Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1909-10-23
MoNTEzUMA MINE SOLD.
The New Black Hills Development Com
pany ls Purchaser.

The New Black Hills Development Com
pany Is Purchaser.
| Robert Buuce, the English financie
of London, and F. W. Bower of Dead
wood, were in Lead this morning anC
announced that the new Black Hills De
velopment and Financial corporation
had purchased the Montezuma Mining
company's holdings at Rockford and be.
fore the week has ended, expected tc
have several other properties negotiated
for.
For the past four years Robert Bunct
has been making trips back and forth tc
England with the idea of interesting
English capital in taking hold of mining
property in the Black Hills. He has
had considerable experience in mining
and in fact has done nothing else all OF
his life. From the time he first came to
the Hills, he has been convinced that
there was a chance for more than one
Homestake and has worked to get bis
associates in London to go in with him
and put enough capital in to develop
, property and make a real mine. Last
year he was able to interest large Eng
lish syndicate to an extent that they sent
some mining engineer experts out to
look over the field. They spent several
months in the Rockford district, making
a thorough examination and while they
found plenty of evidences of good pay
ing ore, they did not feel justified on re-
porting to their employers that there
was sufficient ore bodies in sight to make
it paying proposition without first ex-
pending great deal of mouey in devel-
opment work. They reported that there
was one good paying mine in the Black
Hills and they considered the balance of
the mining properties prospects-good
prospects but not real mines This was
really an injustice to other paying min
ing enterprises in the Hills, but it had
its effect and the English capitalists said
to Mr.. Bunce: GAS soon as you can
show US we'll developed mine, we stand
ready to buy even at several times the
price that is asked now, but until that
time, we do not want to invest" So
sure was Mr.. Bunce of the presence of
large bodies of ore that be at once set
about organizing a company for the pur-
pose Of developm ent, and has been very
successful so far. Besides putting in his
own capital which Is no small amount,
he has, he says, the assurances from
financiers who have confidence in him
as a mining man, of all the funds that
are necessary to carry out his plans.
En- route to the Hills he spent some
weeks in New York state and inter-
viewed a number of moneyed men who
have interests in the Hills and was as
sured that they would back the enter
prise and make it possible after he had
outlined his plans fully.
To carry out the plan proposed, a COM
pany, to be known as the Black Hills
Development and Financial corporation,
has been organized; the details of which
will be explained in pamphlet soon to
be issued. BY permission of Mr.. Bunce
and F. w. Bower, secretary of the new
corporation, the Call here publishes the
text of the forthcoming pamphlet, which
is as follows:
THE BLACK HILLS DEVELOPMENT AND FIN
ANCIAL CORPORATION.
Capital, So, 100000 in shares of$1 90 each.
$l,00OO00 to be Used to Purchase
Mines. $2,0O0,000 in Cash for Work
ing and Erecting Plants.
The only charge against the cash cap-
tai subscribed will be $75, 900 which is
commission of per cent on 81, 500, 900.
The proposition is to acquire as many
good mining properties as possible for
the parent corporation, paying for same
out of the 100000 shares set aside for
this purpose.
After the company is fioated and the
cash capital is subscribed, a selection
will be made of five of the most promis-
ing properties owned by the corporation
and such FIVE properties will be
thoroughly developed and at least $780,
600 will be spent on each of these five
properties. The corporation will erect
mills to treat at least 1000 tons of ore
per day on the property that shows, af-
ter development, the largest amount of
ore of a paying grade, and Immediately
will put it upon paying basis. The
company of the corporation, as for ex-
ample:
If the property costs the corporation
$50; 900 in stock, $4,000 for develop
ments, $4,000 expenses, $500, 900 for