The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1899-07-06
big DEAL
In MINES
Chicago Men Have
Combined
TO DEVELOP COAST PROPERTIES
The Company Mas Seen ineotpe.
rated - ss~ Jersey
Outline Of Plans
TO DEVELOP COAST PROPERTIES

CHICAGO. July 6-chieago capt
tai il 20 he used 90 develop and make
productive many unproduetiVe gold
mines on the Pacific slope. A com
pany Of Chicago men has been form
ed TO secure hidden wealth In these
mines which has escaped the search
OF the owners who are too poor 10
operate them properly. and transfer
Il into their own Golfers.
NJ Hoytema. Of san Francisco. a
mining expert well acquainted with
the gold properties OF the Pacific
slope, Is the organiser OF the com
pany. lie Ia a hoyhood friend 81 ~.
II. Cooper. Of the arm Of selgei-
Cooper company. who will probably
be the president OF the new com.
pany. Through Mr.. Cooper's recon-
mendations NJ. Hoytema gained the
attention OF capitalists with little
trouble. and. although the posslhtii-
ties Of gaining miraculous returns on
small Investments which Mr.. Hoy
tema held out seemed almost beyond
belief. those who were invited 90 60
Into the company made generous
subscriptions.
TIE company has been ineorpors,-
ed In New Jersey with a capital
stock ~ $40. 900 OF this amount
tiso.aoo worth Of stock has already
been taken. and the remainder viii
be soif TO friends OF The present
share holders II Is a close corpora
ton. and no stock Will BE- sold TO the
public.
Mr.. Hoytema. who Is stopping at
tho wellington hotel. explained the
details OF the plan.
The gold supply OF the Pacific
slope 10 practically Inexhaustihle.' -
he sald. Il have been all over she
ground during the past thirty years.
and I know Of numbers Of good
mines which are productive just
capital 10 operate them. Some OF
these mines have been working for
twenty or thirty years. the owners
kettinE jus; enough out them % keep
them working.
1T IL properties % this sort that
the company viii develop. Our plan
IL 20 get the owner % a mine 20 put
a price on his property. taking work
inx bond on the property for two
years time. with the provision that
the owner be paid certain per cent.
Of the Eross receipts Of each month.
which will apply on the purchase
pric. In the event of purchase. The
company Will then put In the proper
machinery and operate the mine long
enough 10 md out It's probabilities
II :, 10 a good mine it will pay for
Itself within the two years. and ~ u,
IL not. the company will not buy u.
simply turning the property back on
the owner
Shareholders will put NJ 10 per
cent. In addition. the stock can h.
assessed hat once year. The char
ter provides that the shareholders
must be paid back all the money they
put into the company. and reserve
fund % 800 600 be accumulated be-
fore the stock can be offered for sale.
The charter also provides that not
more than 80 per cent Of the invest
ments Of the shareholder can he
paid back before tire reserve fund
has reached the sum Of SO. coo
When the investments OF the
sha rehoiters have been returned the
stock will be released for public sale.
by that time. Of course. the shares
will be worth many times their face
value.
The plan 10 not new. have the
experience Of others to speak from.
English capital developed the mines
Of South Africa and Australia by the