Evening journal., 1900-05-09
BEWARE OF PRO MoTERS

btWAkt Of PRO MOIERS
We would warn Delawareans not to be
caught by the willy promoters who are
taking advantage Of the rush Of gold
seekers to Cape Nome to float all sorts
Of schemes which appeal to the
credulity and cupidity Of bhort-sighted
men and women. We call their atten-
ton to the following article which ap-
pears in the columns of the New York
Evening Sun:
Many companies are now forming
for the purpose of exploiting and de-
yeloping the Cape Nome mining dis
trict, which is an ill-defned area in
Northwestern Alaska, lying near the
entrance TO Norton Sound, northeast
army of Bering Sea. Reports from
cape Nome say that miners who have
not had much luck in the KlOndike are
deserting those digglngs to which
there was such rush in 1896 and 1897,
and are now travelling overland from
Dawson to the Cape Nome district on
the sea coast. Others are going by
water from Seattle, Vancouver and
San Francisco to the new Eldorado.
Some have estimated that since the
the seashOre at Cape Nome last July
at least S3,000,000 worth Of gold has
been panned out by the placer miners
in their crude way; and enthusiasts
predict that with an early start this
season, and with improved machinery
for washing out the gold, indefinite
millions should be made this year at
Nome. Some of these roseate views Of
the new Eldorado are not being sup
pressed by the Cape Nome companies now
forming; and as some companies may
be willing to offer a limited amount OF
their stock to the public at par value.
to secure working capital for their
fabulously rich claims, 1t might be in
teresting to glance back three years
and see what has become of the score
OF exploiting and developing compan-
les with alluring names which appar-
emily flourished in the Fall of 1897. In
these enlightened days OF $40 per cent
/ syndicates- and guaranteed bucket
shops, there may not be, some may
say, any Likelihood of a return to those
good old days of wildcat stocks
through which the promoters were able
to make more sometimes, than the
owners Of the richest gold mines; but n
retrospective glance at companies
which were not backed by firms of
standing might hll a page in mining
history that would interest persons
who never got in on the ground floor.
One alluring prospectus was that is
sued on August /, 1897, by the Yukon
z Caribou British Columbia Gold Mining
e Development Company" with capital
placed at $5000000 and shares at 81
apiece. According to its prospectus, J
Edward Addicks, OF Delaware, was
president, and the Hon. Benjamin Rut.
terworth, commissioner OF patents. al
Washington. was second vice-president
There was host of other more or less
impressible names in the directory o
, the company, including "E f. ]. Gay
nor, auditor of the Manhattan Railwa,
Company, New York." Sylvester T
Everett, vice-president OF the ClevelanS
b Terminal and Valley railroad;
= Charles Il. Judson, president of the
, Economical Gas Company, Chicago,
A etc. Here are some ~ the extract
from the cheerful document which ask
ed the public to grab up quickly at s
a share, 5000, 900 shares Of nOn-assess
r able stock:
y THE wide-awake men of the worll
2 are amazed at the richness of this Edo
10 lA0b AAln AoAnile III MnANn "AhN u
. kon-Caribou British Columbia Coll
Mining Development Company is oper
ating The riches of the Yu
kon-Caribou district do not surprise tn
r management OF this company. Fo
n months It's employees have been explor
i ing the district. We believ
we have located and will ultimatel
own the leading mines in British Co
s mmbia. There are no pro
J. moters' shares or concealed profits
" every share issued will be paid for 4
n cash at the price OF the public sub
+. scription-S1 per share"
II perhaps never will be known ho'
many citizens Of this country fell pre-
to the promoters in the first great rusl
but there must have been hundreds {
s thousands in the several states and tel
g ritories. The experience Of those vic
e Tins should serve as a warning
4. those who now are being importune
Z TO invest money in concerns Of tn
II merits Of which they know absolutel
'u nothing.