Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1910-03-03
Enslish nsisinx Methods

| the greatest gold mine In the world
the Homestake. Everybody also KNOWS
that there are great many mines Out
| there that can be made Homestakes by
proper development. Practically every
person In the state either owns STOCK
in the Black Hills mines or has rela-
tives or friends who own stock. Many
OF these properties have failed to make
good, and as q result the share holders
think thatall mining stock is poor in
vestment In nine cases out OF ten the
reasons for the failure of these proper
ties were a shortage OF money Tor de-
velopment and poor management, mot
the ia lit OF the mines.
Robert Bunce is an Englishman, re-
siding at London. He is IA man OF
means AMI is we'll known rs minicg
| financier of the South African gold
mines. Four years ago he came to The
Black Hills and investigated the min
ing condition. Ee brought with him,
Fl. s. Denny, OF the Denny Bros, Lon
don and Mexico City, one OF the worlds
greatest mining engineers. Several
mines near Deadwood were thoroughly
o, amined and favorably reported on.
The last financial panic temporarily de-
layed the financing of the properties
picked out by Mr.. Denny as result OF
his first trip. Last summer, Mr.. Bunce,
with the same engineer and two as
sistants, spent four months completing
| the examination of the Black Hills
mines. The result OF this exhaustive
| examination on thepart OF Mr.. Denny,
is, that Mr.. Bunce Is determined to
make Greater Black Hills" He
has spent four years Ia order to satisfy
himself Of the possibility OF other
Homestakes mines being made, which
has cost him fortune, ali being paid
by himself.
His plan OF operation is Eng lish in
every way. English mining enter.
pri'es rarely fail because they are con-
Quoted on business principles. Eighty
per cent OF the dividend paying mines
OF the world are owned by Englishmen.
Bunce Is doing everything just opposite
70 the American way. He has organ
lied his company for $500, 900, which
is very low for an American organizl-
ton. The stock is selling for its par
value OF one dollar per share, with
only five per cent commission for
agents, hence nearly all OF the dollar
goes into the ground. He is not pay
ing cash for the forty mines thus far
acquired but has set aside 1000, OUO
shares of the companys stock with
which to buy the properties. He has
now taken over forty of The best mines
in The Hill., over 1000 acres, in eight
different camps or districts, and has
used only 75O. O0t' shares of The stock.
Fifteen Of these forty mines were owned
by organized stock companies, whose
total capitalization was s45, ZOO. 900. On
the same basis OF organization, the
American way, the other properties
would have been incorporated for
another $40, O00, COO, or more, making
a total OF somewhere near 500 90, 900
~ the par value of the stock. The
Bunce plan squeezes out all the water
and boils it down to 81, 800, 900, and gets
. title to sll these excellent mines.
with hundreds of thousands OF dollars
worth OF development work done.
Then, the Bunce plan contemplates
thorough development of each property
and GO mill will be built before suffi-
Client ore Of milling grade has been
found. There are eighteen mills closed
down In the Northern Hills for lack of
ore,-the American plan.
Briefly, this is the Bunce plan. The
name Of the company Is the Black Hills
Development and Financial Corpora
ton, South Dakota organization.
The capital stock Is $500, 1000 shares,
par value one dollar per share. The
stock 10 divided In this ws,: 1000, 600
shares for purchasing properties
100, 200 shares TO be sold for cash at
not less than par for development pur-
oses-5O0, 900 shares for building
power plants, etc, and 100000 shares
for promotion expenses.
Work will be coD,me need on ave
mihes At once and At least 500. 900 viii
% spent on each property in systematic
development work. As soon as one
mine is developed sufficiently 10 war
rant the erection OF mill, the corpora
tion will erect pant that is best
adapted to handle the ore. The cor
poration will then organize ! SUBJ
company for twice the capital that has
been required t0put this mine Oh ! pay
ing basis, that i. II 81, O0O, 600 should IS
required 70 develop the mine and build
the mill; the sub-company will be or
ganised ior 2, 00O. 900 sharee. The Par