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,.