Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1898-02-12
Will Not Affect the Company.

Letters recently received in Dead
wood from the east indicate that the
Edgemont and Union Hill Smelling
company will not be affected BY Mr..
CRADLES troubles, says the Pioneer
Times. That paper in it's issue Of Tues
day says in part
The Edgemont and Union Hill Smelt-
ing Co, at meeting held at Jersey
City, Jan. llth, 1898, authorized the
officers to issue 100000 worth of gold
bonds payable in five years from Jan
lst, 1893, and redeemabe after two
years, bearing six per cent interest pay.
able semi-annually. This entire issue
has been placed with the Mercantile
trust Company Of New York City, and
mortgage trust deed has been given
covering all of the mining and personal
property of the company. With this
money the company intends to COM
plete and operate its reduction plant
and develop its mining property. A
copy Of this trust deed was filed for
record in the Office Of the register Of
deeds yesterday. Another copy was
filed in Fall River county. The condi-
,ions of the transaction are that the
bonds shall be in denomination of $500
each, payable in gold coin and if default
is made Of any interest payment for a
period of six months, the principal and
interest may be collected at once. The
deeds covers 100 acres Of land at Edge
mont, which is the site of the new
smelter, l76 mining claims, all adjoining
and 5l.l00ths Of II more claims includ-
ing the Richmond and Sitting Bull, all
in Galena district. The document is
signed by Pobt +. Pattison, president;
and Percy S Bickmore, secretary, of tie
Edgemont and Union Hill company,
and by RI. c. Deming, vice president
and f. r. Adee. secretary of the Mercan
tile Trust company.
Martin & Mason yesterday received
from J. A. Sterner, counsel for the I'm
ion Hill Co, at Philadelphia, letter in
regard to the issuance of bonds and the
company's affairs. From the letter we
have permission to quote as follows
From the proceeds Of the sale Of these
bonds the company will be put in am
Pile funds to meet all its obligations and
have large cash fund in the treasury
besides. The company has a large
amount Of treasury stock but it was
deemed inadvisable and inexpedient to
dispose of it or any part Of it now, to
raise the funds necessary to liquidate its
obligations. / make this explanation
to you for the reason that you may be
inquired of as to the intentions of the
company in placing this mortgage upon
record and so that you NAV be in posi-
ton 10 assure the creditors whom you
may meet that it is done in the interest
OF the creditors and to put the company
in available funds to pay its obligations
and that there is no idea or intention
on the part of the corporation to chouse
or cnt out any claims against it,"
The company employed Seitz & Ba-
ker several weeks ago to get out alb
stracts for the property at Galena.
THESE have not been completed but the
Trust company was willing to accept the
bonds and advance the money upon the
representations of the officers regarding
their possessions.
Mr.. Fowlie, agent Of the company at
Edgemont, has listed all claims against
the company which aggregate less than
$4,000. We are assured that every
dollar will be paid in short time and
development will be prosecuted vigor.
ously.