The Glenwood post., 1911-03-18

| tered through the town of Fort Lau-
derdale and the promoters have select
ed Progress" as the name of their
future great city.
'Postal inspectors are now on the
scene and some arrests may be made
soon. Considerable excitement prevails.
Hundreds of the people are clamoring
for their money back. The fruit com
pany has offered to let the settlers de-
eide as to how they shall divide the
land. The company has received to-
tai of $2,ssO,OO0 from the sale and is
content to keep its hands off.
Several more trainloads of pros
pective settlers are expected tomorrow.
Most of them are coming from Kansas,
Nebraska, South Dakota. California,
Pennsylvania Oklahoma, Missouri,
Georgia and Tennessee.
In the same issue of the Denver pa
per was another article from Colorado
Springs describing the methods en-
ployed by the Florida company and es-
timating Mr.. Boles fortune at $685.
100000. 1t has frequently been re
ported in Glenwood during the past
year that Mr.. Bolles has made $4,000
900 dealing in Florida lands since he
left Colorado few years ago.
AS to whether Mr.. Bolles is worth
100000 or $25OOO,0OO the Post and
its readers have but little to do and
we do not begrudge Mr.. Bolles his good
fortune but we have always claimed
that if advertising could be made et
fective and valuable in exploiting a
questionable section through question.
able methods it should prove mucn
more effective and valuable in calling
attention to a desirable country, offered
and bona fide manner.
The following is the Colorado Springs
article which makes more plain the
methods adopted by Mr.. Bolles and his
company and through which Bolles is
reported to have made immense sums,
varying from $5,0OO,OOO to $25,OOO,,
900:
Colorado Springs, Colo, March 13.-
The Florida Fruit Lands company
which was organized several years ago,
has a capital of 100000. All of the
stock, n with the exception Of 1000
shares held by Miss Agnes Gain, steno
grapher for r. j. Bolles, the promoter,
and the necessary shares held by the
directors. is in the name of Bolles, who
was formerly a mining man of Colo
radO Springs. man named Pollock
of Kansas City is president, and John
Matthew, formerly of this city, is sec
retary and treasurer.
The company has sold $4,000 con
tracts. Each contract holder paid $40
at the time of taking out the contract
and $40 month thereafter until $240
had been paid in. When all of the
contracts are paid in full 100000 acres
of Florida land and townsite of 12,-
900 lots will be auctioned off to the
contract holders. Pending the auction
the land is being held by three trus-
tees selected by the contract holders.
These trustees are to hold the land un
til each contract is paid in full. When
a contractor pays in full, he is given
described later
The 100000 acres of land is divided
into $4,000 tracts varying in size from
$40 acres to 10 acres. All of the
money paid in excess of the $240, which
goes to the company, is divided among
all of the contract holders. Every
! contract holder is sure of tract of
land, for there are 10000 contracts and
$4,000 tracts of land, and each con
tract entities the holder to purchase
only one tract. At the auction a con
tract holder must bid at least $240-the
price paid for the contract. Usually
there is little competition among the
contract holders at such auctions. They
are divided into groups, each in charge
of captain. The captains take turns
in bidding the minimum price of $24O
for a tract of land for the various
members of the group. In this manner
the auction is simplified and there IS
little competition. With each tract Gt
land is given one townsite lot.
Mr.. Bolles was associated at one
time with William 0 'Brien of this city,
and only few days ago O'Brien Sc,
cured temporary injunction in the
| local district court restraining the com
pany from disposing of or paying out
dividends on 1000 shares of the stock
which are claimed by O'Brien under
an alleged partnership agreement with
Bolles. The partnership question IS
\ ,ox,, boipr tbrasboJ out IN tho Eflor 40