The Alaska citizen., 1910-12-26

btst quartz properties in the camp could D, evolved If the Fairbanks Qaartz Development committee were Incorporated was decided al the mcc-Iug in thu courthouse, called for last Wednesday night for the pur- bose oI thoroughly thrcshing out the question There were nearly two hundred present and the assem- blaze thoroughly represented the mining. business, professional and waEe-earu.ug interests.
 Frank S Gordon, the chairman of the commit. e. vas in the chair and af,cr a few preliminary remarks he called on the seCre. ary, W. F. White ly. tO read he report drafted by the committee of five which was appointed at the last meeting to draw up comprehensive plan of action. This report was as follows: To the Officers and Members of the Fairbanks Quartz Development Committee
 Gentlemeu-We your committee appointed 10 prepare and submit q plan 10 be pursued in order to carry out the purposes If the or. ganization. do respectfully present and recommend as follows:
 l. That for the present and un til the organization shall have be n accomplished the primary object for which it is formed, the name re main the "Fairbanks Quartz Deyel- opment Committee"
 ?. That the primary object of the organization shall be 10 raise and eXPeud. as hereinafter provided, a sufficient sum of money 10 dem- onstrate the continuity and perma- mency Of some che or more quartz veins in the immediate vicinity of Fairbanks by sinking working shaft or shafts thereon of requisite depth,
 3. That the sum of twenty thou, sand dollars be raised by SO liCitiug subscriptions for certificates of stock of the organization of the par value of one dollar per share which shall be sold al par value in blocks of any amount; one-half 10 be paid in cash and one-half in 60 days thereafter.
 i. That the president appoint a soliciting committee Cf three mem bers to solicit subscriptions for stock Such committee shall enter upon its duties immediately and re. port al the next regular meeting.
 ., That when the sum of five thousand dollars shall have been raised and placed in the hands of the treasurer, the president shall appaint board of directors. five in number, which shall be confirmed by the organization at the next reg. ulaT meeting.
 6. The board of directors shall I property, real and personal belong ing to and that may be acquired by the organization, and shall have full power and authority to acquire property; to make contracts, loan or eXpend the moneys of the organi- zation. for and on behalf of the organization in such way and man her as it may deem best 10 carry out the purposes of the organization only, but in no event shall the credit of the organization or any of its members be pledged. or the or, ganiZation or any of it's members be made or become liable for any obligation of what nature or kind whatsoever.
 T. The board of directors shall immediately enter upon it's duties
 
 ly investigate and personally in spect the several quartz mining To, cations upon which work has been performed. and situate in the i'm mediate vicinity of Fairbanks, and select without unnecessary delay what, to the board, appears the most suitable and promising quartz location upon which 10 sink work ing shaft or shafts, and arrange foT and commence the sinking thereof and continue same in keeping with the purposes of the organization, pro vided, that all moneys shall be eX pended under the direction of and by the Board.
 Your committee in closing it's re port begs to suggest that if the board of directors could arrange with the owner of whatever quartz location it may select to perform the work upon, to acquire an in terest therein and for the owner tC pledge bis interest in the property as security for the money expended to be repaid with small rate oi interest out of the first moneys de rived from the output of the prop erty after paying the actual neces sary cost of production, such ar rangemcnt would materially assist the soliciting committee in raising the funds required, besides offering some hope of return to the sub scribers. There, of course, should be no personal liability upon the part of the owner of the property for the money expended upon his property, and the organization should look to the property only fol payment.
 Another reason is that, if the money should be repaid, the or ganization could, if it should elect perform a like service for some oth CT owner, or incorporate a develop ment company for the purpose of de irving revenues from the operation thereof. We also recommend tha your secretary call for and receive written bids and proposals iron owners of quartz mining propertie: to be delivered to the board whs I the board shall have been selected
 In arriving at the sum required to 1uiy carry cut the purposes O. the organization, your committed had in mind the probable cost O. sinking shaft to depth of ap proximately five hundred feet, il order that the formation existinf below the water line could be de