The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-10

the brightest outlook Of any In the Thund nae,
investment We deliver you well-secure
gold bond OF large trust company. guar
anteeing to return to. you the fun amour
invested in our stock, no difference no,
much may be paid you in profits and d'vi
dends thereon
under this trust company guarantee
we submit that the frs, subscribers hav
everything to gain and nothing to lose.
Nothing j. laid about the last subscribers
but the prospectus insists that by a SINAI
investment in this stock az the Prssa;n
price they have an opportunity, to acquir,'
handsome annual Income without rlsI
of the principal invested" Then follows
in red letters, the fol lowing; Buy stool
now at ground floor prices. subscrip
lions may not be wanted later
TuE Sun made some inquiries about the
Thunder Mountain Gold Reef Mining ane
| Development Corporation and Its golc
J bond ramificatons. 1t started in al
! Thunder Mountain. and got the following
information from Boise City. Idaho
! Thunder Mountain Gold Reef Mining
Company has several claims, Only 200 feet
I of development done. Two men working
claims favorably, but are not such as 20
guarantee anything and are not suiflcientiy
, developed to know whether they. are mines.
Kansas City sonnet hing was learned r, OF
the men behind the corporation. lHF
Suns Kansas City correspondent sent TINS
about some of the directors ~. >. Jewet!
is Kansas City general agent OF the Missouri
Pacific Railroad; Thomas I. Crittcnden, Jr:,
is the son of an cx-(io"ernor OF Missouri,
is an q County Clerk and is now in the
real estate business; Gilman Reed il a live
stock commission man; Joseph Lowe Is an
at torney- at Law. All are reputable NEIL
bur none has great wealth."
From San Francisco. some interesting
information was Obtained about the com
pany, which. /. is alleged, will guarantee
all the Thunder Mountain investors against
loss. San Francisco despatch to The
Sun contains the following:
The Pacific Underwriting and Trust
Company is engaged in business OF under
writing as applied 90 stocks and bonds.
1t is one of the class OF concerns new 20 Cali
fornia and The coast. 1t is so incorporated
that il is not under the ntrol Of either the
Bank Commission, the Building and Loan
Commission or the Insurance Commissioner
Of the State Of California. Those comInis-
sions have been in receipt Of many letters
inquiring as to the status of this company
and replied that they had no official infor-
nation regarding the concern.
Its managers and officials are men OF
fair standing in the business community.
The companys books show that IL has
underwritten S abou; $4,000 worth OF the
since Nov. last. Its method is the same
in this as in underwriting other stocks and
bonds, with such variations as may he
necessary to meet special conditions
when the Thunder Mountain Company
sells any of it's stock it forwards to tho
Pacific Underwriting and Trust Company
- per cent. of it, pnr value, and the T'ir-
chaser receives in return a twenty-year.
non-interest- bearing bond. which guar
antees that the dividends and value of the
stock will be paid al the end of twenty
years.
The trust colnpanys bonds are secured
by the Columbian Banking Company.
Under the laws Of California only four
concerns have filed the requisite bond
with the Secretary of state and received
charters authorizing them to do business
as trustees. The Columbian Ranking Com
pany is not one Of the four. The bank
assumes no responsibility ard, therefore,
according 10 the belief of local financiers,
is in no way liable in the transaction"
Down al the office of the Weltner & Dunn
Corporation they give out what purports
to be facsimile Of the gold bond issued
by the Pacific Underwriting and Trust
Company to guarantee all Thunder Noun
tain investors against loss. The copy Of
interest bearing bond. According, to THE
suns San Francisco despatch. the bond
which the company really does issue to
Thunder Mountain s. stockholders is twenty
to insure the payment Of the par value OF
the stock at the end of twenty years
For the Trust Company bonds the Thun-
der Mountain company pays 80 per cent
OF the par value of its stock. If the stock is
selling at only 40 cents share. 80 cents
of which goes to the Pacific Underwriting
and Trust Company. 1t will be necessary
for the Thunder Mountain stock to get a
hump in its value in a mighty short time
to have any money in the treasury for de-
velopment purposes.
The Pacific Underwriting and Trust
Company issues little prospectus of its
own. 1t is probably not its fault that one
of these prospectuscs is not given out at
the Office of Weltner 4 Dunn with every
alleged facsimile OF the bonds for Thunder
Mountain stock.
The facsimile Of the bond in the prospec-
tus guarantees only the par value of the
stock and says nothing about guaranteeing
the payment Of interest and dividends.
pear that the only guarantee the trust com
pany makes to the Thunder Mountain
stockholders is that it will pay the par
value Of each share of stock guaranteed by
it at the end of twenty years, The stock
holder must look to the Thunder Mountain
And if the Thunder Mountain company is
paying to the Pacific Underwriting and
Trust Company 30 cents out Of every 40
cents il receives through the sale OF stock,
coming from to increase the present two
man working force of the mines.
1t is also difficult to see, if the money
isn't forthcoming to develop the properties,
where future dividends are coming in. OF
course, those who know more about the
wealth and splendor Of the Thunder Noun
tain reefs may be able to explain all this.
THE SUN is assured that the officers of the
company are men of standing and character.
II their New York agents. the Weltner
Dunn Corporation can't explain some of
the complexities in the financing of the
Thunder Mountain company, may be
they can.
More than all 1t would be interesting
if some of the directors could explain how
a young girl in New York, answering an
old lady's advertisement for a companion,
happened to receive the alluring prospectus
of the Thunder Mountaia Gold Reef Mining
and Development Corporation.