VOL. VI.
SUMPTER, OREGON, OCTOBER 5, ,w
NO. 7
REORGANIZATION OP
THE GOLCONDA MINE
Alexander Prusslng and the Geiser-Hendryx
Company Perfect Plans for a
New Corporation.
Tho Uolcouda initio will lit re
organized uud reopened
Alexandor PrusHina. f nii,.ur.
r -- -"'""H"!
tbo gentleman who broucbt ordei
out of the obaoa of Rod Hoy affair),
is the man who will plaae the cele
brated Cracker Creek mother lode
bouanza ou its feet. The Uoiaer
ileudryx Investment company, of
Sumpter, bus boon h prime fautur in
the deal, James A. Howard,
present general manuKer of tho prop
erty, aided uegotiatiouu to u
auooosaful consummation. Hoth Air.
Pruaaing and Mr. Howard were In
Pendletou yesterday, where the final
details of a reorganization plan wero
porrooted. Prusaiug left Pendleton
for Portland last night, aoordlug to
telegraphic advices, and will depart
Hhortly for tho east to take up the
comparatively easy task of financing
the new corporation. He will be
joiued in Chicago by H. T.
Heodryx, who left Sumpter today.
The Ceiaer-Hendryx company will
have the local management aud
auperiutendenoy of the mine, accord
ing to the reorganization plans.
Mr. Pruning was in Sumpter last
week, under the- pilotage v of, Al
Uelser. Secrecy at the time was
maintained as to Mr. Prussiug's
.minion, but The Miner was
admitted far enough into the inu
cirolea of negotiations to understand
what the plan was to be. The first
otJJaial announcement that tho reor
ganization scheme had been per
fected was a press dispatch under a
Pendletou date, reading in part as
.follews:
"Prussiug's scheme is to finance
the mine aud take the management
until about April 1, 1005. He will
allow the old stockholders to con
triubte pro rata, according to their
holdings, toward the reorganization
fund to pay off the mortgage in
debtedness. This indebtedness
amounts to about 930,000.
"The GolromJa has been closed
since last May. It was first worked
about ten years ago. The present
eonpany took charge about three J
years ago. It got in debt unci wuh
finally ehut down.
"It is claimed that tho mine it
just us good us it over wrh aud that
its minerals aro very rich. PruHMlnu
will return to tho coast in a fow
weeks."
When soon this morning by a
Minor representative II. T. Houdryx
conlirmod tho nbovo dispatch.
"Myself and Mr. Coisor interests
Mr. Trussing in tho Uolcouda and
wo will have tho local maiiiigoinout
aud superintoiidonuy. Reorganization
of tho old (Jolconda company will
bo effected on a capitalization basis
of about one million dollars, which
is ouo-third of tho present eanltalizii-
tlun. Mr. Prusslng will attoud to
tho financial port of tho flotation
and his headquarters will be in
Chicago. The mine will bo oponod
as soon as possible, perhaps im
mediately upon my return from the
east, which will be in a mouth or six
weeks.
The new compauy will assume nil
debta against the mine, which
amount to i20,120. A suttloiout
cash surplus will bo provided to
insure successful consummation of
the 'development plans -outlined by
the consulting enginoers of our firm. "
A short time ago (Joiner aud Heu
dryx were giveu virtual control of
Me Uolcouda by a lease aud hnml.
Tho present turn of affairs is an
out come of that option.
reorganization of tho Coloonda com
pany, aud tbo lliianciiiK or that dual
along sauo linos. Ho confirmed that
roport to tho extent that Alexander
Prusslng, cf Chicago, has undertaken
tho task, aud ho exprossod tho bo
II of that It will bo succossfiillv x
cutod. Kegording some of tho state
ments made in tho papers, Tho Minor
inoludod, tho gontloman unsuiiied a
skeptical attitude, though ho makes
no apooillo douial, saying careless
like:
"Oh, thoro is something in it.; lot
it stand just, at it is. 1 don't, soo
that your variations from accuracy
can do any damage, and certainly a
onorroctiou will do no good. I. inv
self, took this matter up ujtl, m,..
Prusslng months ago, and now that
ho has successfully puhIuh! tho Rod
Hoy doal through, Iikh consoutod to
do tho sumo for tho (lolcon-lu, and
doubtless will."
In this connection, one thing Ih
about as sure as death aud taxes;
namely, that when a (Inluourin doal
is ponding, .1. A. Howard will bo a
party to tho negotiations, aud when
it is consummated it will bo be
ciiiho ho sanctions tho terms. Ho is
tho larfcott stockholder in tho com
pany.
CABLE COVE
IS HUMMIN'
SAW MILL WILL
START IN 10 DAYS
J. A. Howard returned yesterday
from a trip "outside;" presumably
beyoud Maker City at least hh fur ua
Peudletou, certainly to La (Jrande, I
uu ouuKiug and mining business.
Regarding the first named mission,
he baa no word to utte-, except to
say: "Things are all right."
When placed on the staud aud
called ou to give his testimonv re-
garding the mining proposition,' Mr.
Howard had some cautious, guarded
remarks to make. He partially
confirmed the ronort olaced ou Him
press wire at Pendleton regarding
the resumption of negotiations for a
V. L. Vinson aud A. P. Jones
returned from tho Thornburg placers
today in time for the former to catch
the train for Maker Citv
They report that the road to the
diggings has been completed and
that the machluery for the sawmill.
which has boeu staudiug ou a side
track here for some days, will bo
loaded ou wagons Monday, hauled
out and installed without further
delay. In about ten daya it will bo
cutting lumber for the flume.
Mr. Vinson says he will complete
two miles of this twelve-mile flume
this fall, which will enablo him to
begin hydraulicking early next
spring. The remaining ten miles of
tho flume will be built next year.
Logging opeiatious were commenced
this week, and tho crew is getting out
20.000 foot a day. Ho oxdooIh to
cut a half million foer. or lumber
during the winter, which is about ail
the logs that can bo gotten out bofore
tho weather forces a shut down of I
logging operations, unless there is
an unusually late rail.
No atock has been issued ou this
proposition, the property being
owned exclusively by Messrs. Vinson
aud Patterson.
"Cable Cove is tho busiest sub
district ou tho eastern Oregon
map," said Tom C. (Iriiy to a Minor
man thh morning.
"A trip through tho camp ia con
ducive to a deep and abiding faith
in tho future gtoatnoss or tho
mineral industry hoi cahoots.
2 "On my way down from tho Valley
(Juoon I miiilo tho following observa ebserva observa
teons: Tho compressor plant at tho
Hold Coin ih working full time.
Tom Kounorly has opened the Oregon
King, ou Silver crook, and is build
ing winter quarters and developing
tho initio with a force of six men.
Tho Midway, further up, ia preparing
to start its compressor aud take out
ore. Tho Free Coinage ia idlo, but
Pm timid owners have boon writing
to local parties with a view to ar-
ranging for early itsuuptlou. Tho
California has six men stopiug ore
for shipment to tho Sumpter smelter.
Nino men aro doing scientific do
volopmont work at tho Overland,
under the suporiutoiidoncy of M. K,
Halo. The thunder of dropping
stamps at tho Imperial sounds good.
fourteen men aro employed at this
property, exclusive or tho teamstera
engaged in hauling concentrates to
Sumpter. Huperintenendent Willy
and a roico of miners are developing
tho Storm King, having taken in
supplies for the winter. The Crown
Point has just awarded a 200-foot
contract for extending the lower
tunnel aud the oompressMor will
be started within the next two or
three days. Al Helaler baa three
men at work ou his claima adjoining
the Crown Point. A wagon road ia
being built to tho OomMiwtlou. inri
active development work will be
started this week. MoLeod aud
Morau are hammering away at the
Militarily, ou the Late creek slope.
Tho hermit Dutchmau ia opening a
good lodge below the Western Union.
We are stopiug ore at the Valley
Queen and sacking for shipmeut to
Sumpter. Ten men are employed at
uie Monumental, and eight at the
Hufralo. Assessment work ia also
being done on at least a score of
properties in the region described.
Kvery tap of the drill makes for
success, and every shot meana more
men, more money more machinery,
more mills."
The B. -iud K. has awarded a oou-
liaot for 1,000 cords of wood, do
live red at the mill. I
Sumpter men are negotiating for
tho purchase of the tailing dump of
tbo Mouumeutbl mine. If the deal
is couuummated a small cyanide
plant will b6 installed,.