Same Streets
← All stories

The Man Who Borrowed $500 to Chase Gold

William Jensen returns from the Klondike with nothing but 60 cents and a story of survival, proving that in the Yukon, credit is worth more than gold.

William Jensen, proprietor of a restaurant on Ave A and 4th St., who went to the Klondike nine years ago in search of gold, has returned to New York recently with 60 cents. He states that if he had not been loaned $500 by a friend in his home town in Kansas when he was about to starve in New York, he would never have gone to the Klondike at all.

The reason was $500 to him, but all from his home town in Kansas. He went to work on Sunday morning in a South Brooklyn factory at $1 a week, eating his table day in an Avenue A saloon, by asking of the friends, just enough to put up his Klondike gear in the following words: 'I am going to the Klondike.'

Jensen said that he was robbed in the Klondike and all came back. He said that a girl who was with him gave him a pair of papers purported to be $10,000 valued claim near McKinney Creek. That he was 'sold' by the Canadian customs at English Lake and Marsh Lake and was compelled to give them 15%, although he had paid duty on his outfit in the state.

While Jensen said that, after taking losses on all sides by transportation companies and ordinary business costs, he is left a few dollars. This he lost learning the American game of draw poker.

Close Blowers Will Strike

Minneapolis, Minn., May 8.—The statement reported that the window glass blasters, who are on a bitter strike against the blowers, has been withdrawn whether or not Mr. O. B. W. is to be installed as head of the union. The matter will be in conference tomorrow.

Regents to Meet at Pullman

Pullman, Wash., May 8.—Today the board of regents of the agricultural college will meet for the purpose of letting the contract for the manufacture of pressed brick for the construction of the new buildings at the college. There is important business before the board. The contract for the construction of the buildings will not be let until the June meeting.

Weather at Palouse

Palouse, Wash., May 8.—The snow throughout the county remains six feet deep in places yesterday, and this morning the ground was covered with white frost from vegetation until it is not far enough to harm the art. Today it will be cold, perhaps rain or snow. Farm work progressing slowly and is becoming difficult. Wheat in the ground is slow to make more and will be very likely with stand any dry weather which may follow. The weather being so turn in wet, we are anxious to sun the grain weather for man if it had been hot. Warm weather and sunshine are needed for the growing crops and until this comes the harvest will be late.

Then · 1899127 years apartNow · 2026

William Jensen’s return from the Klondike with mere pocket change encapsulates the brutal economic reality of the Gold Rush: for every one prospector who struck it rich, dozens were bled dry by supply costs, fraud, and bad luck. His story mirrors modern 'get-rich-quick' schemes like crypto or day-trading, where the initial capital is often lost to fees and market volatility before any real profit is made.

The original page

The Seattle Star (Seattle, Wash.) 1899-1947, 1899-05-06. Library of Congress, Chronicling America.

From readers

No comments yet. If you know something about this story — a correction, a family memory, a source — it belongs here.

About this story

From
The Seattle Star (Seattle, Wash.) 1899-1947, MAY 6, 1899, Page 3
Text
Cleaned up from the page — spelling and layout repaired — not a word-for-word transcription. The page itself is above, for exact wording.
Rights
Public domain
Place
46.90995, -117.07558 · placed automatically
The paper in the Library of Congress catalog ↗