The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-04-25
President J. II. Kern
Closes Deal With
New York Man
PRICE Is CENTS A SHARE
Proposition Is Open to All
Stockholders---Letter
From Mr.. Kern

potheek Mining & Milling COM
pany, acting for himself and
other stockholders, has given an
option on 100000 shares of the cap
ital stock of the company to J. K
George, of New York. The consider
alton is Is cents per share. payable
on or before August Is. 1918. The
company is capitalized for 100000
shares, practically all of which is out
standing, and the deal therefore, II II
goes through. means the transfer of
control of the company. The stock
is to be placed in escrow in either
the First National bank of Wallace
or in the Union Bank of Canada, of
named place being the home of Mr..
Kern and other large stockholders in
the Hypotheek. Included in the op
ton agreement is stipulation that
Mr.. George will pay all assessments
levied upon the stock placed in escrow
during the life Of the option. 1T Is
further agreed that Mr.. Kern may
send a copy of the agreement to each
of the stockholders of the Company in
forming them of their right to deposit
their stock in escrow under the terms
of the option, the same to be deposit
ed no later than the first day of May.
Letter From Mr.. Kern.
In pursuance of this last provision,
Mr.. Kern mailed the following letter
ITO the Stockholders of the Hypotheek
Mining & Milling Co.:
Enclosed herewith you will find a
copy of an agreement which ]. for
myself and in behalf of a number of
the larger stockholders, have upon this
date entered into with Mr.. j. X.
George of New York City. This docu-
ment speaks for itself and needs no
explanation. Upon number of oc-
casions, and particularly at meetings
Of the stockholders, l have assured
them that whenever / contemplated
disposing of my holdings in the COM
pany / would advise them of my in
tentions, and If possible give them an
opportunity Of doing so upon the same
basis. This communication is sent
you for that purpose The fact that
I have taken this action must in no
way be construed to mean that l have
lost faith In the property or the ulti-
70 90 xhn hui IN
concluding to grant this option l have
taken into consideration and been
governed by number Of conditions,
among which are the present existing
States and Canada which affect all Of
us to a greater or less extent; also the
general adverse conditions under
which we have been. now are, and
undoubtedly will be forced to labor for
some time to come: the low market
price Of the stock and the discourage
ing prospects for at least the immed-
late future; and most of all the un-
fortunate necessity which has forced
us to resume levying assessments and
the painful prospect that we may be
=. forced to continue in this manner to
raise money for continued operation.
"Ths last reason, and the fact that
Mr.. George has agreed to pay all as
sessments levied during the life of
this option. carried great weight with
me while considering the advisability
Of the action have taken.
"The object of sending you this COM
munication Is not to advise you to
sell or to grant the option for the sale
of your stock; concerning that you
must use your own judgment. This
merely gives you an opportunity to &c
into this deal on an equal basis with
me and If you conclude to take ad-
vantage Of 1t, it will be necessary fol-
you to send in your stock to one OF
the, banks mentioned, endorsed In
blank, also sending the form of in
struction enclosed herewith signed by
yourself in the presence of a witness
and mailed in time to reach the bank
not later than the first day of May
1918.
ANY stock received after that date
will not be accepted but will be re-
turned to the sender.
TN this connection / think 1t onl!
fair to say that have carefully In
vestigated the standing Of Mr.. Georg'
and found it to be very satisfactory
otherwise should not have entered
into this deal"
Looks Good to Stockholders.
The Hypotheek. has had a run o