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SHAFT DOWN 440 FEET—CROSS CUT AND EXPLORE VEIN IN THE SPRING. The ldaho-Carbonate Hill Consoli dated Mining company lias suspended operations until spring, nouncement was made in Spokane last This an Sunday by Earl Greenough, manager The property is sit of the company, unted above Milllan, near the S bridge. The holdings of the company are what was formerly known as the Carbonate Hill and Idalib Giant groups of claims, secured under bond by consolidated. which were W. 1). Greenough and properties amount ,00ft and runs until October, The property is being de veloped by shaft through the Carbon ote Hill ground and Hie progress is belng watched with unusual Interest. It Is in a section of the Coeur d'Alene The bond on the twi to $: 1920. district which possesses every evidence of large mineral deposits of commer •xlsteme of which ■ial value, but tin de bus not yet been proved by deep This explains the interest as Mr. Greenough velopinent. in the enterprise, has announced that the purpose is b sink the shaft not less than 1000 feet. However, the showing that lias already been disclosed In sinking ttie shaft 400 feet Indicates that commercial ore will be found before the ultimate depth Is In fact, it is regarded prob reached. able that a large body of ore will be is crosscut on found when the vein this level. In announcing the suspen sion, Mr.* Greenough said; Cause of Shutdown. "We have suspended because of tbe unsatisfactory labor conditions that have prevailed for several months and have become acute recently because of the influenza epidemic. "We believe we are conserving tlie interests of our associates by ttie sus pension. By spring we expect the cost of mining supplies and explosives to be. much lower, resulting In greater economy in operations. Crosscut Vein. "Since beginning operations about year ago we have sunk a vertical two-compartment shaft to a depth of 440 feet from the tunnel level anil are prepared to cut a station and explore the mineralized zone at the 400-foot level. Tlie exploration will occupy three or four months and will furnish the first new information on the geol ogy on our property since the begin ning of operations. The shaft has been sunk in ore and In some places lias exposed ore of a high grade. Property Well Equipped. "The mine is well equipped for tlie exploratory work planned and we have sufficient supplies. The equipment in cludes two frame buildings, blacksmith shop and powder magazine, domestic water supply system, 11,000 feet four-ineh pipe line for air transmis sion and a mine telephone system. Ttie underground improvements include 1 tie reconstruction of 1200 feet of the Car bonate Hill tunnel and the cutting on underground shaft station." a TITLE TO PROPERTY DOES NOT GALEDONIA PRESIDENT CORRECTS STATEMENT REVERT TO BUNKER H'ILL & SULLIVAN The report that gained considerable publicity during the past few weeks to tile effect that when the ores of the Caledonia mine are exhausted or when profit, the tlte mine fails to earn a holdings of tlie Caledonia company will automaticiilly go to the Bunker Hill A- Sullivan company, in accordance with ttie terms of tlie agreement en tered Into between tlie two companies in the settlement of apex litigation few years ago, is pronounced a mls statement of the facts by Stanly A Caledonia Easton, president of tlie company and general manager of the Bunker Hill A- Sullivan, in a circular letter to the stockholders dated De cember 16. The Miner published the story two'weeks ago, taking It from the the Financial Review, published Tile by Coleman A Reltze,,New York, letter from Mr. Easton follows: Property Rights Perpetual. "The following misstatement touch ing on the title to the holdings of your company has this day first come to my attention: " 'As a result of apex litigation in 1914, when the Bunker Hill A Sullivan Mining company obtained control of Caledonia liy receiving 1,305,000 shares of new stock, making the issued stock 2,605,000 shares, par $1, a stipulation was made in conformity to Coeur d'Alene practice, under which the Caledonia property would go to the B. H. & S. Co. ln event that Caledonia should exhaust its ores or failed to operate at a profit. For the protection of the minority stockholders a further stipulation forlwde tlie use of Caledonia's funds for the purchase of outside properties. This means that in the event of thp happenings of the first stipulation Caledonia will lose title* to Its holdings and cease to exist' This means Is taken to inform you that all the property rights of your hether received by grant company, w from Hunker Hill & Sullivan Mining other * Concentrating company or wise, are restrictions or reservations kind whatsoever. "The original of the agreement be company and the Bunker held in perpetuity without of any tween your Hill & Sullivan Mining & Conct. Co., dated the twentieth day of October, 1913, by which apex rights of the re spective cotn[>anles under the federal forever defined and by statutes were working arrangements were de that have resulted in large prof its to your company, Is on file in this office, und Is open to your Inspection or that of your accredited agents at any reasonable time." Caledonia Dividend. which ion The Caledonia company will pay nthly dividend of 1 cent per share in January 5. Tills is in accordance nnouneement made several a mo wltli the a weeks ago by tbe management to the effect that for some months the earn | nRS ) rn( i been less than the dividend o( 3 (. Pn ts, that the shortage had been up from ttie surplus in the treas liry and that It would be necessary > the remaining surplus to to conserv federal taxes. It was therefore necessary to reduce tlie dividend rate to I cent per share. On this basis the ilsbursement will lie $26,050. pay monthly YESTERDAY'S CLOSING QUOTA TIONS OF STOCK LISTED ON SPOKANE EXCHANGE. Spokane-New York Curb. . 00 % .27% Asked . 00 Hid American Com . Caledonia . Florence Silver . Hecla . Hypotheek . Independence Lead Interstate 'Callahan . Marsh Cons. Rex Cons. Richmond . Scratch Gravel . Standard Sliver Lead Stewart . .2 9 .65 5.40 5.15 .'*3% . 02 % -03% 8.50 .05 .03 .05 .30 .08 .04 .28 .20 .12 .11 .10 Success . United Copper . Utica . .50 .31 .06 .05 Spokane Exchange. .03 Ajax . . Alameda . Ambergris . Bullion . Carbonate Hill . Carney Copper . Chicago Boston . Constitution . Copper King . Douglas . East Caledonia . Electric Point . Gertie . Happy Day . Highland Surprise .. Idaho Giant . Imperial . intermountain ... .. tut. Coal & Coke ... Ivanhoe . Idaho Gold A- Ruby. Jack Waite . Uielede . Laurier . . Lucky Calumet .... Lucky Jim . McGillivray Creek Missoula Copper .... ] Moonlight . . Nabob . .01 . 00 % .27% . 01 % . 01 % . 00 % . 11 % .13% .31 . 02 .01 .03% 03 Vi .05% . 0 ( 1 % . 01 Ml .48 .02 .01% . 00 % . 02 % . 01 % . 00 % .01 .03% .02 al .03 .03 .21 .17 .01 . 00 % .06 % .03 % . 01 % . 00 % .15 .05 .02 .03 . 00 112 . 01 % .30 .01 . 00 % . 00 % .03% .06% .03% •fto% .00% .04% .01 .04 .07% J Nabob Cons. ! National Copper .... Old Charles Dickens ; Oom Paul . . j Rambler Carili j Ray Jefferson Reindeer Queen .... I Rose Cons. I Silver Cable . i Silversmith, pfd .... do. I \jnowslui ; Snowstorm . . . I Stanley . Tamarack .... \V W Power . .04 . 00 .05% .35 .18 .01 . 00 % . 00 % . 01 % .01 . 02 3.1(41 . 12 . 11 % com. .01 ; .18 .16 .01 2.80 _ 2.40 . 60.00 Bonds. . 96.50 . 92.00 . 95.50 (4th is.). 95.40 I Liberty. 99.00 97.00 96.00 95.60 3 %s do. 4s 4 % s do. | I j ! 4 Vis FEDERAL. j Company Reports Net Earnings $371,972 in Third Quarter. received York office. According to reports Spokane from the New the Federal Mining & Smelting eom earned $371,972 in the quarter This may be com pany ending October 31. pared with $323,309 net earned In the quarter ended on July 31 last, $62,945 in the quarter ended on April 3, 1918, and $836,821 In the quarter ended | July 31, 1917. The reduced rate of profit, in recent as compared with a proflt | quarters, able quarter in 1917, is accounted for by tlie higher costs of materials and labor and the reduced labor supply i 191S, ns compared with higher metal ! prices in 1917. Little profit was ob ! talned in tlie first quarter of 1918 be cause of an interruption at the Morn ■ ing mine, where repairs were being j made to the main shaft. Tlie Morning mine is yielding stead j ilv, but with the handicaps incident 1 influenza anil tabor shortage expert |cnced In nearby mining districts. The ' North .Star mine, near Hailey, Idaho, : has produced little recently, but substantial output is being made from the Independence, bought a year ago. Davey at Tarbox. Frank J. Davey went over to the Tarbox mine Tuesday morning to In spect the new ore developments on Samples received Monday from the east drift seem bear out his prediction that would predominate as the drift ad vanced. The samples were of better grade than any heretofore exhibited. Mr Davey expects to return this af ternoon. the 1000 level. lead milK CO. ! PREPARING TO RE8UME WORK IN SPRING—ANNUAL RE PORT OF MANAGER, James Dunne, of Burke, president und manager of the Majestic Mining company, has made a report of oper ations during the past contains much encouragement to th» stockholders of tha* company. year which now appears that the main Majestic J vein has been definitely located at a ' point about 500 feet from the portal | of the tunnel and at a depth of ap It proximately 400 feet from the surface. The vein Is described as 9 feet wide, with quartz and lead carbonaie ore distributed throughout,, with higher lead values in the 2 feet next to the foot wall. Work has been suspended for the winter, but between this time and spring the management expects complete financial arrangements through the sale of treasury stock that will Insure rapid and extensive development. The Majestic company owns 13 patented claims northeast of Burke, extending along the course of the vein the length of four claims or 8000 feet. Joining the group on the south are the Ajax and International, tc and on the west is the Washington. The Majestic company has new and comfortable buildings and is well equipped for development. Report to Diroctore. The report of Manager Dunne fol l 0W8 . "Referring to my last report to the board of directors, dated February 11, 1918, In which I stated that the show ing in the crosscut driven in a north easterly direction about 500 feet from the portal of the tunnel on our prop erty, which said crosscut had been at that time extended for about 77 feet, Justified further development, I beg to advise you as follows: "We resumed work on this crosscut on March 15, 1918, and work has been continuously performed on our prop erty up to and including November 30, 1918. The crosscut hereinbefore mentioned was extended for a total distance of about 211 feet, 134 feet of work on this crosscut being perform ed tills year anil about 8 feet of work being performed on a parallel vein adjoining this crosscut on the west which will hereafter be described. "The vein in the 211-foot crosscut would squeeze in and out as work progressed so that at times It would be four feet wide and then again would narrow down to a foot in places until it finally pinched out af ter 211 feet had been run on it. The rock in tills crosscut was exceedingly hard and only very slow progress could be made. "As work was about to be discon tinued for the winter, we went back and started on another vein which was suddenly discovered after picking down a slab of rock, located alongside mentioned above, and when first found Af This vein is of the other vein was only about six inches wide, j ter only about 8 feet of work had been performed on it, the vein broad ened out to 9 feet at the time we dis continued work and this vein is min eralized throughout, being filled with lead carbonates and quartz. The vein strikes in a westerly and easterly di rection, pitches south and rakes northeast. "About two feet of this vein seems to be more in place than the rest of it and carries better values. The vein is well defined and the ground breaks more easily than in the other vein, so that better progress can be made us soon as work can be resumed. We feel confident that this vein as ex posed Is the main vein of the Majestic property and that the other vein in the 211-foot crosscut was a feeder to i 'his «ne. For the small amount of| work performed on this vein at this time, the geological conditions now Jure very promising that we will make a mine and 1 am very anxious to see further development work performed at this point at the earliest possible date. "The cost of the labor for the work performed for 1918 is approximately $2666, the cost of the supplies amounted to about $424 and the costj of the state accident insurance re qulred by the laws of the state of Idaho for the labor performed this year is $176." The gossip never makes a long story short enough to leave out the scan dal. m HOLDS ALL RECORDS Sizes and Forms carried in stock Exclusive Agency " Lidgerwood " Hoists, Etc. All MACHINERY EQUIPMENT CO. WESTERN AND ■ South 5 Stevens Street, SPOKANE RICHMOND. November —Sink 200 Net Profit for Feet From Main Tunnel. statement by J. E. According to a iCodd, president of the Richmond Min- , ing, Milling and Reduction company. ■ the net profits of the company for the j {month of November was $13,299. Op-. for the month,! expenses eratlng $4000; state, tax on net profit, $1000. j Shipments averaged between 6 and i j Preparations are winze 200 feet i per cent copper, being made to sink a about 1000 feet from the at a point portal of the main tunnel and at a depth of 370 feet from the surface. At this point the vein is 12 feet wide, with a streak of ore next to the foot foot thick that carries wall about a from 12 to 15 per cent copper. Sinking wll] bp , n tbe foot wa n to avoid the exoeS sive flow' of water. Operations of the compa . ny during the past two been seriously handl the prevalence of influ The Richmond is situated near months have capped by enza. Adair. the ore from the mine to the railroad, j day. .... u on account of a break mesa which carried the main driving pu - Icy and which in turn bro e te 'P u The Coeur d'Alene Hard conveys An aerial tramway NATIONAL. New Driving Pulley Delivered at the Mill Yesterday. It is expected that the National mill bich has been closed down the last 10 days, will resume operations to The mill was forced to suspend n icy also. ware & Foundry company was given 0 hurry up order to cast a new pu ley ar >t1 splice the shaft. The new pu ey, which is 6 feet in diameter, 34-inch face and carries 24 belt ropes, was delivered to the National yesterday morning, also the repaired shaft, and they were conveyed to the mill above Multan on a motor truck. The weight of the pulley Is about three tons. Manager Charles McKinnis estimated that it would require about eight hours to install the parts and place the mill in running order. MASONIA NO MORE. Poetoffice on Pine Creek Will Be Die continued Thi* Month. Peter Mason, Pine creek pioneer and postmaster at Masonia, which named in his honor, has notl was so tied the postofflee department that he is obliged to leave, that there are two is obliged to leave, that there two patrons of left now and that Con the first the only postofflee for the position of postmaster, fronted with this situation assistant postmaster general has no tified Congressman Addison T. Smith that unless some patriot conies to the rescue within three weeks from the are December 4, date of notice, namely, the postofflee at Masonia will be dis continued. for some deserving democrat to get his name on the government payroll. Here is an opportunity Masonia is about a mile from the Douglas mine and was established to accommodate the targe number of men employed there, at the Constitu tion and other mining properties in the vicinity. COPPER KING. Proposes to Increase Capitalization to Build Mill. C. T. Underwood, mining broker of Spokane, announces that tt is propos ed to odd 5.00,000 shares to the capi tal stock of the Copper King Mining A- Smelting company. The plan is to sell this stock at 10 cents per share j t0 create a fund af $50,000, $30,000 of j whIch wil , be used t0 buil(1 a 50-ton mill and $20,000 to be used in further development work. In order to assist ln ma i{|ng a market for the stock, shareholders will be asked to pool tbe | r holdings until the mill is com p] e t ed The company is now capital j zed f or 1,500,000 shares of the par va j ue 0 f $1 j t j s stated by the man agement that tlle re is several thous and tona 0 f milling ore on the dump, WANTED. Two or three good shaft men to contract sinking double-compartment shaft front 100 to 200-foot level. Shale formation. Small amount of water. Company will furnish timber at the shaft; furnish power drill and do 1 hoisting. ; Spokane. PKR C 0., 310 Hyde B1k„ Spokane, _ Location 65 miles from Address O-LO-LIM COP I MRS. STOREY BUCK INVITES Spokane visitors to make their headquarters while In that city at the Hotel Rlilpath, which she has purchased and renovated. Autos are stored free for guests. The best cafeteria in Spokane is in connec tion. 031-tf CITY OF WALLACE, IDAHO— REPORT OF TREASURER FOR YEAR ENDING MAY 2, 1918. May 3, 1917, balance . Total receipts from all sources * 16,340.7. 138,721 ,U Grand Total .. . Total Disbursements $155,007.'.-it 148,227.0; Balance 3 6,840.27 80URCE OF RECEIPTS. $ 14,233.40 40,522.32 319.50 343.33 50,844.82 29,431.40 360.00 808.90 345.88 600.00 190.00 721.63 City clerk . Shoshone county .7. J. C. Boyd, Fire Chief, street obstruction, etc. Side walk assessments ."...... ... Paving assessments . Sale of bonds, Local Imp. Dist. No. 4.. Wallace Library . Sale of bonds, Local Imp. Dist. No. 5. Transfer from Garbage to General fund . Transfer from Garbage to Sinking fund . Dog taxes ... Transfer from General to Local Imp. Dist. No. 6 .... - '*4 ,$138,721.18 Total . RECEIPTS IN DETAIL. $ 37,353.82 234.78 2,609.72 324.00 58.25 25.00 6,103.25 2,148.00 351.50 Current taxes . Delinquent taxes ..... Road taxes, Prop. County and Per. Cap. County licenses . Employment office . House moving . Fines and forfeitures . Costs, police court . City licenses . Rent, city park . Garbage collections . Impounding stock . Dog taxes Street obstruction and building permits - Return, insurance premium . C. W. Beale, acct. retaining wall . Refund, labor on Placer creek . J3ale of Mule . John Pelkes, refund acct. side walk... Clerk's certificate .. Sale of bunting . Miscellaneous . Wallace Library ... v . Paving and side walk assessments and sale of bonds. I Transfer of funds . 185.00 5,132.35 6.00 190.00 347.50 16.80 41.00 36.70 32.00 46.25 .50 2.40 20.40 360.00 81,428.45 1,667.01 Total . (Transferred $808.90 from Local Imp. Dist. No. 6 to General fund as per instruction Cuncil Aug. 27, 1917.) APPORTIONMENT OF RECEIPTS. $138,721.18 General Fund . Sinking fund . Sinking funi$ .. Interest fund . Library fund . Garbage fund .. Street Imp. Dist. Local Imp. Dist. No. 1 . Local Imp. Dist. No. 2 . Local Imp. Dist. No. 3. Local Imp. Dist. No. 4 . Local Imp. Dist. No. 5 . Local Imp. Dist No. 6 . . ...$ 45,895.39 _ 3,051.62 _ 983.10 551.94 _ 1,765.60 .... 5,132.35 181.04 ..... 198.67 _ 1,303.89 .... 1,526.55 _ 69,062.61 162.29 _ 8,906.13 Total . $ 38,721.18 APPORTIONMENT OF TAXES. General fund ....., Sinking fund . Interest fund . Library fund . $ 34,887.96 383.10 651.94 1,765.60 Total taxes $ 37,fiSS APPORTIONMENT OF FINES AND FORFEITURES. .$ 3,051.63 . 3,051.62 General fund . School fund . Total . $ 6 , 10 : RECEIPTS APPORTIONED TO GENERAL FUND. Taxes, current and delinquent . Fines and forfeitures . Road Taxes . County licenses . Employment office . House moving . Costs . . City licenses ... ( Rent city park . Dog taxes . Street obstruction . Wallace library ...' Miscellaneous . Transfer from Local Imp. Dist. No. 5. Transfer from Garbage fund . $ 34,887.96 3,051.63 2,609.72 324.00 58.25 25.00 2,148.00 351.50 185.00 190.00 347.50 360.00 2*02.05 808.90 345.88 Total . $ 45,895.39 DISBURSEMENTS. General fund warrant . Garbage fund warrants . Independent School Dist. No. 8 Wallace Public Library . Locai Imp. Dist. No. 1 bonds . Local Imp. Dist. No. 1 interest Local Imp. Dist. No. 2 bonds . Local Imp. Dist. No. 2 interest Local Imp. Dist. No. 3 bonds . Local Imp. Dist. No. 3 Interest Local Imp. Dist. No. 4 special Local Imp. Dist. (No. 5 bond* . Local Imp. Dist. No. 5 Interest Local Imp. Dist. No. 6 special warrants. Series 1908, sewer bonds, interest. $ 66,727.31 7,104.83 6,561.26 1,764.98 200.00 56.00 1 , 000.00 299.31 1,390.24 295.80 68,153.91 153.29 53.65 4,917.05 660.00 warrants Total Disbursements $148,227.63 CONDITION OF FUNDS. General fund . Sinking fund . School fund .. Interest fund . Library fund . Garbage fund .. Local Imp. Dist. No. 1 Local Imp. Dist. No. 2 Local Imp. Dist. No. Local Imp. Dist No. 4 Local Imp. Dist. No. 5 Local Imp. Dist. No. $ 396.85 1,060.50 283.75 1.94 14.79 476.60 100.24 51.84 198.89 908.70 (overdrawn) 3 (overdrawn) (overdrawn). 44.65 6 3,989.08 NET TOTAL $ 6,840.27 Respectfully .submitted, C. A. KEATING, Treasurer. 1 i