Can’t Count His Money
The Bennett Sun, September 2, 1899
Can’t Count His Money
Such Is the Sad Condition in Which Alexander McDonald Finds Himself.
Alexander McDonald, king of the Klondike, not only is not insolvent but has so much money it is almost a hopeless task to compute it.
Such is the report brought out by a shrewd business man who left McDonald about fifteen days ago, and is a partner with him in his many enterprises.
“The report is not only absurd but is malicious,” said this gentleman.
Mr. McDonald went in to Dawson in March and his business affairs were never in better shape. Since then he has purchased five claims on Sulphur Creek at from $30,000 to $50,000 each.
He owns a whole or a fractional interest in 79 claims on Sulphur, Bonanza, Eldorado and Dominion creeks, and there isn’t one wildcat among them. Every single claim is turning out a profit daily - and instead of borrowing money Mr. McDonald is loaning it. Rates used to be at 10 per cent per month, but any one with good security can get all the money he wants of McDonald at 2 and 3 per cent a month.
The so called story of McDonald’s insolvency had not reached Dawson when this gentleman left, and when it does reach there, there will be a great laugh.
The idea of a man being broke who does not owe a dollar and whose clean-up for the winter work amounted to $1,250,000 is something decidedly funny. Since he went to Dawson in March McDonald has paid $100,000 in royalties to the Canadian government, and besides his daily deeds of charity has made a donation of $30,000 cash to the Catholic church and hospital.
His income is continuous and he does not have to wait for the result of a winter’s work in a spring cleanup. Some of his best paying claims are summer diggings and his pack train of mules comes into Dawson regularly once a week loaded down with gold.
The facts are McDonald is so wealthy it is impossible for him or any one else to make a close computation of his holdings. Besides his gold he has large improved holdings in real estate that bring in a splendid income. The person who started the story of his insolvency simply did so to try to injure the credit of one of the richest, best, most generous and highly respected men in all Alaska.
Mr. McDonald’s friends in Juneau do not need these assurances, but they are none the less gratifying.- Juneau Miner.
The Bennett Sun became the Whitehorse Star upon moving to Whitehorse from Bennett Lake, B. C. in July of 1900. The Whitehorse Star’s first publication was on July 18, 1900.