East Oregonian : E.O., May 23, 1908, EVENING EDITION, Page PAGE SEVEN, Image 7

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SIXTEEN PAGE8.
The 0i"eat Placer Gold Mines of Florence, Idaho
From which more than $100,000,000 have been taken, are now owned by a company headed by Hon. John B. Cleland, Judge of the State Circuit Court
Hero bMloubtlc8 the richest opKrtu ully yet offered th po(Io or Pendleton to neouro tretiiomWuiH reward for every dollar Inverted In the diarcs of a gold mining mining comiwuiy controlled and officered by men
no well known hi Oregon tliat their r emulation and standing may be Inquired of from aim any business man of Portland, and not a single acquaJntanco will liave other tlian a kin dly word for them.
' , THE FLORENCE PLACER MIXING COMPANY.
Owns 27 placer gold claims 640 acres -in the .celebrated Florence dlutrlct, Idaho county, Idaho,
which were.up to the beginning of the present .year, ht Id by William Crandall, of Grangevllle, Idaho,
he-having made the location, records, ind perform e'd the necessary assessment work required by law,
to hold the ground. Hefore the death, of Mr. Crandall In March of the present year, the property wag
bonded to the Florenae Placers company, and lnCo hlH detth' the transfer has been made by the ad
ministrator of the Crandall estate, with the signatures of all the legatees attached.
PERSONNEL OP THE FliOHENCE PLACER MINING CO.
The Florence Placer Mining company is an Oregon corporation, capitalized at $250,000, represented
by "600,000 shares of stock, sold at 25 cents per share, but of a par value of 50 cents per share. This stock
is fully paid, and is not assenable. '
The president of the company is Judge John B. Cleland. one of the Judges of the State Circuit court,
a position he baa continually occupied since 1898. prior to removing to Oregon from Iowa, Judge Cle
land served nearly 10 years on the bench would have served the entire decade had he not resigned to
removo to Oregon. It Is not in anywise a flattery of Judge Cleland to say that no man stands higher
than he in Judicial or legal circles, and that as an honorable and worthy citizen he has not a peeMn
the state of Oregon, llo Is a man whom it would bo Impossible to corrupt, either with influence or
money, and as president of the Florence Placer Mining company he will personally see to It that all Its
transactions are on the highest plane of honor and business Integrity.
Indeed, we are sure that there Is not a lawyer In Pendleton af all acquainted with Judge Cleland
who would not gladly commend him for his clean life and uprightness of character. In this enter
prise he has invested Ills own means to the extent of his ability, and Is therefore deeply Interested In ,
Its success; and whatever measure of prosperity conies to' him, the same will be the good fortune of all
Others who have money In its stock.
George L. Peaslee, vice president of the company, is the president of the Peaslee Bros. Printing com
pany, one of the best known and foremost Job printing concerns of the city of Portland, or state of
Oregon. The firm has been In business In Portland for 25 years ani as almost as well known as any
business house In town. Mr. Peaslee's reputation as a man of upr';"" character, honorable In all his
dealings with his fellows, Is known to almost every business man who has been In Portland for any
length of time, and especially with such as the banking house of Lad.l 4 Tllton, Blake, McFall & Co.,
whooio paper dealers, the Taclflc Paper company. Crown Paper enmnany, or any of the large busi
r.ifH frms.
Richard C Hart, secretary and treasurer, Is superintendent of the United States Lighthouse Serv
ice, with headquarters In the United States customs house. Mr. Halt has been a resident of Portland
lor J7 years, and few arc better known among the, business men of the city. The Important position he
holds with the Rovemment Is a sufficient guarantee of his Integrity. He Is a man of blgh Ideals and In
n event would associate his name with any questionable transaction. No more, Indeed, would any
other member of the company.
Captain J. F. Hootie has resided In Portland 26 years, engaged In the steamboat business for 20, but
at present Is retired. He expects, however, to re-enter the list of navigators at an early day. Ask any
man acquainted with the river captains, and he will tell you that there Is no better mortal than Captain
Bonne. He Is a man of great probity of character a clean, honest, upright citizen.
V. A. Cleland, another of the directors, Is brother to Judge Cleland, and a sjmllar type of man. By
profession ho Is likewise a lawyer,. of the upper class an honor to his railing and a gentleman who would
olsda'n participation In anything other than of a cloudless nature. li s, Indeed, Is the white life, and
be adds to that record each day he lives. i ' '
W. W. Peasleo Is brother to George L., our vice-president, and also one of the firm of Peaslee Bros.
Pornpsny. He, too. is well known In Portland business circles, and especially among the printing fra
ternity and that class of gentlemen who love the fishing rod, shotgun and hunting dog. Hi never,
however, permits these Inclinations to interfere with his business. He !s always on deck when it comes
to-that. " t'v'f '
Perhaps the most Important officer of the company is Its engineer, Harry B. Perks, upon whom
devolves the management of its property. Mr. Perks Is now 36 years of age, and at 15, at Brosley,
Shropshire. England, entered upon the avocation he now pursues. Passing over some years of his active
and studious life, in the year 1892 he arrived in British Columbia, and for several years was In the
employ of the Wallls-Haoltain Syndicate, of London, as Its examining engineer, the syndicate owning
lniportmt mining enterprises in that British province. While operating there Mr. Perks filled many
'important positions, among them being superintendent of the Juno mine, assistant superintendent of
the Yellowstone mine, and manager of the Kaslo mine.. Coming to Oregon something over seven
years ago, he was at once engaged to examine and report on various mining propositions, many of
which, because of lack of merit, met disfavor at his hands. This has been one of h,ls strongest charac
teristics. No matter what Influence might be brought to bear upon him in order that he would favorably
hevort upon mines that were not deserving of commendation, he has proved himself Impervious to the
vfXort, and has therefore established for himself a reputation for reliability and unbias' Judgment that
mauds blm In good stead when men of equal candor and equal integrity are requiring his services. For
seren years Mr. Perks has made Portland his headquarters, operating from this center. For the past
two years he has devoted all his attention to placer mining, having associated himself for a time with
the Edith mine, at Cornucopia, eastern Oregon, and later has examined and engineered the plans for the
development and Improvement of the United Placers, the big 1200,000 proposition In Idaho. That Is to
say, It will require $200,000 to carry the United Placers along to the producing point, but when that
Is reached, like our own exceedingly rich though less expensive placers, the United people will be well
rewarded lor the expenditure the company has made. Hereafter Mr. Perks will devote all his ener
gies to the Florence placers. He has had them in view since July, 1907, and In hand since he began
his official examination on the first of October, 1907.
"I devoted two months in the examination of these placers," Mr. Perks says, "and this is the long
est time I ever apent In the examination of any raining property In my life. I endeavored to be, and
know I was, most thorough in my work, and the report I made to the officers of this company will
prove Itself extremely accurate save that It may be considered conservative to a degree. In England,
where I began xuy apprenticeship, the sale of mining stock is conducted on quite different basis from that
which often obtains on this side of the ocean. On that market mining shares a,re sold entirely on the report
of the engineer; and woe to him who would give an unmerited glow to the value of a mine. That very
day he might as well pack his luggage and depart for other fields. He never could have standing again
at home. When it Is desired to dispose of stock In London It Is advertised that Mr. So-and-So, a min
ing engineer, has recommended the property, and every share of Its stock Is generally taken within
three days after the subscription lists are opened. Often the shares are oversubscribed a dozen times.
I like this method, and hope I never shall depart from that standard of reporting that Inspires that
quality of confidence. It Is the method I employed In reporting on this property. All I ever have said
of this 640 acres will be proven true. I have not exaggerated the richness of the claims."
THE GROUND T1LVT WE WILL MINE.
The ground that we have secured consists of a Btretch of meadows, or channel ground beds of
water courses from 300 to 8000 feet wide, and, Including the arms, 10 miles long. For probably more
than half a million years spring freshets, summer cloudbursts and fall and winter rains had been wash
ing gold down the mountain sides Into the gulches, and on down these gulches to the bottoms, now
covered to a depth of from two to something over 20 feet. This placer gold, so washed down, remains
In the bottoms to this day, because there never has been such mining Inventions as hydraulic elevators
Introduced into that district, and th.e gravel could not be lifted and washed except by this process or
by dredging, the latter a very expensive proposition.
Ollt MR. PERKS IS NOW IN IDAHO INSTALLING THE PLANT WE SHALL USE IN WORKING
THESE PLACERS. '
We shall haye two giants and one hydraulic elevator at first, and with this equipment we can han
dle 1000 yards of earth per day. Taking five sample yards, actually removed and washed by our Mr.
Perks, as a criterion to go by, and we have these results: First yard, 10c; second yard, $1.98; thjrd.
$6.40; fourth, $1.90; fifth, $10.62. This aggregates a total of $21, or average of $4.25 to the yard. If
we should mine lobo yards of $4.25 gravel each of the 313 working days of the year, we would turn out
one million three hundred and thirty thousand two hundred and fifty dollar per an
num, whereas, to pay 200 per cent per annum Interest on our Investment of $60,000, the amount we
figure wo will have expended when our giants are put to. work, will require an output of only $138,000.
But suppose we cut down on our gravel Just for safety from $4.25 per yard to only 60 cents per yard.
If we mine 1000 60c yards each of the 313 working aav t the year we have produced $156,000, or
$18,000 more than sufficient to requite our stockholders with a recompense of 200 per cent per annum
on their Investments. Then suppose we double our capacity, which can be cheaply accomplished, now
that the ditches are completed, It Is easy to see that we can pay as much as 400 per cent, with a margin
of $36,000 to meet any contingencies that might ar'se-
WHY WE ARE SOLING STOCK.
One of the first questions asked by many persons, not having given thought to the subject, Is, "If
your proposition Is so good, why Is it not taken up hy the rich men of the community?" It would be,
If they knew what we know about these mines. But no nian In Oregon Is so rich that ho' has not a place
always picked out for his investments. If this matter had been broached to such of our capitalists six,
eight or twelve months In advance tt the time It were desired t6 use the money, so that they could
arrango their affairs to take hold of It, there Is, no doubt that there are many who would be glad of
the chance to take the entire, or at least part, of 6ur lssue f 120,000 shares. But In Portland at this
time there are several large coal flotations and one tremendously big cement proposition before the
few capitalists of the city. The cement enterprise ls headed by two of the richest men here; yet they
have placed Its shares upon the market, for sale to 'he people in general. Their own capital Is tied
up In their other businesses, and we are selling thes0 shares to the public, for one and the chltf reason,
that we have not the means to fully buy the equlpment ourselves. If we had, not a Bhare of this stock
would be upon the market. It ls not, however, of greater advantage to us that people buy these
Bhares, than to the buyer himself. We procured thls property becaunc satisfied of Its value, and large
returns we should receive from mining the ground. If the claims are rich for us, they are just as rich
for all our stockholders, and if they prosper us, they wl11 prosper all others in the same proportion.
It Is a fact, therefore, that buyers of our stock are not favoring us a whit more thnn we are favoring
them by giving them an opportunity to place their money In a company that Is bound to so bountiful- '
ly reward them. The sale and the purchase are thereforo mutually advantageous.
WEALTH TOMES SLOW WEN WORKING FOR WAGES
Subtracting 62 Sundays from the 365 days of th yar, the laborer may toll 313 days each year.
Let us see, then, what his pay would amount to If he worked every day but Sunday never took a holi
day never sick no vacations at from $1 per day to $10 per day and from 1 to 10 years.
AT $1 PER DAY 1 year, $313; 2 years, $.626; 3 yars, $989; 4 years, $1262; 6 years, $1665; 6 years, '
$1878; 7 years, $2191; 8 years, $2504; 9 years'$2817 ' 10 years, $3130.
AT $2 PER DAY 1 year, $626; 2 years, $1252; 3 years, $1878; 4 years, $2504;
years. $3766; 7 years, $4382; 8 years, $6008; 9 years, $6634:10 years. $6260.
AT $3 PKR DAY 1 year, $939; 2 years, $4878; 3 years, $2817; 4 years, $3766;
years,$7612: 7 years, $8764; 8 years, $10,016; 9 years $8451; 10 years, $9390.
AT $4 PER DAY 1 year, $1252; 2 years. $25041 3 years, $3756: 4 years. $6008;
years, $8764; 8 years, $10,li 9 years, $11,268; 10. $11,288' 10 years, $12,520. .
AT $5 PER DAY-M year, $1566; 2 years, $$130: 3 ears, $4695; 4 years, $6260;
5 years, $3130; 6
6 years, $4695; 6
6 years, $6260; 6
6 years, $7825;
The
years, $9390; 7 years, $10,955; 8 years, $12,520; 9 years, $14,086; 10 years, $15,650.
AT $6 PER DAY 1 year, $1878; 2 years, $3756; 3 years, $5634; 4 years, $7512; 6 years, $9390; 6
years, $11,268; 7 years, $13,146; 8 years, $15,024; 9 years, $16,902; 10 years, $18,780.
AT $7 PER DAY 1 year. $2191; 2 years $4382; 3 years, $6573; 4 years, $8764; 6 years, $10,955; 6
years, 413.146; 7 years, $15,337; 8 years, $17,628; 9 years, $19,719; 10 years, $21,900.
AT $8 PER DAY 1 year, $2504; 2 years, $5008; .3 years, $7512; 4 years, $10,016; 5 years, $12,520;
6 years. $15,024; 7 years, $17,528; 8 years, $20,032; 9 years, $22,536; 10 years, $25,040.
AT $0 PER DAY 1 year, $2817; 2 years, $5634 ;3 years, $8451; 4 years, $11,268; 5 years; $14,085;
.6 years, 416,902; 7 years, $19,719; 8 years, $22,536; 9 years, $25,353; 10 years, $28,170.
AT $10 J'ER DAY 1 year, $3130; 2 years, $6260; 3 years $9390; 4 years $12,620; 5 years, $15,650;
6 years, $18,780; 7 years, $21,910; 4 years, $26,040; 9 years, $27,170; 10 years, $31,300.
THE AVERAGE EMPLOYE GETS 910 PER WEEK.
The average wage-earner in manufacturing establishments of the United States receive $10.06 per
week, according to a government census bureau report Just Issued. The average man receives $11.16,
the average woman $6.17, and the 'average child under 16 years, $3.46. Diamond cutters earn the
highest wages, $21.68, and the lowest Is paid to men engaged in the manufacture of turpentine and
rosin, $5.23. The lowest average for children Is paid In pickle, preserve and sauce factories, where
$1.84 Is the medium wage.
$10 PER WEEK IS $520 PER YEAR, AND $250 INVESTED IN FLORENCE PLACER SHARES,
EARNING 200 PER CENT PER ANNUM, WOULD NET THE OWNER $500 PER YEAR.
And there would be no lost days, no sickness, no doctor's bills to pay, no board or room rent; no
garments to buy; nothing to come out of it for any cause whatever. THAT $500 WOULD BE ABSO
LUTELY CLEAR OF EVERYTHING.
THERE IS QUICK MONEY IN GOOD MINING STOCK.
A person Investing only $25 In these shares would, at this Interest, have an Income of $50 per year,
or more than $4 per month. Fifty dollars invested would afford an Income of $100 per year, or more
than $8 per month, and $75 would bring In $150 per year, or as much money aa the rent of a house that
cost $1500 to erect. One hundred dollars put in these shares at present prices would yield a harvest
of $200 per year, or Interest at 200 per cent, or an amount In excess of $16.50 per month sufficient
to pay the grocery bill for a family of two, if frugal, as most workingmen must be. In 25 years this
$100 would add $5000 to the family purse. If at the bank at 4 per cent, a full 25 years, the sum realiz
ed would be only $200. And thee placer claims, sampled as we had them, are safe and sure as any
bank on earth. THERE IS NOT THE SLIGHTEST DOUBT OF THIS.
$250 invested in 1000 Florence Placer shares at 25 cents the share, at 200 per cent per annum,
which we believe we shall pay, would return to the Investor $500 per year, or twice the amount In
vested in the stock. It would pay back $2500 in five years, or enough to build a comfortable home;
$5000 in 10 years, $10,000 in 20 years, and $12,500 In the 25 years we expect It will require to work the
Florence Placers out.
$500 Invested now, at 25c the share, at the same rate of Interest, would reward the investor with .
an Income of $1000 per year for the next, quarter of a century.
$750 Invested now would mean an Income of $1500 per year during the life of this enterprise.
$1000 invested while these shares are selling at present prices, should enrich the investor to the
extent of $2000 per annum; $20,000 In 10 years, $40,000 in 20 years, and the handsome fortune of $50,
000 before the last of the Florence Placer ground has been washed out $2000 placed In these shares
now, at the Interest we feel positive we shall be able to pay, would profit the buyer $100,000 If he should
elect to hold them the entire period It will require to mine out this ground.
LOANED TO THE BANK AT 4 PER CENT.
Two hundred and fifty dollars would return $10 per year, and $250 in 25 years. This la $12,000
less than our stock, at 200 per cent per annum, would pay In 25 years on an investment of $250.
$500 out at 4 per cent per annum would return $20 per year. At 200 per cent per annum the re
turn would be $1000 per year $980 more than the bank would pay. At 4 per cent the bank would
pay $500 for the use of $500 for 25 years. At 200 per cent per annum the mine would pay, In 25
years, $25,000, or $24,500 more than would be received from the bank.
Larger sums would pay In proportion and we merely make these comparisons that It 'may be
known that the Florence Placers will reward their stockholders more richly than could be expected
' from the most prosperous business, aside from mining, in the whole range of human effort.
WHEN WE WILL PAY DIVIDENDS.
This Is a question that vitally interests the stock buyer. There are 81.000 pounds of material being
transported into the mines, over 45 miles oftroad not very passable at this time. This ls not only ex
pensive, but slow work. It Is not therefore expected that our giants' will be playing- much before the
middle of August or the first of September, and we shall not be able to pay more than one dividend
this fall. We expect this will equal the cost of the stock, so that shareholders will have their money
back before Christmas, and clear profit revenue for the next 25 years. Of this there can be scarcely a
doubt none whatever of the clear gain for the next quarter of a century, and we surely believe we can
this fall return to stockholders ALL the money they have Invested In the shares of this company.
200 PER CENT PER ANNUM IS 50 TIMES MORE THAN RANKS PAY.
According to the Spokane Spokesman-Review of recent date, one investment over there paid 7000
per cent, but this Is not often done. Some of the British Columbia mines have done as well as that. Le
Rol stock was sold as high as $600 and $700 the share, and many other properties have sailed about as
high. Figures reported to the assessor of Idaho show that the mine profits of the Coeur d'Alenes for
1907 were $5,119,830. The Banker Hill and Sullivan was the largest producer, clearing $2,264,213.
The Federal Mining & Smelting company, operating the Last Chance mine at Wardner, the Morning
mine at Mullan, the Tiger-Poorman at Burke, and the Standard Mammoth at Mace, showed a gain of
$1,'596,707 In sprte of the fact that the last three mines were closed the latter part of the year, and the
others ran with reduced forces. The only mine not a silver-lead producer, the Snowstorm, netted $454,
288, and copper during the year was lower than usual. The Herculese mine at Burke cleared $765,160 and
the Hecla mine $437,188." The total production of tbe mines was $14,622,313 and the total expenditures
for labor, transportation. Installation and maintenance of machinery was $9,602,484.
The figures are taken from those of the assessor of Shoshone county and show an Increase over last
year.
The Snowstorm increased $300,000 over 1906. The tonnage extracted during 1907 was 95,435 of a
gross value rfi $l,S96,257'.8J. The cost of extraction was $216,393.03; cost of transportation, $501,112.20;
cost of reduction and sale, $68,572.08; value of improvements at mine, $155,892.40; .total working expen
ses, $941,969.66. This gives a net profit for the year of $454,238.16.
THE FLOHENCE PLACERS' SMALL CAPITALIZATION.
It will be noticed that our capitalization Is but a quarter of a million dollars, and our shares, all told,
only twice that number. We shall not sell all these shares. We are offering now but 120,000, and these
Ore sod at 'a cents each. Those taken by the company In exchange for the money advanced to place
the enterprise on Its feet, sample the ground, secure the 540 acres, etc., added to this present sale, will
aggregate an expenditure of $60,000, and this Is all upon which we shall have to pay dividends. Un
sold shares will draw no money.
"SO PROMOTION STOCK.
There Is no promotion stock In this corporation. All persons buying Its shares must pay and pay
alike. Persons at all acquainted with corporations will understand the tremendous Importance of this
"NO SALARIED OFFICERS.
Not an officer of this company draks a cent of salary. It is good enough for them to understand
the returns to come from the mine, and they are willing to serve their partners in the undertaking
without any pay at all.
WE GUARANTEE RETURNS.
Old miners will tell -you that the placer ls "the poor man's mine." This Is because expensive ma
chinery Is not required to mine It, as In quartz mines They also will tell you that the placer mine is
the only gold property that can be tried and tested at the very start. They will Inform you that the
value of the placer mine can be as accurately determined as can the value of a grain field when the crop
Is ready for the harvest. "The farmer who grows potatoes may dig a hill here and there sample his
potato field and make a reliable estimate of Its production. The placer miner digs down to bed-rock,
washing out the earth each six Inches from surface to bottom. He repeats this over and over until he
has "sampleU" all his territory, and with Just as much accuracy as the farmer can sample his potato
crop and Juflge of its production can the placer miner figure the results of washing the gravel on his
'placer claim. This is the case with the Florence Placers. We KNOW what we have and therefore are
mot selling to our stockholders a pig In a poke. The character of our officers and directors is a guaran
tee of that. The fact that they put their own money up to secure the land and Inaugurate the company
Is a further .guarantee.
OTTt CAPITALIZATION.
The fact that we have capitalized at only $250,000 must not be taken as an indication that this is
not a large affair. If we liad the assurance that.we have a hundred million tons of gold In our placers
greater capitalization would not be necessary. True, we might have placed our capital at one or two
million dollars, sold the same amount of stock we will sell now. pocketed the balance and thus have
robbed our stockholders, but we have not chosen to pursue this course. We are taking in those partners
who buy this Slock at present prices, on a level with ourselves. We are letting them in "on the ground
floor," and not taking advantage of the Tact that we now own the 640 acres comprising our placer beds
and that those who come In with us at this time must pay the fiddler for both themselves and us. The
truth Is that we have no advantage over the smallest stockholder. If any officer of .this company
should desire to increase his holdings today, or at any other time, he would have to pay 25 cents for such
increase, the same as If he were a stranger to the concern. THERE IS NOT A DOLLAR OF pun
MOTION STOCK TO BE HAD BY ANY ONTS. All shares are sold at 25 cents each on the e
run ii uv siiAKtis AX" l UK.tis OF PAYMENT.
100 shares,
200 shares,
300 shares,
400 shares,
610 shares.
$ 25 cash.
60 cash.
75, $18.75 cash,
100, 25.00 cash,
125. 31.25 cash,
$ 9.374 per month.
12.60 per month.
16.62 per month.
600
700
800
900
1000
snares, jxso, ,37.50 cash. $1S.75 per month
shares 175, 43.75 fcash, 21.874 per month
shares, 200. 60.00 cash, 25.00 per month
shares, 225, 63.124 cash, 28.12 Vi per month
shares. 250, 62.60 cash. Si !r
S PER CENT DISCOUNT FOR CASn ON ALL SALES OF S00 SHARES OR OVER
Incorporated under the laws of Oregon. Capital stock. $250,000, divided Into 500 000 shares of the
par value of 50 cents per share, fully paid and non-assessable. All shares 25 cents each.
PROSPECTUS GIVING FULL INFORMATION MAILED ON REQUEST.
" OFFICERS.
jonn d. (Jiemna president Geo. L. Peaslee
J. B
t j uage circuit court.) (Peaslee Bros
Richard C. Hart Sec-Treas.
(Superintendent U. S. Light.
House Service.)
, DIRECTORS.
w. A. Cleland H. B. Perkes
Boone . R. C Hart
. .Vice-President
Company)
Cleland
J. F.
Florence Placer
G. L.
Minins: Comoanv
W. W. Peasloe'JI' f T?r-i'
Peaclee.
220 Commercial Club Building, Fifth and Oak Streets, Portland, Oregon. Phone Main 985.