The Wallace miner. [volume], March 21, 1907, Image 1

About The Wallace miner. [volume] (Wallace, Idaho) 1907-current

Image provided by: Idaho State Historical Society

                
THE WALLACE MINER
■3&.
Vol. I, No. 5
WALLACE, IDAHO, THURSDAY, MARCH 21, 1907
Five Cents a Copy
FEDERAL—HECL A—HERCULES
Three Big Dividends Paid by Coeur d'Alene Companies This Week
r
Six Local Companies Paid $951,000 in
Dividends So Far This Month
FEDERAL MINING AND SMELTING COMPANY
HECLA MINE..
HERCULES MINE.
TOTAL.
$510,000
100,000
96,000
$706,000
¥
The above is a summary of the dividends paid by Coeur
d'Alene mining companies since our last issue. Earlier in
the month dividends had been paid by three other local
companies as follows:
Bunker Hill and Sullivan
Snow Storm Mine.
Success Mine.
Total.
$180,000
. 45,000
20,000
$245,000
This makes the total dividends paid so far this month
$951,000.
Since January 1 the total of dividends paid is as fol
lows:
Bunker Hill and Sullivan .
Federal Mining and Smelting Co.
Hercules .
Hecla .
Snow Storm.
Success...
Monitor.
$540,000
510.000
288.000
140.000
90.000
20.000
9,500 -
Total
$1,597,500
The Federal Company
The first of the dividends to be paid this Week was
that of the Federal Mining & Smelting company. It was
paid on March 15 and was at the rate of $5 per share on
common stock, three hundred thousand dollars, and $1.75
on the preferred stock, two hundred and ten thousand dol
lars; total five hundred and ten thousand dollars.
The Federal company is capitalized for thirty million
dollars: ten million dollars is common stock and twenty
million dollars preferred stock. Of the common stock six
ty thousand shares of the par value of $100 have been is
sued, or six million dollars in all. Of the preferred stock
one hundred and twenty thousand shares have been issued
or twelve million dollars in all.
The total dividends paid by the Federal company since
its organization amount to $5,410,000 and the four mines
which it owns paid in dividends prior to their purchase by
the Federal company $8,488,307 This makes tne total div
idends paid to date by the Last Chance group
the Standard-Mammoth group at Mace, tn
man group at Burke ana the Morning
jointly total no less than $13,628,307. r
in less than 20 years and the mines are worth more today
than they ever were.
at Wardner,
e Tiger-Poor
epoup at Mullan,
This was all done
Hecla Dividend, $100,000.
The Hecla company agreeably surprised its shareholders
and the public yesterday by distributing, $100,000 as its
45th dividend. This makes the total paid this year $140,
000, the regular monthly dividends of $20,000 having been
declared in January and February. Last year the Hecla
S aid $450,000. The new dividend brings the grand total to
ate
to $1,140,000.
For mere than a year it has been the custom of the
. .Hecla company to pay a minimum monthly dividend of
^0,000. with larger sums at quarterly intervals. The larg
est of tnem yet paid was distributed last September when
the quarterly dividend was $110,000. The preceding
quarter saw $70,000 of the profits paid out, while $50,000
went to the shareholders at Christmas time. During the
same period a treasury reserve of $250,000 was accum
alated.
The increased dividends are due
causes; First the higher price of late o
and silver, and second, to the marked increase in the quality
and quantity of the ore now being opened up on the 900-foot
level. In a minor way the increase has also beeri due to
improved machinery and methods in handling and sorting
the ore at the mine and to an enlarged and improved mill
and closer milling.
The fact is .that the ore body on the 900-foot level is
not only much wider and longer than it was found to be on
■'any or the levels above but it is so much richer, that is to
say carries so much larger a percentage of shipping ore,
that with the improved apparatus for handling and sorting
it has been possible to more than double the shipments of
crude ore to the smelter, while at the same time the mill
has been provided with a more even quality of feed, with
the consequence that much better results nave been
tained there.
principally to two
J the metals, lead
\
!
ob
HEIXZE AND THE BELL.
Report That He Has Option on It
Probably Untrue.
The report that F. Aug. Heinze
Butte hag taken an option on the
pooled stock of the Bell mine
probably without foundation. E. H.
Moffltt, the manager of the property
and the largest Individual
knows nothing of any such
having been made, but as he says,
"When Prank Graves of Spokane
took the option he may have had
owner,
move
something of this sort in mind. All
but about 50,000 snares of the Bell's
capital of 500,000 is in the pool at
the price of a dollar a share."
SNOWSTORM EXTENSION.
Important Strike Reported to Have
Been Made.
What appears to have been a
strike of some Importance is report
ed to have been made this week on
the Snowstorm Extension, a group
of claims adjoining tho Pandora on
the east, which is being operated by
the C. E. Mitchell company of Spo
kane and Wallace.
We have been
unable to learn particulars or get
confirmation of the rumor from auy
one in authority but the rumor ap
pears to be well founded.
There has been some talk, too, of
ore or at least a ledge having been
encountered In the Pandora tunnel,
but regarding this we have no au
thoritative information either.
STRUCK SOFT SPOT.
Section of National's Tunnel Caved
in—Ledge 30 Feet Wide.
At a point In about 215 feet In
the tunnel on the National
tear Mullan the character of the
ledge matter suddenly changed from
a more or less solid quartz to a
crushed and highly carbonized ledge
matter showing considerable crys
talized lead.
mine
I
!
i
I
After this had been
drifted on for about 15 feet a big
'ot of water was encountered and
° whole thing caved in for
1th of about 30 feet.
""o avoid this soft snot the tunnel
s deflected to the south and Is 1
e ng run along the hangingwall.
The face is now about opposite the
face of the drift first run. The tun
a
nel will be turned back Into the
ledge again in a few feet more.
New Hope Driving Ahead.
The crosscut tunnel on the New
Hope mine on Two Mile creek, near
Osburn, Is now in 700 feet and Is
still about 200 feet from the north
ledge which it Is being driven to cut
at a depth of over 500 feet. A good
ledge was cut by the tunnel when It
was in about 550 feet and about 150
feet of drifting have been done on it.
It shows considerable galena
throughout the workings and in the
face has now as good a showing of
galena as ever. Work is being con
fined to the main tunnel at present.
As the miner said in describing the property two weeks
I 'The Hecla is a wonder".
ago
The Hercules Dividend
We cannot give exact information as to the monthly
dividend paid by the Hercules company but we believe it
was paid yesterday and amounted to $96,000. Neither
can we positivly state what the dividends paid by the Her
cules either this year or to date amount to, but we are con
fident that at least $288,000 have been distributed among
the owners this year and that to date they have received
approximately $2,500,000.
The owners alone have this information and they are;
the „ Dayfamfiy, August Paulsen, L. W. Hutton, S. Mark
well, C. H. Reeves and Frank Rothrock.
The Miner regrets that they recognize no moral obliga
tion in this respect to the people of the district that has
enriched them and have so far refused to give out even
such information as the amount of dividends paid by their
mine, although such information is of considerable value
as well as great interest to all dependent upon or finan
cially interested in other mines or prospective mines in the
Coeur d Alenes.
Other Dividends This Month
Besides those three dividends paid this week there have
been three others ajready paid this month. They were;
March 4, Bunker Hill and Sullivan company, $180,000;
March 9, Snow Storm, $45,000; March 14, Success, $20,
222*. J* 118 "jukes the total dividends so far this month
$951,000 and bnngs the grand total since the first of the
year to one million one hundred and thirty two thousand
dollars.
\
TO DEVELOP WEST HECLA.
Is
of
Is
Long Tunnel Will Start About First
of the Month.
The West Hecla company, which
was recently incorporated with D.
Hutchison, one of the original own
ers, as president. Judge W. W.
Woods of the district court as vice
president and Morton Webster, road
master of the Northern Pacific,
as
secretary and treasurer, will begin
work on its property adjoining the
Hecla mine at Burke on the
about the first of the month,
west
A drift tunnel will be run on
of the two ledges which traverse the
one
property from a point near the east
end line of the Ophlr claim. It will
be run In 800 feet when a crosscut
will be made to the north vein. This
work should open up the ground in
such a systematic way that its real
value can be most quickly and eco
nomically proved. Archie McCallum
will be In charge of the work and It
will be done by means of an Inger
soll-Teinple electric air drill such
has just been installed in the Lucky
Friday mine at Mullan by Manager
George D. Potter.
The company owns three claims,,
the Bamboo Chief, Ophlr and Ruby.
as
Thoy lie directly in line with
Hecla and are believed to be
versed by that ledge,
shows two strong, iron-capped veins.
Shortly after incorporation
option on the control of the com
pany was taken by Harry R. Allan.
He has since turned his option
to the Pohlman Investment
pany of Spokane,
paid $6500 down on his stock option
and has provided the company with
$15,000 of working capital.
the
tra
The surface
an
over
com
Mr. Allan has
BULLION IN RICH ORE.
East Drift and Upraise Show Fine
Shoot of Chalcopyrlte.
The showing of ore In the east
drift and upraise from It In the Bul
lion mine Is very handsome at pres
ient. According to reports and sam
ides brought In from the mine
Tuesday evening the workings show
a shoot of nearly solid chalcopyrlte
which Is as much as three feet wide
In places. The ore will easily aver
age 25 per cent in copper.
Work on the west drift is being
steadily pushed and the vein is again
getting wider and better defined be
sides showing more ore ns they get
away from the crosscourse which
shattered the ledge for some dis
tance back from the face.
on
j
Droercaaesi
._j
» ... I
-——-•a' —vivweiup,. a Mvf 01*1 it {
shows that fully seven feet of the {
ledge is so highly mineralized as to j
Galena Increases in Calumet.
As the drift on the Calumet group
on Upper canyon creek
the quantity of galena in the ore is j
steadily Increasing
!
|
constitute fair milling ore. The
streaks of high grade galena. have
widened out to an Inch or two each.
A Committee of Stockholders Inspects
Rossi-Read Company's Work
"The Monitor is a mine now and
in three months' time I believe
So said J. L. Bailor of Oakesdale,
W r ash., a shareholder in the Monitor
company since 1890, who returned
from an Inspection of the property
on Tuesday In company with Otis
Hill, the president of the company,
and Dr. Harold J. Read of the Rossi
Read company.
pany holds an option ou a largo con
trolling interest iu the Monitor com
the
one
will be proved to be a big one—one
of the most considerable copper
mines In tho United States."
in
It
pany undcr which 11 hati been devel
oping the mine since last summer.
as
The latter com
Much Work Accomplished.
"The work done on the Monitor
by the nossi-Rcad company," con
tinued Mr. Bailor, "In the
space of time since they took hold
of the mine has been simply marvel
ous and they have demonstrated that
several things that were generally
considered to be Impossible arc not
only possible but easy if you
about them the right way.
have transformed the property from
a slightly developed prospect Into a
steadily producing mine.
"They have so Improved the equip
ment and especially the workings
that the mine Is a model of what a
shaft mine should be. The deep de
velopment they now have in hand Is
proving the conditions exactly right
for a permanent producer.
Shaft Down 400 Feet.
short
KO
They
"When they took
the property
over all the workings were adapted
merely for prospecting and syste
matic development was lacking. The
formation was all broken up. The
shaft la now 400 feet deep and Is
down in tho solid formation. I was
so favorably Impressed with the con-1
ditlons there revealed that
I have!
since Increased my investment by a
good many thousand dollars.
"The main shaft, the lower part of
which is some distance from the
j ledge on the footwall side, is going
down on a stringer of good ore about
18 ,nches wide * wh,ch *» evidently
an offshoot from the ledge.
I confident that when a crosscut Is
{ . . ,
{ [""J" ^ '' ^
j
j
I am
a
! bigger ore body than we ever had
| In the upper workings.
Kept Wagon Road Open.
"The greatest credit is dne to Dr.
Reade for what he has done In the
i past winter. Tne feat of keeping the
I wagon road open alone was a nota
ble one. Everybody said It could
! not be done, but it has been and the
mine has shipped steadily,
shipping now at the rate of about 10
tons a day and the ore Is just as high
grade as It ever was. Some of the
last cars shipped averaged 20 per
cent In copper and I have with me
a large chunk of ore from the 100
foot level that will run over 70 per
cent In copper.
Timber Yard a Curiosity.
The way everything has been
fixed at the mine for the winter's
work was most Interesting. Their
timber yard alone Is a sight worth
seeing. The timber was first stacked
up as high as it could be piled and
then roofed with poles to hold the
snow. The timbers were stoped out
from the bottom and stulls put In
to hold the roof. Now they have a
big open yard with lots of timber
all round It to last the winter and
when the snow goes off tn the spring
there will be nothing left but a roof
of poles supported by a lot or stulls.
"They have safeguarded them
selves against the danger of having
too much surface water to pump out
of the mine In the spring by extend
ing the 100-foot level clear out to
the surface and they expect to catch
up most of the surface water on that
level and run it out of the mine
through the drift.
"Take it altogether I am greatly
it is
and pleased with everything that the
it Ro3sl-Head company has done since
they took hold of the Monitor and I
feel confident that in three months
more they will have proved it to be
the great mine that I have always
believed it."
Make Favorable Report.
Mr. Hill corroborated all that Mr.
Bailor said and both
showed that their reports to the
other shareholders whom they
resented In the Investigation would
be highly enthusiastic. Mr. Bailor
gentlemen
rop
represents the shareholders whoso
stock Is not under option tb the
Rossi-Read company and Mr. Hill
those whose stock Is under bond.
"They have now explored tho
j Monitor ledge on various levels,"
said Mr. Hill, "for a total length of
i 800 feet.
a
a
Is
On one level they have
| opened it up for 600 feet,
work has demonstrated that the
company's holdings cover nearly a
mile of the ledge."
Their
I
New Railroad n Itoon.
Both gentlemen also spoke of the
advent of the Milwaukee road, now
under construction, and which will
run within about two miles of the
mine, as a great advantage to the
company since by means of a work
ing tunnel and tramway, each of
moderate length; the necessity of a
wagon road would be obviated and
the operation of the mine in
ceedlng winters rendered much more
easy and less expensive.
Mr. Bailor closed his visit to Wal
lace by making a hurried inspection
of the Success mine, in which he is
also a large shareholder, on Wed
nesday forenoon.
suc
Both gentlemen
left for their homes ou Wednesday's
train to Spokane.
Mine Inspettcr's Report.
The following is what State'Mine
Inspector Bell says of the Monitor
mine In his recently Issued annual
report:
This Interesting copper deposit,
situated near the
Idaho-Montana
line a few miles east of Mullan, was
handled by some energetic Wallace
operators during the past year, and
made a splendid development, par
ticularly during the closing months
of the year, of high grade copper
sulphide mineral, of which about
600 tons were shipped from the
mine during 1906 that contained a
gross value of $65 per ton tn copper,
gold and silver.
manent and very Important resource
'of shipping mineral,
j Extending west from the Monitor,
{across the high mountain spurs that
This property carries a large fls
Bure vein that strikes northeast and
southwest and stands nearly verti
cal. It Is developed with a shaft
now down 340 feet, which is being
continued to the 500 foot level.
There have been four short levels
opened, exposing two handsome ore
bodies that carry from 10 to 16 per
cent copper and $5 to $10 per ton
In gold and silver, through a width
of from 10 to 14 feet In places. Re
cent reports from the mine say that
it has over a half million dollars of
{developed ore now in sight and has
!a definite prospect of making a per
put out from the divide between *he
St. Joe and the south fork of the
Coeur d'Alene river, a string of
claims has been located almost con
tinuously for 15 miles In the direc
tion of the Hunker Hill and Sullivan
lode and by some experts supposed
to be on the same line of (Usuring.
Several of these carry remarkably
handsome surface showings of cop- '
per bearing iron gossen and spathic
Iron ore. In fact, this belt of terri
tory contains the most conspicuous
sui face showings o» mineral found
anywhere in the whole Coeur
d'Alene district. These are accom
panied at several points by a large
parallel dike of Igneous rock re
sembling diabase, to my notion a
very Important and significant asso
ciation of the mineral veins.