The Wallace miner. [volume], June 20, 1907, Image 1

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

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THE WALLACE MINER
*
Five Cents a Copy
WALLACE, IDAHO, THURSDAY, JUNE 20, 1907
Vol. I, No. 18
Development Work Now Being Done
At Cost of Mayo, Sachs & Co.
T H E meeting of stockholders of the Alameda company on Tues
day developed some interesting facts, though it left some equally
important matters still in the dark.
For one thing it showed that W. L. James still held, a control of
the stock, though this stock, some 500,000 shares, is under option to
Paris H. Renshaw & Co. until August 1. Renshaw & Co have re-optioned
it to Mayo, Sachs & Co. of Butte, who in turn have optioned it to the
Success company. How long the options of Mayo, Sachs & Co. and the
Success company have to run was not made public.
Another interesting fact that was brought to light is that the work
on the property ever since Paris H. Renshaw & Co. bonded its control
from W. L. James has been done at the expense of the bonders and not
the company, though the latter still has 94,000 shares in its treasury.
The cost of the development work now on hand is being.borne by Mayo,
Sachs & Co.
The third fact of importance that was brought to light is that the
mine now has one of the finest ore bodies in the Coeur d'Alenes in
sight and being rapidly opened and explored. It was the consensus of
opinion that if the mine were unhampered by options on its control the
stock would now be commanding a price of 30 cents or better in the
open market.
New Officers Elected
There were represented at the meeting 1,100,355 shares of stock out
4 of a total issued of 1,406,000. The following officers and directors were
elected: President, W. L. James; vice-president, E. H. Pattison;
treasurer, E. L. Mayo; secretary, P. H. Renshaw; director, Hugh L.
Wilson of Butte. W. L. James voted enough stock to nominate the
entire ticket.
Secretary's Report
Secretary Renshaw submitted the following report:
RECEIPTS
Received on account of assesment No. 4...
Received on account of former assessment,
Petty cash.....
$5,569 45
11 50
21 18
$5,602 13
DISBURSEMENTS
$ 27 50
159 00
Surveying.
Office expenses, etc.,.....
Paid W. L. James account of bills allowed by
previous board of directors..
Paid to W. L. James account of purchase of Julia
and Iron Cap lodes.
Supplies for mine.
Paid on account of labor.
Charge to the account of W. L. James account of
assessments of other parties assumed by him....
Cash on hand.
cno iq
$5,602 13
Manager T. H. Whelan escorted
a pack train of supplies to the,
Hennessy-Burns mine on Tuesday,
It was the first load of supplies
taken up to the mine since last
fall. The work on the property is
progressing satisfactorily and the
ore showing in the first drift con
tinues to be very handsome.
1,1X0 00
3,711 64
88 21
439 67
61 00
5 11
As all work in. the mine of late has been at the expense of indiv
iduals and not of the company no reference naturally appears to it in
the above report.
Splendid Shoot of Shipping Ore
On Wednesday a number of the shareholders of the company paid a
visit of inspection to the property. They found that the main drift, an
extension of the Success No. 2 tunnel, was now over 100 feet long and
for the last 72 feet was all in ore. The upraise is up exactly 44 feet
and shows 30 inches of clean shipping galena. At a point 20 feet up
the raise the clean ore was five feet wide, but just above that point
the ore shoot split, part of it shooting off towards the footwall. It is
a splendid ore showing.
Supplie* for Henne**y-Burn*
Mercury Ha* Mixed Ore
The drift tunnel on the Mercury,
the North Fork of the South
Fork above the East Snowstorm, is
now in 530 feet and shows two
quartz seams separated by Burke
quartzite. The quartz seam on the
footwall is two feet wide and is
shot full of galena, iron and zinc,
with native copper on the fracture
faces. It is a most interesting
Mixture of ore. The property is
controlled by the Greenoughs.
on
Subscribe for the Wallace Miner
$2.00 a ysar.
TWO STRIKES NEAR MURRAY
Oro Fino Opens Up 30 Inches of Good Galena.
Toner Brothers' Mine
MURRAY, June 19—Two good strikes were reported here last
evening. The most important one was made in the Oro Fino mine
and the other was on Eagle Creek on the Toner Brothers' property.
"The Oro Fino has cut its ledge at a depth of 165 feet where'It
shows a width of nine feet of which 30 inches is 35 per cent galena.
The rest of the vein filling is good concentrating ore.
opened up on the pay shoot at once in both directions and if the
showing continues favorable a winze will be sunk at once. The
main tunnel will also be continued ahead for some distance to as
certain positively if it is the main ledge that has been'eut as it was
encountered 50 feet sooner than was expected.
The Oro Fino group is on Bear Top mountain about six miles
east of here. It adjoins the Bear Top and is under bond to M. L.
Rutherford of Missoula and a syndicate of Montana people who have
already made one payment on the mine. Among them are: Oscar
Redman, Ed. Donlan of Thompson, E. S. Peterson, A. E. Jeffard
and A. L. Humble, president of the State Bank of Hamilton.
' The strike on Eagle Creek is of very rich ore, but Mr. Toner
gives it as his opihion that it is only a stringer as he does not believe
they have yet reached the ledge they were driving for. The property
is known as Toner Brothers' and is close to the famous Jack Waite
mine. The strike was made in a crosscut tunnel at a depth of
about 200 feet. 1
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Drifts will be
THE COPPER KING MINE
Work at the Copper King is
progressing in the various levels
from the shaft, all of which
including that on the 100
foot level show more or less ore.
On the last named level drifting
has just begun and the vein will
be thoroughly explored there
before any deeper workings are
undertaken. Should the devel
opments on the 100-foot level
prove satisfactory it is the inten
tion of the management to drive
a half-mile tunnel from the
Mullan side to crosscut the ledge
at depth. This would open up
the property in such a way as to
make shipping convenient and
economical.
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w * A. McNichoU* Hu Int.rett.il Hun
,n Sidne * MiBe
Kellogg, June 18.—Charles M.
Schwab of Pittsburg, the first presi
dent of the United States Steel cor
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SCHWAB MAY INVEST HERE
poration and who has been one of
the leading operators in Nevada for
the past three years, may be work
ing a Coeur d'Alene property with
in the next few days. The mine
in question is the Sidney on
Pine Creek, which is under option
to W. H. McNicholas of Portland,
Ore., for $175,000. It was brought
by him to Mr. Schwab's attention
and will be examined and reported j
on within the next few days.
■Mr. .McNicholas arrived from
Portland last Saturday for that-as
purpose but was summoned home,
by wire and is expected to return;
rru a * 1 * * it ■
today or Thursday at latest. He is i
a son-in-law of Dr. W. N. Davis of |
j Wardner and is the party who '
I negotiated the sale of the big cop
per property on the St. Joe that
Andy Goddard is managing.
LUCKY FRIDAY MINE
Operation* % Temporarily Suspended-
Spokane Syndicate Want* Extension
m, , _ ,
the temporary ,L
tog down ol the Lucky Friday i.j
due to the failure of the , pokane
syndicate to take up their option on i
^he control of the stock. This
not In any way affect the title of
the property or the validity of out
Itanrearethat certain members|
It appears tnat certain mem tiers
of the underwriting syndicate, Ixith
before and since the expirationt of,
the option seemed by Geo 1). Pot
ter and assigned to the syndicate
for a contingent interest have en
deavored to secure an extension of
time on a new option direct from
the owners of the property. In this I
they have so far failed, the owners!
taking the position that the mine
with its equipments and the good
showings made on the No. 3 level
is worth more than it was when
Mr. Potter secured his option.
Upon the expiration of the Potter i
option, the funds provided for driv
the funnel to the ledge being ex
j hausted, the owners naturally sus
pended operations pending other)
arrangements,
Rainbow Company Incorporated.
Gdorge Austin, C. F. O. Merrlam, J.
D. Caughell, H. C. AdamI, Geo. E.
! Marlowe and Herman J. Rossi are the
! first board of directors of the newly
; Incorporated Rainbow Mining and
! Milling Company, whose capltallza
j tlon is $300,000 Jn 1,200,000 shares
i of the par value of 25 cents.
The
) company owns a group of seven
i claims just this side of Osburn. It
! is being opened by two tunnels the
upper one of which is in 80 feet and
I the lower In 115 feet. Both show
high grade silver ore.
Montana-Goeur- d'Alene.
! Lawrence Hollywood, manager o(
| the Montana-Coeur d'Alene Company,
! reports to secretary W. W. Blxby;
; that their crosscut tunnel 1 b now ;
within about 50 feet of the ledge and ;
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has already cut a stringer of quartz |
and talc, evidently an off ahoot from
the lead. The company owns eight
claims near the Montana Standard!
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i east of Burke.
Government Gnldi Company.
A deal Is said to be pending for [
the purchase of the Government!
Gulch Mining and Development Com
pany of Wardner, which is now sur
veylng Its holdings to apply for pat- •
ent. Among their holdings Is the
control of the Sugar claim qn which!
a small vein of clean galsna was re-j
I
ecntly cut.
NO MORE COURSE TAILINGS
"Within two years I antici
pate that no mill in the Coeur
d'Alenes will lx 1 producing
coarse tailings," said W. Clay
ton Miller, general manager of
the Federal company on Tues
day. "The regrinding machin
ery will lx* in operation at the
Morning mill before the snow
Hies and from that time on the
mill will discharge nothing but
slimes. Regrinding machinery
will be installed in all our other
mills as fast as we can get it
from manufacturers. This closer
milling will not only increase
the district's output but it will
be a material factor in solving
the tailings problem.
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Two Feet of Gml.n. Or. Op.ned Up
On Hanging Wall Sid.
The new tunnel on the West
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STRIKE ON WEST NINE MILE
Nine Mile company's property, or
rather the enlargement of the old
tunnel, is now in about 40 feet and
j cutting is done whether they are
now running on the hangingwall or
merely following a slip in the vein
the old workings did. The
latter are some distance to the the
north of the present showing and j
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i prove the vein to be at least 30 feet L
| wine.
' Manager Geo. II. Heller yester
day ordered a car and track for the
mine and it will be sent out there ^},
today. A wagon road is being
graded from the tunnel mouth to
connect with the county road at j
Bunn siding. It will lie completed
in a week or i0 days.
It
its
shows two feet of quartz richly
impregnated with galena on what is
believed to be the hanging wall of
the ledge. At any rate the ore;
showing is on the hangingwall side
and right under a seam of tale, i
The rock behind the talc seam is ! l.
so heavily mineralized as to render!
it quite uncertain until some eross
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amp nnrpu in DflMIIUP j
f |||Q (jflttn IU if ifiPlj J
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Wrfi., All
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Things are fairly humming on
pine Creek. Almost every property
does-working, most of them under
bonds for j aige 8UmB 0 f money,
^yhile there is no startling news from
iuiy ° f them this week they all re
{Wr t good progress and a conti nu-1
ance 0 f the ore bodies they are;
opening up . The mill on the Sur
pr j se j 8 bej ng rushed to completion. I
The heavy framing is finished and j
the mach inery ig expected to arrive!
NoW Wardner Company
The Syndicate Mining and Ex
ploration company has been organ
ized in Wardner to take over and
develop a group of claims near the
mouth of Moon gulch. The officers
will lx:: President, J. N. Scheil;
vice president, R. E. Jones; i
secretary and manager, F. N.!
Baker; treasurer, W. J. Simmonds.
daily.
Word was received yesterday
from the Clear Grit mine near
Clear Grit Make* Strike
Delta that a big blind ledge had
Iieen cut in the crosscut tunnel.:
The ore is of a peculiar character i
and its value will not lie known i
until it has been assayed.
Boulder Creek Company
The crosscut tunnel on the
Boulder Creek company's property, :
the old Central mine, is now in 700;
feet and has about 600 ft. yet to go
Wilbiri
to reach the ledge.
Greenough is manager.
Square Deal Let* Contract
The Square Deal company yester
day let a contract for 250 feet of
tunneling on its property on Trow
bridge gulch between here and
Mullan.
Work at Humming Bird.
Work has bqen discontinued in the
*, t drltt on the lowei . level of the ;
Humming Bird mine at Burke and re
8Uined )a the we8t end . They are fo ,_
lowing the footwall with a good 1
showing of ledge matter. Nine men
are employed.
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New Bunk House For Dcnnemora. j
The Dennemora Company, operat
ing a group of claims six miles west
of Saltese, Mont., has temporarily
suspended work pending the erection
of a larger bunkhouse. The tunnel is
now In 800 feet and shows a 14-foot
ledge well mineralised with lead, stl
v«r and copper.
Hecla and Hercules Today Paid $100,
000 and $92,000 Respectively
Y O D A Y the Hecla company paid a dividend of $100,000 or 10
cents a share. It was the company's forty-eighth and brought
the total paid since the first of January last to $280,000 and the grand
total to date to $1,280,000. The dividends previously paid this year
were as follows: January, $20,000; February, $20,000; March,
$100,000; April, $20,000: May, $20,000: total, $180,000.
The dividends paid last year were considerably larger than in any
preceding one, They totaled $450,000. As they have amounted to
$280,000 for the first half of this year it is obvious that last year's
record will lx> again surpassed.
The capital of the Hecla company is $250,000 in 1,000,000 shares
of the par value of 25 cents. The market value of the shares is firmly
established at $4. As late as 181)8 Heela stock sold in large blocks (and
^
blocks too for that matter) as low as one and a half cents a share,
Hercules $92,000
declare a dividend, which they have been in a position to do for some
time, it is not likely that any of the others will be paid this month as
the Success will pay only quarterly dividends'hereafter, like the Federal
... , „„ ., , . ,
company, beginning next month. Those paid during June were as
L ,, ' , , * n , w , „ .
follows: Federal, $510,000; Bunker Hill, $180,000; Hecla, $100,000;
Hercules, $92,000; Snowstorm, $45,000r total $927,000.
The grand total for the year so far is $3,200,500. The mines of
^}, e (; t>cur d'Alenes have paid to date no less than $30,033,807 in
Today the Hercules mine will disburse its usual monthly dividend.
It is presumed to l»e at the rate of $92,000 like its predecessors for some
months. The mine is understood to have paid $572,000 so far this
year and approximately $2,392,000 to date. It is not incorporated and
its owners are therefore under no necessity of divulging any information
regarding profits except once a year in their manager's sworn return for
rtaxation to the county assessor. .
The owners of the Hercules are the Day family, August Paulsen,
l. W. Hutton, S. Markwell, C. H. Reeves and F.'M. Rothrock.
The Month's Dividends
Unless the management of the Pittsburg company should see fit to
dividends to their owners
Reliance Cut* Stringer*
Good reports reached the Miner
office last evening concerning the
Reliance mine on Terror creek.
The miners have encountered a
six inch heavily miwnUiiedI quart*
tog that"thTSLifXta uot'fa
off. This showing is in the lower
tunnel, which has been driven
about 138 feet, The objective
point is 60 feet ahead, where,
according to the ore in the upper
tunnel, a body of high grade
material should be struck. The
Reliance is in close proximity to
the Rhode Island which is now
opening up a shoot of commercial
ore. J. H. Taylor of the Coeur
d'Alene Ironworks is treasurer and
Kellogg Consolidated Company,
A. P. Hutton, Louis Lincoln, James
Hoskins, J. H. Carroll, M. Reedy and
Peter Mason of Kellogg are the incor
porators of the Kellogg Consolidated
Mining and Milling Company whose
Incorporation was completed on Sat
urday. The capital is $1 000 000 In
dollar shares,
one of the largest shareholders.
Liston Starts Tunnel.
The Liston company, operating on
Big Creek, lias let a contract to drive
the first loo feet of an 800-foot
cross
cut tunnel to open up its property.
SNOW STORM IMPROVEMENTS
Nearly $50,000 In New Buildings-Much New
Machinery Also.
The Snow Storm company is equipping its property with two
new bunk and boarding houses that will furnish far better accomo
dations for its employes than arc enjoyed by those of any other com
pany in the Coeur d'Ale lies. Both buildings will have all modern
improvements including elecric light, steam heat, baths, wash rooms,
dry rooms, etc., and besides this all bedding will lie furnished just
as in any first-class hotel.
The bunk-house at the mill at Larsen, which will be for the ac
comodation of the mill and tramway employes, will Ixj 35 x 84 feet,
two stories in height, with an L containing the kitchen. It will
cost $9000.
The big boarding house for the miners is located between the
No. 3 and No. 4 tunnels.
It will lx: 40 x 240 feet and also of two
stories. It will furnish accomodations for 225 guests and will cost
$35,000.
\V hen these buildings are ready for occupancy the old board -
mg house will he abandoned.
A Ix'uutiful office building, 40 x 50 feet, one story, is also being
erected at Larsen. It wilt be a gem of its kind and will cost $30(')!).
Among the new machinery equipment is a 20-drill compressor,
actuated by a 300 home-power motor, and five induction motors for
the mill, a separate one for each shaft, of 215 horse-power combined.
The output of the mine for June will exceed that of any month
in the mine's history, just as each month's output since the first of
January has exceeded that of the preceding month.
The large expenditures for buildings and machinery will be met
out of income and large though they will he they will not interfere
with the management's decision to increase the dividends.
■T'-'/VJ
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Springfield to Resume
The well known Springfield mine
on Stevens peak, will resume work
at once. It has been idle since
last December when work had to
lie suspended for lack of supplies
which could not then lxi renewed
on account of the depth _ of the
snow. It is being opened by a long
crosscut tunnel which is now
believed to l>e close to the ledge
and has a handsome showing of
high grade ore in the upper , work
ings. The' company is in good
shape financially to prosecute the
work.
Dai*y Nearing Ore Shoot
The drift on the Daisy company's
property is in about 500 feet and is
believed to he only 50 to 100 feet
from the ore body which it is
designed to tap. The property is
controlled by the Greenoughs and
its stock is a favorite among Mullan
speculators.
Sonora Continuoa Drifting
The Sonora company has just let
a contract for another 100 feet of
drifting from its lower crosscut
tunnel. Though some 2,000 feet
of work have been done on the
property only about 325 feet of
drifting has yet been done on the
lower level.