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Show , I;.!' t V SOUTH CACHE COURIER. HYRUM. UTAH ought to get for ordinary profits, which Is right the syndicate sells in market the 60,000 shares it had Lo Is another five per cent. Otherwise' and you and Angela and I h0ve "Oh I see I cried Angela. "Prove It I commanded Hilliard In- made a quarter of a million dolin without really risking a single cent! dulgently. Why, If the company Just paid five Because, as I said, we got our mo 1 per cent for twenty years, and at the rack right at the beginning." end of It, your ore was all gone, the Angela, who had followed the in people would only just have got their tricacies of the setup with the llvelie money back, and they wouldnt have Interest, turned pale ; and Cullens made any real profit at all sagged. Hilliard, returning his foul tain pen to his pocket with the utmost "So the said Hilliard. "Exactly! must company pay at least ten per nonchalance, had no more apprehen cent half for bona fide dividends and sion left in him, for Cullen had swal lowed the bait whole. Cullen, Avers half for depreciation." Man that he was a good enoueh his "Oho said Cullen, opening that the "Is big mining manager of his own small enterprise why Mr. Cullen. Its in every tree and ev- know that anyway. But the way things eyes. dividends? I but woefully Ignorant of the financial such pay big companies ery rock, and In every hill and valley have been going for the last year or world at large Cullen coughed rasn GETTING RICH QUICK. It was all clear profit I and under the ground. And Im afraid two, with all this speculation In the thought ingly. minof a The dividends sir. "No, Im Just enough of a realist to find metals, and all the fortunes that have Synopsis. Dick Morgan of Syra"Its a very pretty picture, but sup. to be to have high very companycuse, N. Y., a failure in life, enlistbeen made, sort of set me to thinking ing most of my own under the surface. the market never goes up? pose be attractive at all; they have to ed In the Foreign Legion of the To save my life, said Cullen, "I that with good, advice, you" will as soon as theres a dividend It French array under the name of make that Well, good depreciation. cant help thinking of that region as "I be" your pardon, said Hilliard In Henry Hilliard, Is - disfigured by thats inevitable. And even Mark Twain sort of country som- quickly. "Theres been mighty little we make the boys Incorporate, as I If itsight; shrapnel. The French surgeons stays pegged at seven or eight, on which ask for a photograph to guide them breros and and Vigilantes speculation In metals, Mr. Cullen; but said, for two million dollars, a theres huge profit for us, isnt in restoring his face. In his rage cent. show ten we can Ill per pay and stage coach hold-up- s and gold dust theres been a tremendous amount of there? against life he offers In derision a looks like. He what the setup you as a medium of exchange. I know Its speculation In stock. The difference picture postcard bearing the radiBut suppose theres never a wrote on the back of an old envelope: ant face of Christ. The surgeons childish, but Ive never been out there, between West and East; the differ$2,000,000 200,000 do a good Job.' On his way back to Capitalization and Its hard to get over what we ence between Insider nnd outsider; "Dont we know there will be? America he meets Martin learned at school. He surveyed his the difference between the capitalist shares at $10 each. I say we control the board of Didnt a New York broker. The Now, the company (and you must vaunted garden less arrogantly; the and the gambler is this the East, result is that Morgan, under the directors?" so we that far remember havent name of Hilliard and unrecognized fountain, which In his moments of the outsider nnd the gambler buy "But suppose you cant find brokers as Morgan, goes back to Syracuse had all the attributes of stock; the West, the Insider and the any official connection with It), agrees to complacence to sell a raining stock. He is deover and to the property, take pay the a geyser for him, was suddenly a capitalist buy mines. Buy them outtermined to make good. He tells Hilliard gesticulated broadly. feeble faucet, and the tidy lawn was right and develop them first and ex- present owners for It with 80,000 people of the death of Morgan. He "Why, as a matter of fact, we dont of stock, and it also agrees to finds in Angela Cullen a loyal deno more seductive than a window-box- . ploit them afterward. If theyre good, shares care very much if we dont I Thats fender of Dick Morgan. He meets to me and and sell the you Angela "The schoolbooks," said the West keeps them to Itself and commoner the Carol Durant, who had refused to method, and thats the Hilliard, laughing, have a good many pockets the profits; If theyre slinky, other 120,000 shares at a dollar apiece, marry him. She does not hesitate to our get way money back almost at of which we agree to pay to tell him that she had loved Morchanges In them. The West of the the West sells stocks to the East, and or $120,000, on velvet But If and then once, play In and half the balance in about cash, gan. Hilliard finds he still loves early eighties Is all. gone, the atmos- gets Its profit that way, and calmly Instead of working her and is tempted to confess. through brokers, miners steps out from under. The art and ninety days. phere Is all gone, the "Now then, we own 120,000 shares we were willing to tie up our capital are all gone ; you used to see some pic- science of underwriting . . fel: fill a little wed make considerably "Now you Just wait a second," In- for which weve paid, and agreed to more longer,In turesque sights even ten years ago, but the long run, as you money CHAPTER VI. Continued. nowadays you best realize how the in- terrupted Angela, who had been fidget- pay $120,000. That Is, . weve under- can see. Wed advance our plainly these a a for written shares dollar dustry has changed when you see ing and playing with her wrist watch. hundred and twenty thousand dollars, T11 have to admit and down In the an half amount. work of for "Dad Mr. paid apiece, said Hilliard couple Hilliard! This is awfully pals hunting wait until dividends could be declared, lightly, "that the odds are on the side auto drive up to a camp, ask for a Interesting, but dinners In Just a few Now lets begin to look at It from the and then get the stock listed on the of the experts. But as for the roa Heres ob, get It, park the auto, take the minutes, and mine publics standpoint. to feed It out to the curb and begin' mance He smiled at Angela and tools out of the delivery body on bePlenty of time," said Cullen, wav- with plenty of ore; and a company public through a fiscal agency. Thered Imon hand to begin wondered If he dared begin so soon to hind, and pitch In. And you can Go with cash enough ing her off. "Plenty of time! build up the framework of his mission. agine the other changes that accom- ahead, Mr. Hilliard. This Is too good producing at a profit very soon al- be twice as much in It for us, but we be In that perfectly delightIve been telling Angela that Its pany that one. Of course, thats es- to miss. Smoke a cigarette for an though nobody pretends that Its ac- wouldnt ful of owning a lot of valuable position we but now. of get It has $60,000 Arizona, mostly hard work. Once in a while pecially typical tually producing appetizer? stock which literally hadnt cost us In the bank, and another $60,000 due you do run Into something lurid, of It in Montana, too. Im not saying that deThank you. Hilliard, having of Or, course, we could offer anything. becourse romantic, If you want to call the color has gone out entirely, cided to take complete advantage of In ninety days. It can go ahead and some of the s to our shares It so. I remember one bit out of my cause It hasnt, but In the old days the the contract for and workmen, machinery marshaled present opportunity, a and reimburse at fair movprice, own experience, Angela had dropped West was the West, and now Its salient details as he held a match for and it does, and you and Angela and ourselves that way. knowing that its are still the papers, and was listening as close- ing East as fast as it conveniently can, his host. "Well, I owners the former letting can show perhaps I ten or fifteen, we wouldnt feel ly as her father. A few years ago so that If you want to get the pure you best by an actual manage it, but since were In control worth Im example. about It to personal very guilty have some friends of mine bought up an old spirit of It, as It Is today, youll out of the as I said, of the stock, we either elect ourselves acquaintances at selling or nine, would eight abandoned property out In the Butte to go down to Wall street. Thats but I was game entirely, as or elect other people directors, invited a day or two ago we? Why not when we know for a region; bought It for a song, and It where It lives. to Join a New York syndicate In whose names carry weight with the that it ought to go up to fiCulMr. was a very quiet peaceful little song mused "Mining mining! a property I appraised my- public, so that we can always direct certainty fteen? bless us for it! at that, because metals had been dull, len. "Sounds adventurous just to say financing Theyd the see that Its general policy, and self In 1914. Its owned at present by and "But the main to continue the metaphor my It."' He gazed at the fountain. and point ; the staggering careful conservative. From every four boys with a apiece. about It, Is " friends werent In particularly good "And no industry Is less understood thing financial and the then, angle, moral, so even by Intelligent men, Mr. Cullen. They cant finance It themselves, voice just then. But after theyd tak"Is that If the public gets ten or fifto venture looks like a big success. So en title, they realized that As a matter of fact, the public doesnt they need help, and theyve come teen per cent dividends," said Hilliard, theyd only Wall street and whispered their se- you and Angela and I go to a good "or sung the first verse of the song, and even understand most of the common- cret or to buys at ten and sells a few dollars a broker, of brokers, and through a megaphone. Now sup- make them a group It thinks Its lucky ; and in the there were, a lot more verses and a est terms. The buying public doesnt conhigher, We proposition. pose, just to make all around, vince the underwriters make anymeantime, pretty strenuous chorus. There was even know what It is buying. Thats that you them we of we the value have; and I and Angela are to form a shaft to be unwatered and a lot of why Its so easy to sell worthless a to a thousand per cent, and them let up send out own their thing engineers syndicate to underwrite the com- to make a timber-wora few months. And Ive to be done; they were in stock. it la get of as and evidence report,' He was sustained by the repany. Oh, Mr. Hilliard I for a big expense, and their credit had known some of these syndicates to we all their faith, good expenses; pay "For Instance, he said. "I spoke of flection that even though he came in we let them go over our books. Every- turn over In a few days. tucks In It, and the outlook wasnt any too rosy. But thirty yards from the a certain number of tons In sight, and the guise of a mountebank, there was things fair and square and above"Oh, I want to do It I said Angela wares main workings there was a fairish thats one of the very commonest ex- nothing dishonorable about the board. And we agree that these bro- ecstatically. "I want to do It Dadl sort of tunnel, with the start of a pressions In a fake prospectus. I sup- he had brought to sell. kers will take some of this stock off Lets be a syndicate and go out to said Angela, joyously, our hands to sell to the public (be- Montana until Its over I Come on I winze thats a blind shaft running pose you know you couldnt see it, ' Oohl "Thanks! down obliquely from a horizontal tun dont you? cause theyve got a selling organiza- Lets 1" Hilliard laughed cheerfully at I Simultaneously her father gave her tion already established, and plenty of her. no said blankMr. Cullen, nel and It pointed straight toward "Why, a little frown of affectionate remon- customers who look to them for adthe main shaft, and It occurred to ly. "Couldnt I? In this particular case, he said, "You them that they could continue that might actually see a few thou- strance, and Hilliard gave her a little vice) and Its agreed that theyll pay "the syndicates about half formed. smile of affectionate esteem. us say, four dollars a share for what winze another few feet, strike their sand dollars worth." final, but Its pending. And It Now, the boys who own it, said they think they can sell. The brokers Nothing main shaft about the hundred and "Why, said Angela, surprlsedly. I so good that I donbt if any Is good fifty foot level, and save a lot of labor thought it stuck right out on the walls I Hilliard, "ere In such straits that we then do some advertising,' send out layman could break Into It with a cold and expense that way by getting a In gobs I And you knocked it off with can practically dictate our own terms. their circulars and bulletins and chisel. Again, he excused himself on I dont mean to imply that wed take pamphlets to their customers, and sell clean approach to the, shaft instead a pickax! And shoveled It upl" of salesmans license. "But the ground of taking a lot of bother with it In its "Not, exactly that," said Hilliard too great an advantage of them, but that stock to the public for anywhere thats the fundamental, Mr. Cullen defrom six to eight dollars a share; That thats how the decrepit condition. Well, they began kindly. "Sometimes you go at an Ore its a plain case of supply and thing la done, and thats Interested were and naturally to go down that winze, and Inside of body with steam shovels, and other mand, is, the public Is glad enough, when the how the public carries the whole burten feet they struck a brand new and times you dont. But when you remem- In a bargain. We go over the mine prospect's a good one, to pay seven or den of financing, and doesnt know unsuspected vein there hadnt been ber that three or four pounds of cop- very carefully, and find that although eight dollars (because every sharesi it any outcrop showing; it was sheer, per to every hundred pounds of rock It Isnt actually producing any copper going to be worth ten) for what cost He assumed an attitude of easy ununadulterated luck. Then they had means a very handsome profit, If your just yet, because the owners ran out the broker four dollars, and cost us concern. Angela, her breath coming credit they certainly did I To make costs arent excessive, you have some of money before they could get that one dollar which weve already got was regarding him with awea long story short, they pawned their idea of how little you could knock off far. It has enough ore reserves to back from the brokers, and weve still rapidly, struck eyes. Mr. Cullen, his mouth futures, and begged and borrowed ev- a wall. No you tear down tne wnoie guarantee at least ten thousand tons got the half of those 120,000 shares of drawn to a perfectly straight line, was a year for twenty years, provided the ours left besides ! So ery penny they could lay their hnnds mass. You go at It wholesale." heres the final gazing spellbound at the orderly array Is bought and put on, and they developed that property balance sheet! He hastily totaled of figures on the envelope. "What I meant by romance, said necessary equipment to the last cent, and when they had Mr. Cullen, "wasnt necessarily luck. Into operation. That tonnage, with the the list, and handed It over to Cullen. "And this Is a genuine mine? he perhaps two hundred thousand or so And besides, this yarn youve just told price of copper- where It Is now $2,000,000200,000 shares at managed presently. tons of four per cent copper In sight, us doesnt illustrate what I call a around thirty cents and the cost of Capitalization $10. In my opinion, its a very wonderIs what It now, and other were production Indicated ore reserves business proposition. What Im tryand there beStock paid to Individual ful prospect, said Hilliard, and he of another half a million tons, they ing to get at Is that youve got an oc- factors what they are now would owners state80,000 shares solemn that word of lieved every sold that property to a group of New cupation that Isnt a one eventually mean a net profit of about Stock sold to syndicate for . 120,000 shares ment Yorkers for an utterly phenomenal like the average. Theres breadth to a quarter of a million dollars a year. 1120.000 ana the folded envelope, Mr. Cullen So we first have these present owners price, without ever having so much it vision. Theres drama. Theres Total 200,000 shares as though too cautious organize a corporation, capitalized at as touched the original shaft for which the outdoor side to It. Theres Of our 120,000 shares then suddenly, his to profound absorption two to sell betray million dollars. We brokers 80,000 shares theyd bought the property "Dont forget," Hilliard warned him, had been he betraying frankly (which Cullen smoked and looked violently, Ouch! said Cullen, and "Good- "that I purposely gave you that Illus90,000 shares for at least twenty minutes), tossed It Leaving We give brokers a two year ness I" said Angela. tration, and I think youve missed the puzzled. back to Hilliard. "Youre getting out of my depth. option at $5 apiece on 20,000 shares And, said Hilliard, smiling remimoral. It was a business proposition. How When youve got a syndicate that ,u do at arrive you that? he niscently, If the original owners had My friends bought the mine for the 70.000 shares let me in for say, thirty cents, Leaving "Thats so as to insure ten per cent We pushed that winze for a couple of days values they knew were there. Theyd pay lawyers, experts etc. 10,000 shares said, with elaborate humor, just pass more than they did, or if my friends have made money If theyd gone ahead dividends. And the mine can pay ten will you? 60,000 shares along the good word, hadnt decided to go at the problem unwatering and timbering and develop- per cent, provided we can arrange to Leaving with my business to do never "I try tn exactly that way . . . well, as I say, ing the old shaft so that It wasnt get the capital. You see, Mr. Cullen, "And that balance of 60,000 shares, friends, said Hilliard, with the most whats one mans romance is another all bull luck, not by any means. And a copper mine Isnt like a factory, and he said, belongs to us three. The delicate touch of reproof. mans tragedy. My friends got their I claim that - the romance and the you cant figure It the same way, be- brokers are making a market and esInvestment back In something less than drama and the excitement Is In the cause a factory runs on Indefinitely, tablishing a price ; and in order to profour months, and after that It was vel combination- of business sense with and if you simply replace the ma-- tect themselves, they cant afford to vet. And the selling price was In the that wonderful possibility of accident. inery whenever It wears out, theres let the stock sell under the price neighborhood of two hundred times You dont go In at random; you use nothing to prevent the same plant theyre charging the public because what theyd paid for It. Thats min- your best judgment, and expect about from keeping on making the same sort if they did, the public wouldnt buy And Indeed ten per cent on your money and Its of product for a hundred years. But the rest of what the brokers have up ing history, Mr. Cullen. to CTO BE CONTINUED.) about the chance of getting a thousand per every pound of ore you take out of a sell, but fabrication and was the It only it in the open marbuy theyd Jt was Hilliards claim of friendship cent that keeps the game alive. Some mine leaves that much less for the ket. So the brokers protect the marTraits of the Grizzly. for the lucky owners. This, as he as men dont even get the ten . . . future, and eventually your ores go- ket. by whats considered perfectly The rarely hibernates, prefergrizzly lured himself, was salesmans license mighty few ever get the. thousand. ing to be all gone. And if this par- legitimate means, although some folks to prowl the forests in the winter every successful operator Is a Im satisfied, and more than satisfied, ticular mine Is going to be exhausted call it manipulation, and they keep the ring He is a meat eater, as well months. that the gods have been good to me, In about twenty years, tt stands to price up by main strength until the friend" of any salesman. of honey, roots and eg. fond as being reason that lty being exhausted at the first dividend Is Cullen nodded thoughtfully; his and put me somewhere In between. and after that and usually kills his own food. Two paid, or five per cent, "I suppose for the people on the In rate of eyes were bright Angela was alterdont have to worry, because now cubs come to the mother bear In her him with Indulgent side, snld Mr. Cullen, a mining prop- a year. You mast take that always they regarding sees what a good thing It lst den among the rocks, and she Is Innately everybody mesosition Is just as safe and businesslike Into consideration. And therefore, and flocks in to take pity, and sending advantage cf it, sanely courageous In defense of them as anything else. The trouble comes every stockholder Is entitled to get and the sages to Hilliard. Jump up to twelve quotations In knowing when a mines a mine, and back at least five per cent of hia or fifteen. "Where was this in Montana? bade money Everybodys Before Paris became the mistress of Near Butte, when Its a swindle, and I guess yon moi.ey each year to cover that de- the brokers have made "Silverbow county. the theirs; pub modes, Milan gave the fashion to the tea inert Is romance In that country, have to be a metallurgical shark to preciation, in addition to whatever ha lies making theirs ftud when the price world; hence the word milliner.' 1 1 i 1 - dJvt-den- Har-mo- n, te old-styl- e personal-friend- shoe-strin- g il-cle- ar k 1 . .V - , I - t ' ? ',V ' 5 cl h, Wt |