Golden Fleece Mining and Milling Company (Iowa)

Charles A. Siringo, a detective working for the agency, was involved in uncovering the methods of the thieves, as it is mentioned in his memories.

[20] A newspaper report from Sunday Herald (June 23, 1895)[21] gives a detailed account on the robbery and some further information on the company: ROBBING A MINE.

The Golden Fleece Mining company is one of the best paying gold producing properties in Colorado and it has no wonder that a great sensation followed the recent discovery that there had been a series of systematic robberies by which about half of the output has been stolen.

Four years ago a party of Denver men, among whom S. S. Kennedy now living in Highlands was a leading spirit, began to work the mine which was then for the first time known to contain large deposits of gold.

When a company was formed two years ago this month to further develop the property it was not anticipated that the output would reach anything like the figure that are now shown.

It was no wonder that the fact that one-half of this large output has been systematically stolen should have created consternation among those interested in similar enterprises.

For many years old miners claim, that professional thieves have been working the mines when discovered that have produced big outputs.

To such an extent has this been carried that in many of the larger mines the plan has finally been adopted of closing all except one entrance and requiring that persons going in and coming out shall make a complete change of clothing.

The most sensational feature of the discovery is that the fact is borne home, that miners of Colorado must have lost in the last ten years millions of dollars by reason of the systematic scheme carried out in all its arranged details by a baud of professionals.

Some bold thieves have, however, planned robberies on a gigantic scale, and it would appear have generally carried their schemes to a successful issue.

There is no clue as to who the leaders of the gang of marauders are, but it is thought that with a perfect combination and the expenditure of enough money the perpetrators of this stupendous schema of robbery can he found.

The specimens of rich tellurium ore exhibited in the company's office suggest the ease with which the stealing of enormous sums can be done.

It has since not only paid its dividends, amounting to about 25 per cent per annum, but has besides expended large sums in developing and improving the property.

To much an extent has this species of theft been carried on in other mines that the owners have at times of late discharged the entire force, innocent as well as guilty, in the effort to locate the rascals.

That was in contrast to many other mining companies of that time, which had consumed the collected capital funds very quickly without ever paying any return or dividends to their investors.

The former reputation of the company many Americans must probably still have known, as in November 1910 the Burr Brothers Inc., residing at Flatiron Building, New York, was raided.

This Ponzi scheme, due to its giant dimensions for its time being, received similar public attention as the Madoff investment scandal today.

[23] It was a specialty of Burr Brothers to create mining stock companies with melodious and fanciful, phony names.

Quotations for Golden Fleece fell slowly, but constantly, reflecting the fate of the company.

The decline in the Golden Fleece stock was used as template in Frederick Upham Adams story about the figure John Burt, a New England lad, who had gone West to seek his fortune and finds it in gold mining.

[34] The story is also an account to the stock manipulations, with reference to the gold mining scam, a feature also on top today.

I argued with myself that no such sum of money was sufficient to enter upon a matrimonial career with Lucile, so I decided to double it by making an investment in Golden Fleece mining stock.

She did not say how long she would wait, and not hearing from me for three weeks while I was plugging away in the mountains, she married a one-legged old millionaire, and wrote me a letter saying she would never cease to love me."

[35] The stock was listed by the Alien Property Custodian report in 1919, in an appendix as “securities of unknown and undetermined value”.

The then issued company prospectus stated a stock capital of $2,500,000, and incorporation under the laws of Colorado.