r "-tfc-vr aMWiM" VOL. VI. DETAILS OF THE SALE OF GOLGONDA CONTROL Authoritative Statement Made Through "The Miner" by the New Owners of Famous Property. About uo other mine iu Oregon has quite so much been mid and writteu an about ihe famous old Gol oonda. which, alnoe the bankruptcy of its president, O. B. Wade, of Pen dletou, has been in the throes of In ternal distention and repeated at tempts at reorganization fur many months. Various plaus for bringing the Goloonda company's affairs to au adjustment have Oiled, and the pub lic prints for a year past bavo henti full of ill-advsied discussion and criticism of the negotiations. The Miuer today is accorded the privilugo and honor of announcing that a doflu ite step has been taken toward the consummation of a final deal, which holds out every promise of being iu equitable protection of all iutorests involved. THE DEAL IN BRIEF, In brief, the deal which baa been consummated is the purobase by C. S. Jackson, the Portland newspaper man; R. E. Nortou, a California mining engineer, and 11. 11. Mc Carthy, a Portlaud mining man and broker, of all the outstanding iudebt edness against the mine, hitherto hel I by Carter, Howard et al, aud the purchase also of all of the Wade stock, hitherto held by the First National bauk of Peudleton, aud by Lacey Bros., of Detroit, Minbigau, and the acquirement of suab other blocks held by private owners au constitutes complete oontrol. Mes&rs. Norton, Jackson nud McCarthy, thus boldiug undisputed control, haviug paid cash therefor, will shortly issue 90,000 worth of first mortgago, 7 per cent, 10-year, debenture bondB, from the proceeds of the sale of which, the moitgages now held by asigumeut by Messrs. Nortou, Jack bun nud McCarthy will be satisfied, and working fuud of from $2)0,000 to $40,000 provided for operation of tbo mine. The detalia of this deal are suocintly set forth iu the following oiroular letter, issued by J. S. Beck with, secretary of the (Joloonda cempany: SUMPTER, OREGON, MARCH i, w BECKWITH'S CIRCULAR. "Pendleton, Oregou, February 22, 1005. "To the Golcouda Stockhelders: "1 am pleased to inform you that the affairs of the Golcouda oompauy have reached a very hopeful stage aud 1 take tbo pleasuro iu presenting you the following solution of our past difficulties aud hope you will at ouoo tako advantage of the present opportunity to make a wise invest ment aud at the same time restore tho value to tho stock uow owned by you. This offer fur a short time will be limited to stockholders. "Messrs. C. S. Jackson, pub lisher of the Oregou Daily Journal, of Portlaud, Oregou, II. II. McCar thy, a praotioal mine manager, and R. E. Nortou, a miuiug man, on representations from me iu your in terests, have now purchased all the outstanding claims against the prop erty and uow bold all mortgages, notes, etc. They will issue 190, 000 first mortgage gold bonds of 100 each, maturing in ten yours and drawing seveu per cent interest per annum, the oompauy reserving the right to take up aud cancel the bonds upou any iuterest paying rate at uut less than 9107 each and accrued iuterest. In addtiou to this, stock holder who accept this offer will re ceive, as a bouus, 700 shares of slock of Golcouda Consolidated Gold Miues oompauy upou tho purchase of ouch 8100 bond. Mr. Jack sou and associates are enubled to give this bouus of stock by reasou of their purchase of the large block of Uook formerly hold by Mr. C. B. Wade, tbo former presi dent of the company. "Upou tho puymeut of $100 for each boud tho purchasing stockholder will receive his bouds at once, to gether with a certificate from mo as seoretary of the Goloonda company, stating, substautialy, that 'said pur chaser h the owner of 700 shares of stock with each bond, but that all bonus stock shall be held in pool aud in trust by said seoretary of the pur chaser thereof until the mine is plac ed upou a dividend paying basis aud, iu the judment of tbo officers of the oompauy, It should be re leased, at which timo It will at once bo subject to tho order of the owuo.' aud ho bo notified. It ia furtbor agreed that said J. S. Beck with, secretary, shall bo considered to have tbo proxy from said owner and full power to voto said stock at any mooting of tho stockholders until dually roleasod as aforesaid.' "As ovident from tho above, tho money you may seud Iu paymout for bonds and bonus stock will, by this agreemont, be woll secured by first mortgage on tho property, and iu ad dition, give you 700 shares of stock for each 9100 Invested. "The aotlvo assumption of control aud management by these meu la an assurauoo of the must successful op eration of the property, and the safe guarding of the stockholders inter eete, and 1 confidently believe that the mine will be uu a dividend-pay ing basis In a comparatively abort time under their management. "In order to secure these cornea sloue from Messrs. Jackson ot al, I have argeed iu your bobalf to accept the above propostliou aud now ask your aoutirmatiou by signing the form, which 1 euclose, and sending your remittance, to the First Nat ional Bank, Pendleton, Oregon, when the number of bouds you dosire to purchase, togothor with tho certifi cate above mentioned will bo handed to the bauk and forwarded by it to you. 1 havo promised this on your part, knowing that 1 have acted for your best interests. "1 may add that all money re ceived from the sale of bonds will bo used in the economical development aud operation of the mine only. "Should It not ue uouvenelut for you to seud the entiro amount for the number of bouds you wish to purchase 1 will say, that upon the paymeut to the bauk of 25 per oent of the amount, tho desiied number of bonds will be placed in the bauk, and upou the payment each mouth thereafter of a like amount until the sum paid equals the purchase price of the number of bonds desired, when the bouds aud certificates covering bonus stock will be forwarded to you, lis before stated. "Now, the purchase of all claims aganisttho property at private sale by Messrs. Jackson, McCarthy and Nor tou, aud tho stock above meuitionod, together with the stock heretofore owned by these people, gives them au absolute majority of tho capital stock of the comapuy, aud absolutely pre cluded any urbanization or other basis of financing which has been so persistently advanced by Mr. Alexan der Prussing, of Chicago, who is iu uo wise couuetced with these gentle meu, and Is uot uow aud never wan a stockholder of the (Jolonda com pany iu bis individual capacity. "In conclusion 1 would most re NO. 27 spoctfully urge that all stockholders who can convouleutly do so, seud to the First Natloual Bank of Pendle ton, Ore., at least 1100, aud aa many hundreds as convenient, to be in vested in tho soven per cent bouds aa statod, and share in tho stock bonus at tho rate of 700 shares of stoug for each 8100 bond, as I havo all con fldonco In Its safety aud frultfuluess. 1 also urge that you act promptly iu this matter, as 1 have only a limited number of said bonds at my disposal. "Youra very truly, "J. S. Bock with, Secretary." EX-RECEIVER HERE. Messrs. Norton aud McCarthy re turned this morniug from the Gol couda mine, accompauled by John Vert, of Pendletou, who, until to day, was the reoelver of the com pany, appointed by Circuit Judge Eakln on the petition ot C. II. Carter, of Peadletou, holder of cer tain Mortgages agalnat taa mine. Reoelver Vart, by order at tha court, made In pursuance to a petition of Mr Carter, filed with Judge Eakin last week, has turned back the prop erty to the Golaonda aompany by dissolving the receivership, which means that the mine has formally beeu transferred to Messrs, Nortou, Jackanu and McCarthy, they being the controlling owners aa above statod. To a Miner man this morning, Mr. Vort said : "When I wont up to tho mine last Wednesday 1 promised to give you the details of the Golcouda transac tion upon my return. I call your attention to Secretary Beokwltb'e circular, which contains all the facta iu a coberout shape," ERROR IN CIRCULAR. "There ia oue appareut error iu the circular, however," interrupted Mr Nortou, "which I presume has beeu, or will be, corrected. Mr. Beckwith saya that the money receiv ed from the money derived from tho $0,000 boud issue 'is to be used lu the economical operation aud devel opment of the miue only.' Mr. Beckwith's letter should have read tliat tho money derived from the sale of these bonds is to be used iu paying all the present Indebtedness of tho company aud iu the ecouomcal oper ation of aud development of tho mine. ' Barring this error, tho cir cular Is correct in all its details." HAM JACKSON'S PART. "Tho consummation of thh trans action," continued Mr. Vert, "was brought about by C. S. Jackson, " at Portlaud. A large meahiiro of credit is due to him. During tho pendency of many plaus for reorganization, as sessment, (oreclosuie, etc., which plaus were advanced by outside parties, Mr. Jackson was repeatedly approached with propositions to be come a party thereto. He wasTasked to permit foreclosure of thejgmiue (Continued on page Eight.