The Wallace miner. [volume], May 09, 1907, Image 1

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

Image provided by: Idaho State Historical Society

                
THE WALLACE MINER
Vol. I, No. 12
WALLACE, IDAHO, THURSDAY, MAY 9, 1907
Five Cents a Copy
Local Investors Take 75,000 Shares of
Success at Par
RESPITE an unprecedentedly weak and dull market, characterized for
. tire most part by falling prices, the flotation of the Success compa
ny was a winner, no less than 75,000 shares being locally subscribed at
par. There can be no doubt that if the stock had been offered to the j
, public a couple or three weeks earlier every share of the 200,000 offered
would have been taken by Coeur d'Alene investors.
As it is a good share of the stock will remain at home. The most
of the remainder will go to Butte and Spokane though eastern subscrip
tions are now beginning to come in.
few days longer when allotments will be made and the stock delivered, I
The whole deal will be cleaned up before the end of the month and the
Success will have $200,000 in cash and 100,000 shares of stock in its
treasury.
The books will remain open for a
Though delivery of the stock may not be made for a couple of weeks
yet, flie stock when issued will participate in all the earnings of the mine |
since April 1 and the first quarterly dividend of 2 l 2 cents a share will
will be paid early in July.
Many brokers are of the opinion that the stock will command a pre
mium from the start and as a consequence $1.25 is being bid and $1.50
asked for it on both the Spokane and Wallace boards. It is likely, how
ever, that these prices will be shaved down by profit takers when the |
stock issue is made as doubtless many subscribers only applied for the
shares with a view to making a quick turn.
Meanwhile the work of enlarging the mill is progressing rapidly.
The foundation is completed and the first floor laid. The frame will be j
put up this week. The new machinery is all on the road and Manager
Samuels is confident that it will be in operation inside of thirty days.
The output of the mine will then be 1,500 tons of dry concentrates a
~ ' J
month, worth approximately $100,000.
STRIKE ON SPRING GULCH.
Coeur d'Alene Investment Company
Cuts Rich Stringer.
The crosscut tunnel on the Coeur
d'Alene Investment company's group,
on Spring gulch, near Iron Mountain,
Mont., now in 800 feet, has just
broken into what appears to be a
strong and wide ledge, containing a
stringer of high grade ore. Assay
returns from a general sample of
thd stringer went 145 ounces of sil
ver and 2 per cent in copper. The
vein has not yet been fully crosscut,
and, of course, no drifting has been
done.
WILL DEEPEN MAIN SHAFT.
Tarbox to Be Equipped With Heavier
Machinery.
The increase of the capitalization
of the Tarbox company having been
duly authorized by the shareholders,
aud the necessary legal steps taken
to carry their wishes iuto effect, the
management is now arranging to
equip the mine with larger boilers
and pumps with a view to sinking the
main working shaft from the 400 to
the 600-fOot level as quickly as may
be. Meanwhile drifting is being con
tinued on the 500 and 550-foot levels
from the winze, and the latter now
shows six feet of good concentrating
ore.
The capital of the company will
hereafter be $1,500,000. The treas
ury now has In it 500,000 shares,
and Manager Richard Daxon proposes
to devote his entire time from now on
to the business of financing the com
pany's operations and directing the
ELECTRIC LINE ASSURED
Spokane, Wallace and Interstate Railway to Be
Completed in 18 Months
The Miner has received information from a reliable source that
the financing of the Spokane, Wallace and Interstate railway, the
proposed electric line for which a franchise through the city of Wal
lace was granted some months ago to W. J. Hall, has been fully ar
ranged and that construction will begin at once. The road will be
completed and in operation inside of 18 months.
* The railway will extend from Spokane, via Coeur d'Alene,
Fourth of July canyon, Kingston, Kellogg and Osburn to Wallace,
with branches radiating from this point to Burke and Mullan and
probably oxer to tho Chicago, Milwaukee & St. Paul railroad on the
St, Joe by way of Placer creek. There will also be a branch from
Kellogg to Wardner and probably another up Pine creek to serve
the mines of that section. Other prospective branches are up Niue
Mile and to various mines and groups of mines between here and
Wardner.
The railway will be not only a great convenience to the entire
district so far as passenger travel is concerned but will be a boon to
all producing mines and especially the smaller ones, as it will han
dle freight of all kinds and ore as well.
The route of the railroad through town may be along the river
bank to Third street, thence to Pine,thence to Sixth, thence to Bank
and along that street to the eastern city limits.
f
w..
.
equipment and development of the
mine. To facilitate the sale of the;
new treasury stock, the stockholders
have been asked to pool their hold
ings and over 700,000 shares out of
the 1,000,000 are now in such a pool.
Before any treasury stock is sold,
Mr. Daxon expects to have between
800,000 and. 900,000 shares of the
outstanding stock pooled in the bank.
As soon as the company's financial
condition will permit, it is the inten
tion to proceed with the erection of a
concentrator,
;
reserves
blocked out at the mine being now
estimated to be sufficient to run a
large plant for several years. It is
to produce this ore economically that
the main shaft is to be deepened.
the ore
;
Copper Age and Edison.
It is reported from Saltese, Mont.,
that the crosscut from near the face
of the tunnel on the Copper Age and
Edison, now In 450 feet, shows a 14- 1
foot ledge of fair grade copper ore. j
The group is the eastern extension
of the St. Lawrence, which in turn \
adjoins the well-known Richmond!
mine. It has a promising surface
showiiig about 550 feet ahead of the 1
present workings. Charles Heiden
rich of Saltese is manager and the
stock is practically all held by Salt
ese people.
Saltese Consolidated.
The Saltese Consolidated company
is expecting news dally from the
mine that Its long crosscut tunnel has
h.nifAn m ,i i .
broken Into the Black Traveler ledge.
___ . ._ , ,
The tunnel has cut numerous string
. __ . , ,
ers of good grade copper ore of late,
„ . . ... '
and everything indicates that the
ledge Is very close. The company is :
controlled by Moscow people, C E.
. .. . , '
Merwln of that city being the man
ager Its property la yout four and
a half miles from Saltese, Mont.
BULLION TO BEGIN SHIPPING
The bodies of high grade cop
per ore now lx ing opened up in
and above the lower tunnel level
in the Bullion mine are proving
so considerable that the manage
ment has decided to build a four
mile wagon road from the mine
to Borax siding on the Northern
Parific, as soon as the snow will
permit, with the view of forth
with shipping some 200 or 300
tons of ore and probably main
taining regular shipments there
after.
I
Tomorrow the Snow Storm company will pay its fifth monthly
dividend. Like its three immediate predecessors it will lx: of $45,
Tliis will bring the total dividends paid this year to $180,000
and the grand total by the company to date to $270,000. The de
velopment of the mine is progressing most satisfactorily as the
bodies that are now being opened up in the west drift from the lower
tunnel level are proving to lie the highest grade yet encountered in
the mine.
|
000 .
ore
|
j
n f, »» jj .• , q
>£• ix&Ilrt 1 lOlCIS V/jptlOH lO I Uf*
chase for $300,000
;
Mullan > for $o00,000, with a cash payment of 10 per cent., will arrive
here Monday to inspect the progress of the development work now being
done on that property. This work consists of a drift on the ledge into
the hill from the joint Fanny Gremm and Midnight tunnel, which cuts
W ILLIAM Q. RANFT of Missoula, who on March 1st last bonded the I
Midnight mine, adjoining the You Like and Morning mines at
the vein about 250 feet above the Morning No. 5 tunnel and will ulti
mately give a depth of 1,000 feet.
Mr. Ranft lias not yet made any arrangements for working the
property on a deeper level though the Midnight vein is cut by Ixjth the
Nos. 5 and 0 tunnels of the Morning company at a depth of 1,000 and
2 ,000 feet respectively,
There is an especially handsome ore showing
on the first named level.
The lucky owners of the Midnight are E. J. Clark, Win. Flood, M. I
;
J. McHugh and Forest Clark, all of Mullan. A mining engineer named
Wetmore acted as Mr. Ran ft's representative in bonding the property.
CHARLES DICKENS MILL
UlInllLLU UIUHLI1U HULL
It I* Running Full Blait and It Doing
The report that the Charles Dick
0,18 ! mI1 w f down owln 8 , to
a defective foundation proves to be
utterly untrue. The ml is I mi It on
fl'd rocJc and the foundation there
fore could not settle. The fact is
that the foundation of an ore bin
P r ° ve( J defective and the bin got
°, ut f , 1,ne ' . T ' ie 0,1 ^
clo8ed down while that tnfltng re
being effected.
I he statement that the mill is
. , . ,. , , ...
not doing satisfactory concentration
• , , ...
is also untrue. We are authorita
.. , . .
tively informed that it is turning
. , , . ,
as clean concentrates as any null
^ , and permitting less
than the usual average of values to
in tho ^ *
T £; t of tl f e sh ut down was
printp( j £ the Miner in goo(1 faith
on the word of Gus Melder, brother
in-law of State Auditor Bragaw,
whom we have known for two or
three years and whom we knew to
have been working in the mill. W r e
cannot account for his perversion of
the facts.
Good Work
MADE PAYMENT ON CUSTER
Harry L. Day Evidently Pleased with Develop
ments on That Property
On Wednesday of last week Harry L. Day made his first pay
ment on the bond he holds on the Custer mine. What this payment
amounted to has hot been made public but there is no doubt that it
was a substantial sum as the purchase price was reported to be $150,
000 at the time he optioned the property last year.
Since Mr. Day took hold of the Custer development has lieen
vigorously pushed in the lower tunnel with the object of locating and
opening up the eastern extension of the Tamarack ledge through that
property. Some months ago a cross vein was encountered which
contained a good body of pay ore. Little work was done on it, how
ever,, as Mr. Day considered the discovery one of secondary im
portance.
No news regarding developments in the mine has leaked out of
late hut the making of the payment when due is accepted by mining
men as an indication that tin: recent work has resulted satisfactorily
to the bonders.
THE BUNKER HILL DWIDENB
The Bunker Hill and Sullivan
company on Saturday paid its
120th dividend. It was the fifth
regular monthly disbursement to
shareholders this year and was
like its predecessors of $180,000.
This brings the total paid so far
this year to $900,(.XX) and makes
the grand total to date $8,766,
(XX).
that the
monthly will shortly be materi
ally increased owing to the re
cently enlarged milling capacity
and production of the mine.
It is generally expected
amount disbursed
SHOWS 10 FEET OF ORE
Mercury Ore Shoot Widening Out ae the
Drift Progrexet
The tunnel on the Mercury com
pany's property, which is located on
the North fork of the South fork
near the east Snow Storm above
Mullan, has progressed 200 feet
since galena began to appear in the
workings and now shows over two
feet of fine, medium grade concen
trating galena. The streak was only
about 10 inches wide when first en-!
countered but it has been getting
wider and stronger ever since, es
pecially since the tunnel began
gain a little depth.
The tunnel was started as a drift
to explore and open up the ledge
but no ore of any consequence was
expected to be found until it had
been driven 1000 feet when it will
be under a tremendous surface show
ing of ore at an almost equal depth.
The property consists of twelve
claims. Wilbur Greenough, John
Mocinc and Joe Thennis of Mullan,
and Henry P. Knight of Wallace
are the principal stockholders.
1 cm KR SHE
Drift on 100-Foot Level of Winze Has
Good Ore Showing
VHE recent strike on the 100-foot level of the winze in the Copper King
™ mine is arousing a great deal of interest and very enthusiastic sto
ries come down from individuals in Mullan who have inspected it. The
management is not, however, so greatly enthused. While they admit
that the drift shows two feet of ore to the east of t he shaft and three feet
to the west they maintain that the ore is only of fair concentrating
grade, the samples that reached Wallace being necessarily selected.
These samples, however, indicate that some of the ore is nearly good
enough to ship. It shows very little copper, the values l>eing almost ex
clusively in lead and silver.
1 he crosscut on the 200-foot level in the winze has not yet reached
the vein but is expected to break in the ore body within the next few
days. The winze was sunk on the east end of the ore shoot in the No.
2 tunnel and the workings on the 100-foot level have consequently dem
onstrated that the ore body has lengthened considerably with depth.
The Copper King company is controlled by the Greenoughs, W. D.
Greenough Ixung the managing director. The Bunker Hill people are
largely interested in it.
Canyon Crook and Burke
OOM PAUL COMPANY.
Circular Letter to Shareholders An
nounces Lady Bell Purchase.
The Oom Paul company has issued
under date of May 4 a circular let
ter to its shareholders setting for a
the report of the committee appoint
ed to Investigate and report upo»
the proposition of the owners of the
; Lady Bell mine to consolidate It with
I the Oom Paul company's holdings.
and apprizing them of the adoptlo
of that report, and of the conse
n
quent organization or the Oom Paul
Consolidated Mining company, to
take over both properties.
The new company will have a cap
ital of $1,600,000, of which 949,698
shares will be issued to the present
holders of Oom Paul stock in
ex
change for their shares iu the old
company, while 400,006 shares will
be issued to the owners of the Lady
Bell and 25-0,402 shares win remain
in the treasury of the
company.
shareholder8 ar « requested to for
ward their certificates for exchange
prior to June 5 next.
The report also announces that the
directors of the Oom Paul Consoli
dated company (the new organiza
tion), who are F. C. Richardson, F
II. Richardson, P. F. Smith, Walter
McKay and James F. McCarthy, have
decided to sell 50,000 shares of the
new treasury reserve at the price of
25 cents a share, and the present
shareholders are given the prefernce
in securing them.
Regarding operations at the mine,
the report says:
"We have not been able to ad
vance the shaft sinking for the past
six weeks on account of a wrecked
pump and the Interruption to the
service on the power line. No work
nos , being (lon „ except t0 the
mine free of water above the 150-foot
level. Work will not be resumed
until the transfer of these properties
the new company is complete. It
Is estimated that we can be into the
ore on the 300-foot level In 45 davs
after the resumption or work "
The report is accompanied Un
a
IDORA IS LOOKING FINE
Good Ore in Both Tunnels—Compressor Ordered
—Mill to Be Built Soon
Work in the Idora is proceeding in both the Nos. 2 and 3 tun
nels. In the former the drift on the footwall ore shoot continues to
show from 14 inches to 2 feet of solid 70 per cent, lead ore and
about 4 feet of good concentrating galena. In the west drift from
the No. 3 crosscut tunnel an upraise to connect with the old winze
sunk on the first ore shoot encountered on the hanging wall side of
the ledge on the No. 2 level is now going up iu fine ore out of which
a considerable proportion of shipping ore could bo sorted by hand.
The east drift on the same level is now being extended to get under
the footwall ore shoot in which they are now working in the No. 2
tunnel. It will require probably 200 feet of work to reach that point.
The mine was inspected a few days ago by Walter J. Nicholls,
the well known Spokane broker, and his mining expert, Fred Rice.
Said the latter to a Miner representative just before his departure for
Spokane:
It
The Idora is looking fine. The best showing is in the foot
wall drift in the No. 2 tunnel but the ore lxxly they are raising on
from the west drift in the No. 3 is no slouch. The mine can begin
shipping any day and it has so much ore in sight that I expect it
will be an important producer this summer.
The management of the company is taking preliminary steps
looking to the early construction of a mill, the quantity of milling
ore now in sight fully justifying such action. A 6-drill compressor
will be installed within the next few weeks. Shipping will begin in
a few days.
•'■MR
map which ciearly Indicates the ne
cessity the old coinpauy was in of
purchasing the Lady Bell ground.
UPPER CANYON CREEK.
Many Properties Working — New
Bunk House for Great Western.
There Is great activity In the Upper
Canyon creek section at present.
Work is proceeding on almost every
group of claims from Burke to the
Montana divide. The Great Western
is building a new 20x20 bunk house
and using two machine drills at the
mine. One is in the main crosscut
and the other in the drift on the
blind ledge.
The Temple is pounding away
with one drill, getting its power from
the Great Western. Other nearby
working properties are the Harper,
East Hercules, Calumet, Hennessy
Burns and Idaho-Montana, the lat
ter having just let a contract to ex
tend its crosscut tunnel 100 feet.
Sonora Resumes Drifting.
Having driven their main crosscut
tunnel considerably beyond the point
where their engineer told them the
ledgo should be found, the Sonora
company has quit work there and re
sumed drifting on the ledge opened
up by the tunnebabout 125 feet back
from the face. The vein is strong
and wide, but differs in character
from the croppings, which is the rea
son it was not followed up at first.
It is now showing considerable min
eralization.
Fine Ledge in Gertie.
L. W. Hutton of the Hercules, who
Is an officer and large stockholder
In the Gertie mine, reports that the
main tunnel on that property has
been following a four-foot ledge for
some time, and that it now shows a
nice stringer of carbonates, all the
rust of tho vein being well mineral
ized with iron.
•ear 1
Idaho-Montana Company.
Idaho-Montana
which owns a group of claims on the
slate line near where the Gliddea
road crosses the divide, hax aBked
for bids to continue it3 crosscut tun
nel another 100 feet. The contract
will probably be let today.
The
company,