Word: balatoc
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...split up the $750,000 on hand. Instead, John Haussermann stubbornly insisted on spending some of the cash on prospecting. He won the gamble; a rich new strike put him in a position to buy a lumber company, a power station, and a $300,000 controlling interest in the Balatoc Mining Corp...
...Balatoc (also on Luzon) turned out to be the most profitable mine in the islands and Haussermann became one of the biggest gold producers in the world. By 1940, his mines employed 10,000 Filipinos, produced 1,200,000 tons of ore-about one-third of the islands' gold output-and earned their stockholders $4,000,000 a year...
...Balatoc mine was a $500,000 hole in the ground, which borrowed $250,000 more, paid it back from earnings in less than two years and by 1934 was paying $2,000,000 a year in dividends. Several other mines have had smaller but equally brilliant records, accompanied by tales of Tom-Dick-&-Harry made rich overnight...
...hazy days of the Chinese empire, centuries before Magellan reached the Orient, the Igorots of Benguet mined gold in the Philippine hills. The Spaniards snatched off their gold earrings and beat them into crucifixes. Spanish-American War adventurers, trekking inland, were greeted by natives crying "Ado Balatoc Bantay!" ("Lots of gold in the mountains.") But geological disturbances, dense vegetation, frequent droughts and lack of modern machinery kept the infant industry of the Philippines from rapid development. Not until last year did Philippine business men really begin to discover how much balatoc there was in the bantay and what...
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