Evening star., 1923-10-22
PLAN TO DEVELOP
TURKEY PUBLISHED
0ttoman-American Company
to Build IL Railroads-WiII
Subiet Concessions.

By Cable to The Star and New York Tribune.
Copyright, 1928.
NEW YORK, October 22.-Plans
for development of concessions grant
ed to the Ottoman American Develop
ment Company by the nationalist as
sembly of Turkey were made public
here They were prepared by a
committee whose appointment was
authorized September &c last, and
provide for tapping the resources
either directly or through sub
concession for which bids already
have been made by Turks. Americans,
Englishmen, Frenchmen and Italians.
A group of British financiers have
offered to underwrite from f5.Ooo.-
900 TO f10.ooo,000 the exploitation OF
certain districts.
The Ottoman-American Develop
ment Company, with $4,000 shares Of
capital stock, will be the parent COM
pany. with the ottoman-American
Operating Company. to be organized
under the laws of Turkey. the hold
ing company for whatever subsidiary
companies may be organized.
Fifteen important concession de-
voloping companies, with 210 sub
Sidiary companies, are contemplated.
Twelve railroads and three ports are
to be built, each with important sub
concessions, including mining rights,
for a distance of twelve anu a half
miles on each side of the railroads,
which traverse districts rich in oil,
copper. gold, platinum, silver, manga
nese, iron, tin, zinc, salt and coal.
Twenty-Yenr Program.
- q
described In the plan would take
about twenty years to carry out. IT
is estimated, unless concessions were
sold to other bidders, in which case
the time might be reduced to FIVE. II
they are sold, the groups buying
them will undertake to finance them.
make a cash payment to the Ottoman
American operating company and
give from 25 to so per cent of their
stock and royalties or a part OF their
In addition to the mining rights,
each railroad company will have the
privilege OF tapping lakes and rivers
for water and power and that OF seli-
would cause the formation Of many
subsidiary companies in the real es-
tate, construction, quarrying, restau-
rant, express and other fields Con.
struction of each of the ports VIII
bring about formation of similar SUBJ
sidiary companies. 1t is believed.
ESQ Separate Units.
"rhere are therefore," 1t is said in
the statement given out yesterday,
two hundred and twenty-five separ-
ate units to this concession, each ca
pable Of being operated separately
and having a definite market value In
the event IL Is decided to sell them, or
having a revenue value In the event
the Ottoman American development
Company sublets them.
"By accepting the bids already
made by American, Turkish, British,
French and italian groups and invft-
ing bids from groups that already
have shown interest, the construction
work, which is now scheduled to take
close to twenty years, could probably
be carried out in Ave years and with
in this period there would begin the
exploitation, Of the minerals to be
found in a zone of twenty-five miles
along the railroads twelve and one
half miles on each side of the rail-
roads), which, according to estimates
based upon British, German, Russian
and other reliable surveys. cover:
AZ. Oil fields of from 1900 600. 900
to 5000, 900. 600 barrels, potentiality.
Mosul and the equally potential oil
fields of Van. Bitlis. Erzeroum and
Trebizond.
"2. Copper deposits comprising over
400, 900, 600 tons OF rich coprus ore.
including the historic Arghana cop
"s. About 500 gold. platinum. silver.
manganese, iron, tin, zinc, salt and
coal mines ana deposits. .t
owing to the present lack OF raii-
roads in the territories where these
vast mineral resources are located,
the exploitation on large scale can
only proceed when and as the rail-
roads are built and in operation"