. Shortly I
will open a danco hall and gambling
rooms In Bourue, across tho creok,
becaiiHo that town is profiting by the
pay roll which whould naturally come
to Sumpter. If It doesn't come hero
it is my policy to move to it.
"But lot mo say this, my faith in
Sumpter Ih great. I havo evory rea
son to believe that tho railroad to
liouruo willjbo built, and this Is cor
thinly a big thing for us. This is
bound to become a flourishing place,
but at tho present tlmo if wo would
exhibit a little of the ambition of
Baker City in the organization of a
business men's club, for the purpose
of working in union and concert, It
would be vastly better for us."
"PROMINENT CITIZEN"
USES HIS HAMMER
The Baker City Herald of last
evening quotes at length some un
named "prominent, citizen" of that
plaoe relative to the sale of the Red
Boy, as ordered by the court, knock
ing the transaction to beat the band.
In closing, the anonymous crltio
says:
"But there is one thing certain,
the Red Boy propeity will not he
butchered by the sale that is ordered
to take place within the next 00
days. There are men behind the en
terprise who have money and tbey
will not stand idly by and lose what
tbey have already invested in the
Red Boy. Tbey have acted slowly In
the matter since the suit was begun,
because tbey did not believe and
could not realize that the men who
are pushing the claims against the
mines would do so.
"Tbey have at last gotten in full
possession of the facta and stops will
be taken at once to place eminent
counsel in the case and see that all
irregularities are looked into, and
that the case will be taken to the
United States courts it necessary
the Supreme court if it la necessary
to stop the spoliation of this valu
able proporty, and the loss of thou
sands upon thousands nf dollars that
these eastern investors have put in
the property.
"The fight ia coming and it will
be here long before the sale of tbe
Red Boy under the present order of
tbe court."
FRENCH WASN'T IN
BLACKSMITH SHOP
K. C. Fisher, who was working at
tbe Platte group, in tho Rock Creek
district, wbou the explosion occurred
the other day, gives another version
of the affair which eliminates some
of the moro Interesting features, and
places Al French on the piano of
ordiuary mortals. Mr. Fisher camo
in today Ho says:
"It is a mistake that Frouch was
in tho blacksmith shop when the ex
plosion occuned. 1 was with him
aud wo were both in tho tunnol,somo
fifty feet from Its mouth, wheu the
powder ou tho dump exploded. If
Mr. French had been In tho bluck
etiiltiisliop, as stated, lie would have
been decidedly n thing of tho past.
His chances of life would havo been
practically eliminated, us everything
iu sight wus blown to pieces"
WORTH READING
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NORTH AMERICAN MINER
WHEELER & CO. Bankers 32 BROADWAY, N. Y.
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