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VOLUME 9, NUMBER 40
HYDER, ALASKA, SATURDAY, JULY 15 1933.
SINGLE COPIES 10 CENTS
BIG MISSOURI COMPANY
TO TRANSFER HOLDINGS
Dissolution of the Big Mi ■>
ouri Mining Company and sale
of all assets to a Canadian cor
poration, to be known is the
Big Missouri Mines Corpor
ation, is the proposal to be
submitted to the shareholders
of that company at a meeting
in Tacoma July 2t, according
to a circular letter issued by
J. T. Gregory, president of the
Big Missouri company.
The reasons for and ob.ject of
the proposed action are out
lined in the communication as
follows:
“Owing to lack of participat
ion by your company in the
purchase of bonds of the Buena
Vista Mining Company, which
has been developing the Big
Missouri mine at Stewart, B. C.,
the equity of the Big Missouri
Mining Company in the prop
erty has been materially re
duced and in order to provide
the necessary funds to partici
pate equitably in the future de
velopment of the property,
through the purchase of at
least the required percentage
of the Buena Vista Mifthg
Company bonds, your trustees
have arranged for the sale of
the entire assets of the Big
Missouri Mining Comp a n y,
comprising 200,000 shares 01
40 per cent of the issued stock
of the Buena Vista Mining
Company; $50,000 Buena Vis
ta Mining Company bonds: 1.
000,000 shares of the Missouri
Monarch Consolidated Mi-'S
Company; $10,000 notes of the
Black Forest Mining Company,
now a part of the Missouri
Monarch Consolidated Mines
Company; 140,000 share* < 1
the Broklyn Consolidated
Mines Company, to a Canadian
company with a capitalization
of 5,000,000,000 shares of the
par value of one dollar, to be
called the Big Missouri Mine*
Corporation, for 2,314,000 ful
ly paid up shares, being one
half the issued shares in the
Big Missouri Mining Company,
for which they will be ex
changed on a basis of one share
of Big Missouri Corporation
for two shares of Big Missouri
Mining Company.”
The communication states
further that the syndicate or
ganizing the new corporation
is providing $100,000 in return
for 1,000,000,000 of its treas
ury shares for the immediate
purchase of Buena Vista bm: is
and also agrees to provide fur
ther funds for the purchase of
such additional bonds of that
company as may be requ'red
for development, should the
property justify the expendi
ture, to the extent of the re
Drilling Program at „
Georgia River Mine
A diamond drilling iprogram
was scheduled to start this
week on the Georgia River
property of the Georgia River
Gold Mines, Ltd. Development
activities have been under way
on the property since the crew
arrived from the south on June
24th. The drilling operations
will be directed to determining
the downward extensions of
'.he highly promising gold ore
bodies on which approximately
$300,00 has been expended.
-o
Says Silver Price Due For Rise
That plans are being made
for an open market for gold if
nothing is dene at the London
conference and that it is
claimed gold will automatical
ly go to $30 or $35 an ounce
and silver to 75^ or more an
ounce, is the statement attrib
ted to the governor of the New
Ylork Metal Exchange in recent
news reports.
If the conference standard
izes silver and gold, that will
be different, but at any rate a
’substantial silver and gold
price is assured, the official
-aid.
maining treasury shares, at an
average value of 50 cents per
share.
Shareholders in the new
corporation would be permitted
to subscribe for a proporti -n f
it h e syndicate’s 1,000,000
shares first issued, conditional
upon their purchase of a like
proportion of the remaining
treasury shares at an av*>age
value of 50 cents a share.
The letter says that the trust
ess of the Big Missouri Mining
Company are unanimous in the
opinion that a sale of the comp
any property under these eon
j ditions will be greatly to the
| interest of Big Missouri comp
■ any stockholders and will in
sure sufficient capital to fully
; develop the property.
In the event the sale is cen
summalted the Big Missouri
Mining Company, which is be
ing maintained at a cost of
several th'ousad dollars a j car,
! will be dissolved.
Of chief importance from the
| local viewpoint, Mr. Gregory's
I statement indicates clearly that
j it is the intention to continue
| development of the Big Miss
j ouri property in association
with the Buena Vista Mining
Company, a matter concerning
which there has been much
speculation and doubt since
the Buena Vista company sus
pended activities last year.
* * & * * * * * * V
* SILVER TOPS 40 CENTS *
* . *
* The upswing in the price of *
* silver developing in recent *'
* weeks culminated Thursday *
* in the quotation of the *
* white metal at slightly over *
* 40 cents per ounce in New *
* York. Developments in con- *
* nection with the silver par
* leys at the London confer- *
* ence are believed locally to *
* be primarily the cause of *
* of the last price increase, *
* which represents the high. *
* est quotation in three years v
% j{< s{; >!* # i}s sjc sje sje
-o
Speeding Drivers Warned
Complaints are reaching the
authorities regarding the
speeding propensities of Can
adian car drivers, some of
whom travel through Hyder
and along the Salmon valley
road at speeds far in excess of
the maximum speed of 25 miles
per hour fixed by the Territor
ial laws This speed is permit
ted only on sections where the
roadway is plainly visible for
at least 100 yards ahead. Sec
tions not visible for 100 yards
are considered as curves, on
which the maximum speed al
lowed is 12 miles per hour.
Trucks are not permitted to
travel faster than 20 miles per
hour in any case ,while those of
more than one ton capacity are
limited to 15 miles per hour.
Drivers who disregard these
regulations may expect a short
and sharp encounter with the
law.
One accident due to speeding
occurred near Fish Creek a few
days ago when a Canadian car
driven at high speed ran into
another Canadian car, doing
considerable damage to the
speedster and also injuring the
other car.
•O
May Develop Lucky Boy Ex.
W. J. Rennie, of Vancouver,
owner of the Lucky Boy Exten
sion property on Fish creek, ar
rived last week to look over his
property and may launch a de
velopment program later in the
season. Earlier development,
both surface and underground,
has disclosed promising ore
bodies carrying close to work
ing values in gold and silver.
-o
Owing to reduction in reve
nues during the past year, the
Hyder postoffice has been re
duced to fourth class rating.
The new rating became effect
ive July 1. Insiofar as the lo
cal ipublic is concerned, the
change is of slight importance,
as it involves no changes in the
general mail service, although
affecting the foreign money or
der department.
I New School Regulations
Abolish Rural Boards
The Hyder School Board
has been advised that under
legulations adopted, by the
Territorial Board of Education
under the school >a\v passed by
the last Alaska Legislature,
school boards in rural school
districts will be abolished and
the administration of rural
schools, of which the Hyder
school is one, will be taken over
by the Board of Education.
Under the new regulations
the Board of Education will ap
point a representative in each
community where there is a ru
ral school, although it is under
stood ithat this official will not
possess any administrative
functions, his duties being con
fined to loking after the school
property and maintaining it in
proper order. In all ether re
spects the control and manage
ment of the rural schools will
repose in the Territorial board
and is expected to result in im
portant savings to the Terri
tory. The Board will also se
lect all teachers employed in
rural schools.
This in effect means that the
residents of the rural school
district will have little or noth
ing to say regarding the con
duct of their schools, although
it is possible that the new sys
tem may result in greater ef
ficiency than before.
The local school board was
advised that they will continue
in charge of the school until
the appointment of the Terri
torial Board’s local represent
ative, after which the local
board will be automatically
dissolved.
Elmer Reed Publishes
Book of Sourdough Verses
Elmer E. Reed, pioneer Alas
kan and widely known Juneau
resident, has compiled and
published an unique and inter
esting volume of Alaskan vers
es under the title of “The Ko
buk Maiden and Other Alaska
Sourdough Verses.” The vol
ume, attractively bound, is
dedicated to the “Pioneers of
Alaska, Empire Builders of the
North,” and includes a large
collection of typically Alaskan
verses dating back as far as 18
66. Among them are such well
known poetical pieces as “The
Stampeder,” “Matrimony on
the Yukon,” “Christmas Eve in
an Alaska Mining Camp,” and
many others, in addition to
'the widely known “Kobuk
Maiden.”
The book is a most interest
ing addition to the literature
of the North and is redolent of
the bid pioneer days. It should
.receive a warm welcome from
* 1 laskans.
JUNE COMMERCE
SHOWS GOOD GAIN
Shipments /of Alaska merch
andise to the States in June at
tained a total value of $705,
131 and with exports of gold
and silver valued at $740,208
brought the total outborne
commerce to $1,445,339, ac
cording to the mlonthly report
of the Cu'stoms Office. This
total exceeded that of May by
$561,470. The 'total was also
the highest for any month since
November. The full list of ex
ports follows:
Curios.$ 110
Fish:
Fresh and frozen
(except shell-fish)
Halibut . 6,755
Salmon .23,596
All other. 1,073
Canned (except shell
fish)
Salmon . 432,374
Cured or preserved
(except shell-fish)
Cod .. 1,525
Herring*. 699
Salmon . 4,152
Shell-fish:
Clams . 71,374
Crabs .. 21,142
Shrimps . 7,415
Other fish products:
Meal . 11,080
Oil. 10,702
All other fi'sh products: 2,092
Furs and fur-skins:
Seal skins . 185
Blue fox . 85
Silver or black fox .. 348
Red fox . 4,103
White fox . 105
Mink . 3,993
Muskrat . 2,102
Beaver . 23,159
All other. 1,000
Ore, matte, regulus:
Lead . 3,071
Trophies, specimens .. 195
Wood, timber,etc. 6,580
All other articles. 55
Total value products
of Alaska . 8644,500
Products of United
States returned . 60,141
Value of foreign prod
ucts . 490
Total value shipments
o^ merchandise . 8705,131
Gold . 738,816
Silver . 1,392
Total all exports .. 81,445,339
-o
Lead Highest Since 1931
Lead reached last week the
highest price since October 2,
1931, when the metal advanced
10 cents to 84.20 a hundred
weight in New York. The ad
vance was the first since June
10, when a similar price in
crease was announced.