The Sumpter miner. (Sumpter, Or.) 1899-1905, November 30, 1904, Page 2, Image 2

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Wednesday, November 30, 1904
Prussing Plan of Reorganization Abandoned
and New Proposition Submitted
to Old Stockholders.
$75,000 Worth of 6 Per Cent fir!
Mortfaqe Debentures Proposed to
Be Issued to Liquidate Old Indebt
edness and Provide a $45,000
Working fund.
Thu I'riiHHing plan for h reorganiza
tion of thu (Joloouda has Ijooii
atmudouad. A new proposition, in
Volvillg tint issuance of 975,000
worth of Urst-mortgago debenture
timid, bearing six pur omit interest,
has tateu submitted to the controlling
holdera of (Joloouda stock. Thorn in
Mioh it firm IiiihJh for thu belief ttiHt
tho bonding propoHltion will (in ac
cepted nn to warrant thiit thu fiunoiiH
old tuiiio will hu reopened on a largo
mm I on or before January 1, lil()r.
All thu ahovu was learned today by
u Minor rupruHiintativu from, hu'
Miithoritatlvo, though not official
Neither II. T. Iluudryx nor JamuB
A. Howard, two of thu gentlemen
ntoft intimately Intort'Htod in (Jul
'ondn negotiations, woiid talk for
publication whun approached by tho
Minor reporter today. Mr. Haudryx,
who as junior mumlior of the Uoiser
Hendry x Iiivuittmuut company, bait
ttuvn aotivu in support of thu Prussiug
rootganiy-atiuu plan, returned yoster
day I turn l'uudlotuu, whuru hu at
tendod a mooting of thu directors of
the old (loUvnida company, and from
i'ortlund, whithur hu wont to confer
wilfi thu Wuhfoot stockholders of thu
old company, at thu huad of whom
aland (J. S. Jaokmiu, owner of thu
lortlitnd Journal.
"Tho old dime to in votud against
llu I'niKHltiK plan," naid Mi. Hon
dry v. "Modifications wuru sugguttud,
and it wiih to llmi out how thu Port
land stockholder regarded thu
modillod plan that 1 madu a hurrlod
(rip to tho coast. Whllu I am In no
ioitlon to statu dullnltuly whulhnr
tho modi Hod plan will hu moru
hicccMiiI than thu original prop
ohitioi), Ktill 1 am sanguine that
tuittiors v 1 1 1 ho amicably adjusted in
u .ohort timu. "
In aiHuor to a query ait to tho
truth o( thu toport that thu mod I Hod
plan embraced thu iiumanoo of builds,
Mr. liondryx walil :
"Von will havu to uxuuho mo from
h further discussion of tho matter."
J union A. Howard, who in person
and by proxy, holds control of thu
)roMot corporation owulug tho
(iuloonda, rutnrnud Monday from
Pendleton. To a Miner man be said
that the PruHsiug proposition Gould
not be accepted, but that allf parties
onuooruod wore working on a substi
tute plan, which appeared, said be,
to pohhohh morlt. Mr. Howard, like
wIho, rofiiHod to divulge the details
of thu now plan, but hb above Htated,
the Minor hat good authority for
thu statement that the modified plan
InvovlflH thu iHHUHtioe of 975,000
worth of flrHt mortgago bonds.
It Ih further learned that from the
proceeds of tho Bale of those bonds,
jolghty-flve'por eout of which tiro said
to bo already subsoil bod, all prior
mortgago indebtedness will bo liqui
dated and tho unincumbered prop
erly no pledged to aecuro final pity
meiit of, hh well hm interest on, the
(lobeuturo bnudH. It la underntood
that old Oolconda stock will romalu
in Ita proBeut handB, and will partic
ipate by priority iu all dividends.
Tho new bond issue will probably
not be underwritten by a trust
company, which la tho usual plan
for guaranteeing interest aud prin
cipal. Something oven butter than a
trust company will be back of tho
bouda, in tho ahapo of a milliou
dollar mine, supurbly equipped, aud
capable, under such improved con
ditions as will bo brought about bo
he provision of a snug working fund,
of paying haudsomo dividends, a
curtain percentage of which is to by
Hot asidu in a sinking fund for tho
bouulit of tho bond holders. Tho
prospective purchasers of the contem
plated bond issue are the members, it
It assumed, of the Oblcago syndi
cate which is headed by Alexander
I'rusaing, author of the rejected re
oraugiaztlon and stock assessment
The propsod 975,000 bond issue
will liquidate all existiug indebted
Dunn against tho Ciolconda, which
approximates 9110,000. The remain
ing 945,000 real I rod from tho issuo
of debenture Huouritiea Mill bo eon
stitutud a working fund, ample for
all purposes.
Site for Governmeni Buildinq.
A deed has boon (Hod with thn
county rocordur from W.
Houston to thu United Status fur 100
foot square ou thu corner of Main
street aud Auburn avenue, Baker
City. This was thu alto selected for
thu government bulldlug soon to bo
oruotod in that city. Tho deeds calls
for 4,800, the amount apropriated
for the purchase of a site, while, as a
matter of fact, the property brought
over double that amouut, tho balauuo
haviug beou raised by adjaceut prop
erty uwuers. The matter has beou
delayed several mouths, as consider
able red tape was uecessary to secure
a clear title to the property. It is
believed the unxt cougress will make
a geueroui appropriation for the
To those of us who count as his
torical tho bappeniugs of a geuera
Ulouago, it will be significant that
I the industry of Laurium was at its
boat at tho time of thu Pelopounesiau
war, 2,000 years before Columbus
ailed ou bis great quest.
Events which happeued forty years
ago In connection with the discovery
of tho Calumet it Hecla copper mine
already wear the halo of history to
us, though these happenings are as of
au hour ago compared to the begin
nings of mining at Laurium; but it is
no leas typical of these two localities,
as far apart geographically as the
enterprises which gave them mining
renown were, and are, different
their iuteusity, that the
Calumet & Hecla has contrlbued more
valuable motal to the world's com
merce lu forty yoars thau Laurium iu
twenty-four centuries. The great
mine by the lako is the product of the
period; if it had been found eveu
ten yearra earlier it would have
bad a stuuted development, because
tho recognition of the value of the'
copper-bearing conglomerate bed
synchronized with the first succors of
the stamp-milling of tho native
coppor ores of Lake Superior, which
up to that time had been profitable in
proportion of the amount of "mass1'
or largo bodies of native metal
which they yielded to the miner's
toil. Moreover, the Calumet has
been the pet child of its day, in that
it received, rather thau invented, the
mechanical dovicos permitting of
deep miuiug and extensive under
ground exploration. Aided by great
wealth, stimulated by a lodo of won
deerful uniformity and situated iu a
region which attracted the enterpris
ing of many lauds, this mine received
the ooucoutratod aid of the mochaui
cal geulus of a gouoratiuu of men.
Wars, Jong and numerous, changes
of dynasty, a complex geological
structure aud au ore of refraotory
character bavo been among the hin
drances which came iu the way of
success to those ancient mines iu
(Jreece which attract our attention
by their lougevity. Surely this
Laurium is the Methuselah among
mines; will it outlive the youug
giant by the lake, who spends his
streugth so lavishly? Men tbiuk all
men mortal but themselves; they
consider all miues liable to exhaus
tiou except their owu. Wo will leave
it to the geutlemeu at Bostou, who
direct the one, aud to tho geutlemeu
at Paris, who coutrul the other, to
compare uotes.
The significance of tho comparison
is iu the rapidity of accomplishment
aud the iuteusitv of exploitation.
.To tho people who have developed tho
Americau coutiuuut, a half oeutury
is a geologic period; we count time
not by hours, but by heart-throlm;
not by the slow beat of the his-
toriau's pendulum, but by the ner
vous pulsations of oue iu a graud
hurry. To find, to explore, to ex
haust a miue is au affair of a few
yearn; we tear out the wealth accum
ulated by the patieut operatlou of
uatural agencies through mauy
thousand years, and pass ou to the
search tor auotber. The miue iu ,
Miubigau euriobee oue geueratiou,
that iu Greece supports the people
of several centuries.
But there it a waste of delay, as
there is a waste of speed. By modem
standards the loss of interest on the
money value of the ore, wbicb lies
idle for several hundred years before
it goes into the arteries of commerce,
represents u sum vastly in excess of
any that is lost by a too-expensive
method of rapid extraction. The
silver aud lead which lay useless in
the oldest or Laurium for 2,000
years, to bo nibbled by a long
succession of slow-working operators,
yielded a fraction of the profitable
nso which would have accrued had it
been exploited on the magnificent
scale and unresting activity of the
Calumet, to pass quickly into art
and industry. The Calument &
Hecla has produced 1,708,860,387
pounds of reflued'bopper, from 1867
to 1903, inolusivo. The value of this
output baa boen about 9245,000,
000. What an amount of electrical
conductivity and swift transmission
of human intelligent does not that
suggest? The colossal power this
output of coper could transmit would
run all the machinery that was at
work from the Peloponuesian war io
the day of Waterloo; the intensity
of electric light which this metal
could have transmitted would illu
mine the earth as at the dawn of
time, and the length of wire to be
manufactured from all this copper
would have boen enough to wind the
world around many times iu swift
communion of idea aud instantaneous
warmth of human sympathy. En
gineering aud Mining Journal.
Sale of Cornucopia Chattels.
Colonel W. P. Uucber, of the law
firm of Butcher, Clifford & Correll,
yesterday returnod from Cornucopia,
where bo was in attendance upon
the sale by sheriff of the personal
property of the Cornucopia Mines.
As trusteo for the lien-holders against
the properfy, whose claims amouut to
about 950.000, Colonel Butaber
bought iu the property at the sale,
bidding there for $2,500. The next
sale of proporty of the Cornucopia
miues uuder the decree of the Baker
county Circuit court will be that of
the real estate, which will tako place
Novomber 28. It is impossible to
learn whether or not the Searles
estate will take up these claims and
pay the local debts of the company
or not, but there is fairly good
authority tor the statement that it
will. The property is supposed to
be worth nearly a milliou dollars,
local debts against it something like
950,000. Democrat.
If Your Are Not Particular.
Don't travel over the Illinois
Centra', as any old road will do you
and we don't want your patronage;
but if you are particular aud want
the host aud meau to bavo it, ask the
ticket agent to route you via the
Illinois Central, the road that runs
through solid vestibule trains be
tweeu St. Paul, Omaha, Chicago, St.
Louis, Memphpis aud New Orleans.
No additional charge is made for
a seat lu our reoliniug chair cars,
which are fitted with lavatories aud
smoking rooms, aud have a porter
in utteudauce.
Kates via the Illiuols Ceutral are
the lowest and we will be glad to
quote them iu connection with any
transcontinental Hue.
B. H. TRUMBULL, Commercial
ageut, 142 Third street, Portlaud,
J. C. L1NDSEV, T. P. & P. A.,
ld2 Third street, Portlaud, Oregon.
and passenger agent, Colman build
ing, Seattle, Washington.
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