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The Sumpter miner. [volume] (Sumpter, Or.) 1899-1905, October 26, 1904, Image 2

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn96088466/1904-10-26/ed-1/seq-2/

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THE SUMPTER MINER
Wednesday, October 26 1904
REORGANIZATION PLAN
FOR THE GOLCONDA CO.
Alexander Prussia's Proposition to be Sub
mitted to the Stockholders
at an Early Day.
COMPLETELY
REORGANIZED
1'rusldoiit llailoy and Secretory
ilockwlth Iihvu issued a circular Jottur
to stockholders in tlio Unlconda com
puny, outlining tho proposed plan of
.reorganization, which thoy will no
allied upon to ratify at an uarly day.
information whloh Tito Miliar Iiuh
received Ih to Ilia effect that there Ih
considerable opposition to tho plan
among atnokholdora and thuro Ih
some doubt, iih to whether or not
it will carry. Tlio following two
paragraphs of tlio letter explains tho
proportion to ho submitted:
"lu explanation of tho special
mooting of tha stockholders of thiH
company, wa doHiro to Htata a littla
mora fully tha proportion of Mr.
.I'riiH-dug and IiIh associates, which Ih
to reorganize tha company with a
capital of 0110 million dollara iiiHtoad
of thrao million dollars hh hereto
fore, giving to each of tho stock
hoidarM of tho company tho right to
subscribe to tho amount of HharoH in
tho now company oiiial to IiIh present
holding in tha old company upon
tlio payiiMint of .'I'd eouta for each
Hhara now hold liy thorn, which hi id
.'I1, coutH ahall go to coiiHtltuto a
fund or 6100,01)0 with which to pay
oil' tlio proHiuit IndohtodiiosH of tho
corporation, iiiiioiiutliiK to about
):U,0()0, and loavo Hiilllooint fuudH
on hand with which to fully equip
Iho miiio, liy putting in now
machinery and upon up tho initio for
operations and develop, it ho it can
ho placod 011 a paying IihhIh, which
wo holiovo can io doii'j with this
amount.
"Ah you arc aware, your stock h
non-iiHHOHHiildo, and tho company
therefore Iihh 110 moaiiH of securing
funds from tho present HtockholdorH
to pay oil (IiIh indebted hosh and put
in tho noiM'HHiiry oiiipmoiit and do
volopmout work. To oacli of tlio old
Htoi'kholdorH who outers tho now or
gittilittluu it practically amountH to
an aHriosHiuoiit of M 'u cents per share
upon (IiIh stock, and (Iioho share
holders who do not alitor tho i.ow
u iiiiiitt ion, if tlioro ho, huvo no
rights in tho uon otuaul.atlnu. Wo
tiiiHt, honoior, that -ill tho stock
holders will hoo tho wisdom of t IiIh
plan and Kindly join tho
gaui.atiou, Mr. I'rusaiug
ho Ih largely intorcflted. For II vo
yours tho Spokane owners developed
tbh mine, without stopping work a
day, blocking out largo bodied of ore.
LiiHt season a mill wiib installed,
ocpilppod with water power aud all
modern contrivances After ruuuiug
a ahort while, it was shut down, the
announcement having hcon mado that
a satisafotory percentage of values
wero not being savod. It was at that
time unotliuially roported that a
cyanide plant would ho added. Mr.
CiiHHiu stated to a Minor man today
that ho ia going out now to mako
further investigations, with a view
to deciding what treatment prooonH ih
necessary; that at this time ho has
no definite Htatomeiit to make.
WANTS A MILL FOR
HIS RICH DIXIE MINE
Accord! ok to tho Portland Tele
gram, the Oregou Minora' association
is to bo completely reorganized,
Htretightenod, improved, made more
powerful, uud otherwise retouched
all by means of increasing tho
auuual dues from 31! to 825. The
Telegram asserts that this will
create more interest in the associa
tion, although no arguments are
civeu in support of suah n con
clusion. All this is to be brought
about, says the Telegram, at the
forthcoming auuaul meeting of the
association, which is scheduled to
occur at Portland on November 1.
The Oregon Miners association is
composed of -jome Portland mining
stock brokers and initio ptomoters.
Kh membership also includes the chief
executive otlicer of each district.
iiHsooiation ill tho state, of which
there are some half a dozen. The
control of tho state association rests
in the bauds of an o.xcutive
mitoo, composed of Portland
This committee is asid to huvo
a stormy mooting tho other day, at
which a decision was readied to raise
the auuaul dues to 825. Also it
was decided that tho secretary should
and Hhall bo paid a salary. Iho in
cumboiit secretary is, and the next
one undoubtedly will be, a Portland
mau.
Tho proposed plau to inoroaso the
annual duea will at least rosult in
making tho state association ex
clusive. It will bo composed of half
n dozen, instead of a score of Port
land broken.
co in
men. held
Zoo III llousor, ox-United States
marshal, now heavily interested in
tho Standard initio at Quartzhurg, Ih
in Humptor on tho trail of tho owner
of that live-stamp battery aud rock
crusher, which, for nearly a year,
Iihh laid on a platform near tho
Humptor Valley depot. Tho battery
Ih Incomplete, lacking stamp dies aud
cam shaft. However, if Mr. llousor
can llnd tho owner aud olfect a pur
chase at reasonable toruiH, ho will
Hhip it to IiIh Dixie mine, near tho
Standard, where ho Iihh opened up a
good body of free milling gold ore.
Tho Dixie Iihh yielded 1,800 rock,
aud tho average value is said to bo
exceptionally high.
Lewis and Clark Pair Specimens.
D. 11. Wcyaut, commissioned by
tho Lewis and Clark management
to collect a mlueial exhibit from (IiIh
Htato, is in Sumpter today, leaving
on tho afternoon train, to moot with
tho llakor City Development league
this evening, lie put in yesterday
looking tnrough tho iiiIIIh mi tho
(Ji acker Creek mother lode. Mr.
, ut t ......ii... i.. . i.-.
HOW Or- ' " "Jinn riiiiii inn iiiiMiiiii iii iiiu
aud his I'Minpri of southern Oregon and makes
Blocking Out Ore at GoppcropoJis.
Marion A. Hutler, the Portland
lawyer, who passed through Sumpter
yesterday on IiIh way home from tho
Copperopolin initio, noar Quartzhurg
was intoi viewed by tho lirikor City
Democrat aud said: "We have a
groat property aud are using all our
efforts in blocking out ore aud
making a mine. Wo have about
twolvo nioti at work and aro dowu
SPECIAL NOTICE
If you want to read a free and inde
pendent paper, devoted to tho inter
ost of mining and current events,
which Ih not controlled by any pro
moting concern, such as most of the
paH'rfi in tho east are, send for a free
sample copy of
NEW YORK BANKER
L:t HHOADWAY,
NKW YORK
atiMii'ialuH will take whatever stock w locllty
there may bo in tho now ootiipmiy j otlun. Ho
of boosting for that
remains two days iti
not MiUHorllmil for by tho present ! hhumii urogon ami nurries imoK 10
xtookholdors. If thla reorganization Portland, having appointed Henry
plan carries at tho meeting of the -' Nodormark to lecelvo aud box
HtockholdorH, it is very probable that' Hiiiilen that may bo brought to
tho mine will again bo iu operation Sumpter for shipment. He had so
and its affairs in a satisfactory con- jeurod lKt carloads of ditrerout
ditlon within Hix or eight months, J kinds of rook, much of which is
aud nostdhlv sooner." (granite.
Alamo Trcdtnunt Process.
John K. CaHsiu, of Spokane,
patted through towu today on his
way to the AIhuio, in which property
Hotel Sumpter.
Meals 15 cent and up; bottle
Maker City boor 5 cents per glass:
good rooms 50 cents.
THE
NATIONAL BANKER
4 Li Sails St.
CHICAGO,
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A journal of National circulation.
Is read by bankers, capitalists, in
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vaut to reach a good class of buyers
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Thousands of copies of each issue of
tho National Hanker goes to investors
throughout the Middle West. Eastern
and Now Kngland states. The best
journal iu tho country in which to
reach investors. Samplu copieB free
Advertising rates on application.
about 270 feet, that is, the tuuuel
in which we are working has reached
the 270-foot level. The ore,
wherever tapped, shows good values,
and we are more than satisfied with
the outlook."
z
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