THE SUMPTER MINER Wednesday, November 30, 1904 TO ISSUE BONDS ON THE GOLGONDA Prussing Plan of Reorganization Abandoned and New Proposition Submitted to Old Stockholders. PROBABLY BE ACCEP1ED $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 aourco, 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 E 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 plan. 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. A. 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 bulldlug. MN MtTHESELAH AMONG MINES 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, Oregon. J. C. L1NDSEV, T. P. & P. A., ld2 Third street, Portlaud, Oregon. PAUL B. THOMPSON, Preigbt and passenger agent, Colman build ing, Seattle, Washington. Subscribe for the Dally Miner.