The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-04-17
English Capitalists Will Do De-
velopment Work.
DEAL ARRANGED IN LONDON
vast Tract OF Petroleum Lands
Owned by Alaska Development
Company Of Seattle Leased. to
He worked ON Royalty Payment
PIau-opffou TO Purchase Given
-Munday Returns From Abroad.


Arrangements by which English capital
.sts will take hold Of and develop the petro-
ieum fields Of Alaska near the mou1h or
Copper river have been perfected in Lon
don by the Alaska Development, Company,
OF Seattle, which owns or controls the
vast oil deposits discovered abou: two wears
ago by r. c. Johnston, then OF San Fran
cisco, but now a resident OF Seattle.
Charles F. Munday. secretary and treas
urer OF the company. who returned Fri
day from England. where he went TO COM
plefe the negotiations, makes the announce
mens, though he Is not yet prepared TO
give details. He states, however. that a
long term lease OF the company's lands.
several thousand acres, has been made. and
that the iessees VIII at once proceed to de-
yeiop the property on royalty. They are
by the terms of the lease given the option
10 purchase at any time. The purchase
price agreed upon Mr.. Munday is not at
liberty TO state. 1t is said that the COM
pany has always held out for s. 90. 200.
and has been offered 100000 for its in
terests. and that il the Englishmen choose
TO purchase they will probably pay a price
between the two amounts mentioned.
Mr.. Munday is not familiar with the
plans of the iessees. but says that they
VIII probably form corporation and estah-
Ish offices on tais side OF the Atlantic.
lie thinks that owing to the roughness and
ably be two or three years before any
substantial results Will be attained or the
extent and richness Of the oil fields def
niteiy ascertained. Besides oil, there are
vast coal deposits the lands.
The announcement made by Mr.. Munday
means a great deal 10 Seattle, as most Of
the stockholders in the Alaska Develop
ment Company are Seattle people, and
will reap the beneti; should The deposits
OF oil and coal prove to be of the extent
and richness generally attributed to them.
In any case, the stockholders are protect
ed from loss, as the development work
viii be done without expense to them. Mr.
Munday will at once begin the preparation
OF a report OF the negotiations. which will
be submitted to the Stockholders Of his
company. after which full details will be
made public.
Mr.. Munday was absent from Seattle
just two months, and spent most of his
time abroad in London, making only a
flying trip to Paris His stay In London
covered three weeks, and in Paris he pass
ed the same number OF days. On his way
home he stopped for several days in New
York and also visited Washington, ID. G.
ms TRIP. ne says, was most enjoyable. ex-
delayed by snow slides on the Great North
ern.
II found people in LONDON said Mr..
Munday yesterday, surprisingly familiar
with the resources. mineral and otherwise.
OF the Northwest and OF Alaska. More
so. l believe, than the people OF the East
ern states. OF course the people that I
had made the subject OF mining invest
ments study. and perhaps the general
public in England has not the same infor-
nation. A great many English investors.
too, have visited the Pacific coast and are
personally familiar with conditions here.
While there is considerable interest in
American and Alaskan mining investments
In London 1t seemed to me that the at
tentiun of investors there at the present
is turned principally to the mines Of
South Africa and Australia While In
London | saw c. l., Webb, formerly In
the grocery business here. He is now
engaged In negotiating q mining deal there.
''ln Paris ! met Mrs. A. r. McCuisky.
Miss Sdonia F'urth and Miss Mary Strive.
The young ladies are pursuing their stu
Dies