The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-01-28
HYPOTHEEK BONDS SOON Be EXCHANGED
FOR CASH. LEVY NO MORE ASSESSMENTS
3EcRErARY OF COMPANY HAS sl JOB SIGNING soN0s-Ne"
PUMP SOON TO BE install LED-sHAFT TO BE SUNK
TO 100 AND Elm EXPLORED

The turn of the tide has now been
reached in the affairs Of the Hypo-
theek The burden of assessments has
been lifted through the negotiation OF
the bonds of the company the deal
making ample provision for financing
the enterprise until the mine is de-
Veloped and equipped to point where
it will be in a productive stage This
consummation was Indicated in an an
nouncement made through this paper
two weeks ago, when II was stated that
the company hoped 10 be able to et-
feet arrangements whereby further as
sessments would be unnecessary Wth
this end in view, the officers OF the
Hypotheek company conferred with
the underwriters who had some
months before agreed to place the
bonds of the company to the extent OF
100000 when commercial body of
ore had been exposed On the 800 level
of the mine. So satisfactory was the
showing when the vein was cut on
that level that the underwriters were
evidently satisfied to secure the money
on the bonds without waiting for more
extended exploration OF the ore shoot
Bonds Were Signed This Week.
The first preliminary step toward
securing the first advance of money
on the bonds was taken this week
when the entire issue of 100000 in de-
nominations of $1,000 each was received
by Otto A. OLSON, secretary treasurer
of the company A visit to his office
Tuesday afternoon found his large
flat-top desk almost concealed with
stacks of coupon bonds, and at an
other desk the secretary was busily
Iengaged in afllxlng his signature to
them, while +. Brand was equally
busy placing the seal of the company
upon them Mr.. Olsson was confront
ed with the task of signing his name
1000 times, which seemed small job
when he thought of what 1t might have
been II he had been required to sgin
each one Of the coupons also. Forum
ately for him the requirements of the
{ law were satisfied in having fac
, smile of his signature printed on
these.
When the bonds have all been sign
, ed and sealed by the secretary they
: will be sent to Moose Jaw, Sask.,
r where they will be signed by the presi-
4 dent Of the company and certified by
the Great Western Security company,
p to whom they will be delivered as the
trustee in the deal This will complete
the deal and the cash will be forth
y coming in such amounts and at such
/ times as the operations at the mine
= require.
It Pump Expected Any Day.
i Little can be accomplished in the
y way of development at the mine until
= the arrival of the big electric pump
r wr:ch is now daily expected. Every
p thing is in readiness for Its insta'i9-
ton without delay. In the meantime
drifting in both directions aggregalins
r about so feet has been done on the 900
level with most satisfactory results
D in the west drift galena has been en-
Icountered in considerable quantity All
D .cnalysis shows that 1t contains no zint
l' and is in every respect an ideal con
Centrating ore.
Will Continue Sinking and Drifting
Upon the installation Of the new
= pump sinking will be resumed ant
continued to the 100 level. The veil
on this level will be explored, and
The same time the exploration of tn
- vein on the 900 will be continued. Al
this will be done before any move
made toward the erection of mil
a However, the company has secured
/ good millsite at Kingston, being the oil
Octave Quay ranch, three and hal
G miles from the mine. The develop
n tnrnt work in the mine here mentione
7 Jy:!l be accomplished during the re
mainder of the winter and the com
p ing summer will probably see a mi
OF running on Hypotheek ore.