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Show YOUNG CLUB II I FORCED TO WALL E I I) avid Kennedy. Son of Medi- cine Man. Sinks $250,000 ' "; in Gold Mine. LACK OF EXPERIENCE PROVES HIS UNDOING ' It Is Said That He Owes Local. H Banks Approximately !-'' v-r. . . . .n-r , i 'b Mv personal belief i? that pH 1 v David Kcnnedv is honest, and -I- i, i never had the least intention in r : IH the world of wronging anybody. r , j -I He did what practically every j I ! man would do when ho found -j . j v himself so hard pressed that ho 4 , ' v i did not know which way to -b j. j 'b turn got credit where he could. r" I -I The entire trouble, in my opin- 4 i 'b ion. can be summed up absolute- j j 'b ly to inexperience and l!k of 1 'b HusinocS judgment. Statemont , i ; -b of d .W. Edmunds, former re- ;. f j -b ceivcr of the Lincoln Mining -h : company to Thc Tribune. J HB j David Kennedy, known in the very j. highest social circles in tht3 . city, a-- ; polished gentleman, son of a man who JBb had made his -millions through manu- , facturc of patent medicines, a club man who was respected by all who knew him, and a man who, by his sunny HBV disposition, made friends easily, is to- 1 dav before the public eye in a differ- ent light from that previously occupied . BBV by 'When Mr. Kennedy was a resident of HBa this city, where he moved in the cxclu- HBa sivc social circle? and lived at the S HBa University club, it wa3 supposed that . IBa ho was a millionaire. Today his friends IBa nnd the public have cause to bclievo t HBa differently, lie had great hopes, and l HBa stniggled against tremendous odds. For HBh a time he seemed to be in a fair way" v ' HBi to win success, but his plans didn't mri- HBi hire as he had expected iliey would, 1 IB and ho failed. HBh Today he owes thousands of dollar. 3 HBa The exact amount is not known, but in t IflBa his endeavor to make the Lincoln gold c J tninp. which, he owned, pnv, he is- said HHl lo havo sunk over $2o0.000. His fight : t BBJ to save his mine was a gallant one. and. 1 HBa like other men who find themselves up 1 HBa against it, he sought credit wherever 3 HBa he could. This was extended to hint IJI readily, and he borrowed from different . HBb Salt Lake bank? a sum npproximatiue fljVJ $100,000. "Whether these banks will I ,take any action to recover the amount , X HHb of his indebtedness to them or not, HBb merely a matter of conjecture at the I 5 HHl present time. 5 HBa The trouble which Kennedy is now HBa facing, and which he keenly feels, rc- IHl suited from a desire upon flic part of IHl his father' that one of his two sons be- r HHl come a mining man. Dr. Kennedy, who HBb made his fortune in the manufacture u HBl and sale of what i? known as Dr. Keu- 0 BBa nedy's Favorite Remedy, left a largo c HBa estate, upon his death, to his widow. . r This was to be divided among thc four , HBa children, two sons and two daughter?, 9 the widow to receive a life income from - HjB Conies West to Mine. 2 One son was to continue the business, 5 while the other was to entor mining, and this fell to the lot of David Ken- - HB nedy. lie entered tho west fresh (i " HBi from college, and sought to carry out HBl the wishes of his father. After a" tima HBl he bought, what he called the Liucoln 1 HB mine, located al Pearl, fda. For a timo D HHJ all went well. Gold was found in con- 3 HBi siderahlc abundance, and an immense 1 HBi mill was erected, a three-compartment HHJ shaft was sunk to a depth of -100 feet, '' 3 HHJ and a splendid hoisting plant installed. L 1 HHJ Numerous other buildings also wcro ' HHJ erected, and Kennedy seemed to bc on ' HJ rho fair road to a grent fortune when HHJ the swelling of tho earth caused tho '3 'HHl drift? to cave in. and then thc rcai IHH struggle began. Things seemed to go " HVJ from bad to worse, until last April the HJ mine passed into the hands of J. "W. 3 HH Edmunds and Thomas Tvcir, as re- ; Hfl ceivers. HHl Mr. Edmunds was seen hy a repre- y HJ scntativo of Tho Tribune at. his home 1 HH Wednesday evening, and from him is HH was learned that tho mine was sold ? HH three or four works ago, after having ' i' HH been up for sale eight months, for, HH .540,000, to thc laborers and material HH men who had claims against thc prop- HH erty. Their purpose is now to develop j HJ the mine until the ore bodies arc again l' HJ reached, and then open it up for bust- HJ urss on as large a scale as is in keeping HH with u'ood business. HH "The ore bodies are in brokon or b HH swelling ground," said Mr. Edmund?, o HJ "and the capital mistake was that they f HJ went into the vein on all four levels. o HJ instead of driving into ihc foot rock. ' o HH Thc swelling of the earth caused the a HJ drifts to envo in. A lot of money wn? ; r HH expended in an effort to keep theso .) HJ open, but as rapidly as they woro ;. x HH cleared thc earth swelled. n"nd the drift? f ;, HJ again collapsed. Thc earth rises and ' n HH falls to such an extent that thc tracks . 1 HJ arc forced out of shape, and a force or '. v HJ men is necessary to keep the tracks 1 HJ straight. I don t know who was rc- - 1 HJ sponsible for this. but. somebody was, - 1 IHH and there can bc no gutting nway from HJ HJ Fortune Taken Out. ' HJ "A vein does exist there, and alroadv I' over$200,000 worth of gold has boon j1 HJ taken out of this mine and the coiicen- - HH t rates shipped to this city. Financial HJ troubles arose as a result of the cave- 1 HH in. aud it was impossible for Mr.' f HJ Kunncdj to begin all over again- and r HJ have the work done as ir should have , HJ been. 1 do not believe that Mr. Ken- HH nedy is dishonest in any way. .Ho HJ got' into ditliculty entirely through iii- f HJ experience and u lack of busine'ss judg : H incut. That, in my opinion, sum's up ' ' H ; the entire matter. , 'The preferred claimants, that is, the .' (. Continued on Page Two, - t HH YOUNG CLUB MAN FORCED TO WALL Continued from Page One. I laborers and material men, who had ! claims against the property, have purchased pur-chased it for the amount of their holdings, hold-ings, or about .lo.000. They paid the cost3 of a receivership in cash, and other expenses attendant upon this, and the court confirmed tho sale of the property a weolc ago last Monday. I iiavo also ivou a receiver's deed to tho purchasers. They now propose to develop the mine for the purpose of catching up with tho ore bodies. Then tho mine will be opened, and with a continuous run of ore, the mill will be run twenty-four hours a day, with throe shifts. The mine is what wo call a low-grade proposition, and the take-out amounts to between $7 and $S to the ton. "The expense attached to freight and smelter charges was tremendous, arid theso alone drew hcaviry upon tho capital at Air. Kennedy's command. ! The mine was never developed so as to run tho mill up to the full capacity of its tonnage, which is 150 tons a 'day, but now it will be opened up, and as soon as they havo a largo ore reserve tho mine will easily be mado to pa'. Cheap Coal Needed. "One othor thing which the' had lo contend with was tho lack of coal. If this could be securod, say for $3 a ton at tho mine, they could roast their ore, and this would , bo a wonderful saving. But tho prico was so high that this feature was mado impossible. At tho timo work was stopped tho mine had been sunk to a depth of 400 feet, a rich vein had been found, but lack of experience caused Mr. Kennedy to fail, as ho was unable to contend with tho swelling of tho earth. . With tho mino in experienced hands it. may not develop into a bonanza, but it will develop de-velop into a property of great value " Atr. Edmunds was asked what banks had loaned money to Mr. Kennedy, aud ho replied that no had nothing io say upon this point. At, the presonL time Mr. Kennedy is living in Kingston. N. Y., where ho is associated with his brother in tho manufactnro of patent medicines. lie is said to feel his position keculj', and will do everything possible to right whatever wrongs ho may have committed com-mitted unintentionally. His family is held in the vnry highest esteem in his home city, and tho sad plight in which tho young man fluds himself is felt as bincorcly by them as it is by him. |
