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About The Sumpter miner. (Sumpter, Or.) 1899-1905 | View Entire Issue (Oct. 26, 1904)
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, ILLINOIS A journal of National circulation. Is read by bankers, capitalists, in vestors, retired merchants. If you vaut to reach a good class of buyers and tho moneyed and investing pub lic, advertise in the National Banker. 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. 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