The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1907-10-31
CRISIS IN |DORA AFFAIRS
Property Involved in Debt by Manager
Peterson---Plans to Save It

ldo company the Of ruin due to the incompetent
and nexpeence of its D. w Peterson, who still
nay at least controls majority of its stock has borrowed
to the amount OF about 900 which will mature shortly
though it has 100000 shares of stock treasury has
funds with which these and immediate prospect
able to do
The Of the which Manager
ldoa company in such distressing situation Of long
bunders due confidence and lack Of experience No
launched under brighter auspices prospects
from the day took hold Of the Cowyn group until
present the development work done the mine has revealed steadily
increasing volume pay until today
sad after inspecting it last week without outside OF the biz
producers And yet today the shareholders find their stock of such
doubtful value that there is practically market for it..
From the first the work the exvagant
that costly for lack of direction by competent mining
This serious drain the companys slender
because the neither using diligence discretion
kng treasury shares though the demand for them strong
prices His efforts apparently confined retaining individual
control Of the in the belief evidently that the mine would
finance ITSELF other words deay ofdyeopmen which
it might have done in experienced hands,
Urged to Replensh Treasury
As long last July when strong market
Idora stock at Is cents better Manager Peterson urged by
interested parties well his odecos sell enough treasury
shares accumulate cash fund Of OOO So great
the confidence the property all the leading Spokane
and Wallace most Of whom had inspected it, that they willing
several OF them to cooperate with this object in
believing that by doing they would be advancing interests
and those OF their clients while strengthening the market helping
promote property which would assuredy develop into steady pro-
ducer.
Preferred to Borrow Money
However their offers Of aid ignored and management
unws took long chance the future market by borrowing money
instead Of selling stock Hence with the decentralization Of the
market that followed and the present general strngency Of
throughout the country the dor finds itself seriously
by debt that represents only fraction Of the worth
} Nichols Generous Offer
II the property to be saved for it's prompt
be taken Fortunately the principal creditor Walter Nchos
we'll known Spokane broker who has taken creda and gem
stand in the matter He wants his money naturally
wants quickly he get it, but he oath take Judgment
against the and sell its property In the Of such
action becoming however, he has offered buy the
property at sheHs sale turn it to company and
allow each present shareholder in the Idora buy
of shares equal to his holding such will
reimburse him Nchos for the he will be outn with
the loan and its realization In other words he has desire
advantage OF the situation to freeze single stockhoe
Under New Management
As Mr. Peterson at last realizes the of his way pract
cy turned the the
the newly elected president o. Ekre Of Tacoma president
and John Nordquis treasurer These gentlemen do not
feel that they financially able the company indebtedness
in the condition Of the stock markets
the other interests they bound protect but if the Idora
with worcestershire stock they would promptly put its feet by
evying assessment sufficient to clear off its debts
Plan to Save Property
Only two other them. One is ask
holders voluntary assessment for that purpose there
Of enforcing such the successful Of such
action Is extremely unlikely
The other to Immediately call meeting of shareholders for
selling the Idaho corporation with
the capital which would share its stock for each of
Idora outstanding As these preminaes legally
settled the would levy and of its debts
As would then have 700 600 shares left in the treasury would be
position to eventually raise all the funds needed by the sale treasury
shares market conditions warranted This would
far less expense than letting the property SALE
Meanwhile under competent like Mr. Nordqu, is
quite probable that the development the mine could be proceeded
with economically the Of the being betrayed OF
from the shipments which