Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1884-12-10
HALEY CONCENTRATING CO.
SUBSTANTIAL ORGANIZATION
PERFECTED IN THIS CITY.


Two.aud.a. Half Mouths Earnings
Etc.
Last summer, owing to the lateness
of the season and the consequent i'm
possibility of getting ore to market,
the Michael Davitt and Silver King
Mining Company was unable to meet
its obligations, and came to grief.
Jabez Chase, the Superintendent, who
was heavily interested in the COM
pany, found himself in \ deep hole
financially, as he was managing a
number of enterprises whose prosper
ity was largely due to the credit
which he had njoyed. The HALEY
Concentrating Works, at the mouth
of Indian Creek, was one of these. 1t
had but just got into working order,
and evinced its ability to pay expen-
ses, hut the known lack of financial
backing initiated against its success,
miners being very naturally averse to
trusting their ores to it.
In this emergency some Of the
leading business men of HALEY, real
izing the Importance Of the works to
this city and region, and relying upon
his integrity. offered to advance to
Mr.. Chase whatever he wanted in their
line. Mccormick bank, for instance,
opened it a credit, cashed its checks
and advanced money on its ores; l..
Morris & Co. supplied general mer-
chandise; the HALEY Iron Works sup.
piled machinery, ETC.; while Others
subscribed sums ranging from 500 to
; $1,000, for which they were to take
stock shares in the concern. This
was done so quietly and unostcnta.
tiously that the public heard nothing
Of it; but the works we're kept in un-
interrupted operation except when the
need Of repairs compelled temper
ary suspension.
Later on the Davitt and Silver King
& affairs were settled, and Mr.. Chas.
(who had seen the result of two year.
of sustained effort and self-denial ell
: quilted in the ruin) gradually got OF
his financial feet again. The business
: is now where he could probably han
. die it again. But, in the meantime
having seen the advantages of loca
cooperation and goodwill, and II
order to place the institution on
solid financial basis, he an,
his associates have concluded to pu
the entire concern under the contrc
y of joint stock association that vii
include a few of the leading mining
and financial men of the region.
To that end preliminary meeting
=. was held in Kingsbury & MCGOWAN
o office, last evening, at which state
ments were presented showing tn
- works to be about $55OO in debt u
the present time. This debt will ina
ture about the first of May next, an
p will then have to be paid. To NEE
it it is proposed to keep stock repre-
n scnting the amount OF the debt in tn
Y company's treasury, which will be sol
It when required. The balance (reprt
II senting about three tifths of the entir
> capital stock, which is only $12,5O(
* is already subscribed, but portion {
the shares will be sold ut par to tire
or four persons whom the stockholo
It ers desire to become members of tt
e company. When these persons sha
have decided upon the option tn,
given them, general meeting Of tt
stockholders will be held and the con
q, pany permanently organized by Il
election of Board of Trustees an
t.. full complement OF officers. Jab'
er Chase will be the Superintendent al
cr serve without remuneration until Il
4 company's indebtedness shall
at liquidated and the concern placed
III easy circumstances; while J. NJ. Blu
* kett and A. J. MCGOWAN (who IN,
rs been acting a. Treasurer and Seer
tary respectively will doubtless
be- reelected to their present office
Nc There will be FIVE trustees electe
eh who will have to qualify in certa
.l number of shares.
The organization shall be known
IT, the ''Aailey Concentrating Company
-. and its business shall be the concc
trat,on, buying and selling of ore
h. It's works have present capacity
u. only 80 tons per day of "a hours, b