The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-05-16

Spectusos has long ranked high. He begar
impOrtuning the public TO buy stock IN
mines scattered over the country after
the firm % Alfred Freerlan a 90 brokers
failed in I003 One OF his earliest scheme,
was the King solomon Gold Mining Com
pany. which had Perry y Heath FOR on'
Of It's directors and ex-Mayor Quincy al
Boston a. another Charles Austin Batos
turned out tho literature Tor this scheme
and offered stOs'k 70 insiders for 10 cents
a share. Il had .5O0 feet of tunnels and
ore enough 20 pay ~ per cent ON a 10 Ccnts
a share hasis. bat Rates raised this % iJo
per cent provided folks would send
enough money 90 build the necessary
plant and announced that he expected "a
end dividend checks four days after
the last instalment bad been paid
Nothing was heard of dividends by
folks who took stock for some time. Then
it was turned into the United Mining and
Development Company. organized by
Freeman, and that went into the United
Mining Company. an es.O00,O00 company.
owning. a. Freeman put IL. eight mining
properties reaching from Nova Scotia
10 MEXICO.
A beautifully illustrated booklet went
out describing al these properties and
telling OF the millions that had been taken
out Of them and the millions that were
left. There were the keyatone-HOly
Terror properties. for instance. out tn the
black Hills that Freeman had snapped
up Tor a cong and that ought 10 yield al
least N.OOOOOO net profit annually
In a statement sent out by Frank =
Gray ~ president big red marks called
the attention Of hesitating investors 10
these statements: Actual Valus of Ore
In Sight and Dividends Assured. Total
value q ore in ground now blocked out,
~. 20, so. Estimated annual dividends
when fully developed and operating.
equivalent 20 more than 100 per cent.
on entire capital stock, 81. Oh. 900
Freeman and his associates rented a
hne suite % Offices at 100 Broadway and
began dumping appeals for money from
the public into the Post Once by the barrel
Along with the appeals went a red covered
booklet being a description Of Freeman
by himself He wasn't a mining engineer.
he took pains % say; he was conducting
mining merely a. n business and not a. a
profession. In style that was strangely
like the present style II Mr.. Hawthorne
he told Of how. only ~ years Of age, he
had hit upon the greatest scheme In
vented, namely 20 form a company n
pick up bargains In mines. ~ reported
by competent engineers. After people
an over the country had been bOmbaried
with thesa appeals Freeman In June,
1909, sent out broadcast a letter 20 the
effect that the shsres Of the United Mining
Company were about to he listed on the
New \ Ork and Boston Curhs and applica-
ton made for listing on the New York
Stock Exchange. The paF value was SO.
but they would be started on the market
az " and very little let go below rar
This letter went on n say that heforN
placing the stock IN the market h. wanted
TO take a block Of OO.OOO shares Il IL out
% undesirable hands and that Il was a
chance ca buy the stock NJ - - = share.
the only condition being that YOU mustn't
sell IL Tor siKty days while Il was h@ing
boosted Ivy Freemans brokers on the
curb. Then % course you could un'oad
IL You wanted % az $40 or morn share
The comuany,' said Freshman, has
eight operating profits any one ~ which
II a S,O0O.O0O corporation. There IL no
other like II IN existence My object in
listing its aha re- ~ simply that the com
pany. grown 90 such proportions. shall
be recognized and to stock traded In IN
New York and Boston. There IN certainly
no stock iobbinR or Wild speculation in
this, and the stock will always sell Tor
what u IL worth
The Continental Syndicate. organized
by Freeman and his associates. was rally
selling the stock u the United Mining
Company, and Il never hit the curb 80 you
could hear IT, Thousands u shares were
sold. and then last March the OUmpany
iasued t1OO .OuO dehenture bonds. some
u the people who had bought a good
many shares Of stock kicked at this and
~. 90 u the bunds were given 90 Frank
E. Nicholas a. a protection Tor tho stock
holders who had advanced additional
money previously IN an effort 20 get some
~ their money hack. Two months go
they applied Tor a receiver. but by this
iiryle Freshman and some % hia friends had
zone 20 Cobalt and with tho assistance
" Mr.. Hawthorne were building a new
rhAin Of COMPANIES and using a new mall
ing list
Frank c. Baker. the receiver appointed
BY Justice Gerard. has Just brought a
suit IN the supreme Court agn inst the Con
mental Syndicate, which Freeman got
40 90 sell the stock In tho sli, the "a
sewer says that the United Mining Com
pany turned over 1850 shares % il
stock a. the syndicate % sell and that no
return WIS ever made Tor any 81 10 and tha
company didn't got a dollar The suit Is
brought 20 compel those IN the syndicate
10 disgorRe. Freeman sold hfs lnsur-
surance before he sold mining stock.
In his latest piece 81 literature Mr.
announces that already .UJ
~ shares IN tho Hawthorne Iron and
Silver Mines Ltd have been sold IN one
veek. which would mean ~ ~ cents a
ihars something ike - u00 already CON
rbuted o. 'he wheel 20 fortune IN the
ambridEe Building. and thsr' ara . 90
~ more shares still Tor sale there. which
he author promoter wants Won - know
won't last long lt's evidently his h',s'
seller ~ far. but there's acres aud acr's
nors - Canada up around tohalf nm
ouched az vet by Mr. HaWthUne's psu, ,
~ that II YOU don't send Your money IN
low il doesnt necessarily mean that you
gon't have another chance. A. last ac- |
'0unts Freeman was still up there some- .
where. and IN tho Cambridge Building the
ypewrItsis wers still going turning oui I
be- hottest Kind - stun from Mr. Haw- /
homes vivid p.n. ,
IOHE FEAR FOR BETERIDGE. /