Idaho semi-weekly world. [volume] (Idaho City, Idaho Territory) 1875-1908, 1891-02-27
THE DELAMAH DEAL.
Silver City Avalanche

serest In the Delamar property be.
ing now matter of record, the Ava
lanche is prepared to give its readers
correct synopsis of the terms and
conditions of the biggest deal made
In Idaho mining property for long
time past. Told as briefly as prac-
tlcable the contract is a. follows:
Captain De Lamar turns over his
entire property, consisting of all his
mining claims, mill, mill site, water
rights, ore on hand and not in transit
on day OF transfer, all buildings, tim
bers and supplies on hand on the l4th
day OF May, 1891, to the promoters of
an Eaglish stock company, the trans
fer to be made oD the 14th day of
May, at nominal price of $4,000, 900,
in consideration of which the BUYERS
agree to pay him not less than $780,
$50 nor more than $750,O00 IN cash
for their interest and to stock the
mine IN Great Britain at S2,5OO,O0O,
100000 working capital. Of this
100000 working capital $250,000 Is
to be paid in cash by the promoters,
and the balance, $4,000, in stock
subscriptions at par value. Then
Captain De Lamar is to receive bal
ance of amount to be paid him in
stock value sufficient to make his to-
tai payments s1,750,0o0.
But By paying De Lamar $4,000
within thirty days from date of con-
tract, the promoters have the privil-
ege of fixing the capital stock at on
, ly S2,000,000 and the working capt
tai at 1925, 900, in which event s175,-
l 900 must be paid into the treasury in
cash and the balance of $4,000 rails
ed from stock subscriptions, DE La
t mar still receiving the same amounts
5 ia cash and the same amount in stock
/ at cost as in the first named PROPOSE
: ton.
t Either of the above propositions
! boiled down means that the promot-
|. ers purchase at the rate of 100000
E for the whole, either fourth or
$ three-eighths of the property, De La
e mar still retaining the larger interest
= and control, and receiving in cash ell
d ther 100000 or s75O,O0O, according
n to which proposition the promoters
: may choose TO take.
" The contract is signed by Henry
d Bratenober of Helena, Montana, fol-
n the purchasers, and we are informed
n that the English capitalists investing
r are the same who bought out the Elk
d horn mine of Montana, the stock o
E. which is now IS per cent. above par
1t is understood that the Englisi
capitalists interested in this deal pro
pose to take all the stock not goin!
q to De Lamar, themselves, and that i
" will not be put on the market at pal
As the mines with their present mil
: and the ore shipped are now nettin!
" more than 100000 per year, or abou
25 per cent. on capital stock of tw
- and half million dollars, the stoc
will run far enough above par at ono
to largely Increase the value of tn
:, entire property. With the $4,000
treasury stock, put in new and larg
er mill, and in running the lower tur
" mel, which will cut the lodes some ST
hundred feet lower than now worked
~ mining expenses can be material
:, reduced and the milling capacity s
largely increased that the present ne
production will be but small matte
on compared with that of the future, ar
IA the stock will run away up IN valu
ire We know that this is the view of
he taken by De Lamar and the reason
he his refusal to part with larger Inte
me- est. By the sale of minor portlC
tv. of the property at what is general
in considered here mere nominal n
he ure, he relieves himself Of large pa
he of the responsibility of the msnag
ment, secures capital from others
W make the needed Improvements, b
da. the assurance that the mines will
be- worked on a much more extensi
plan and their output correspondln
" enlarged, while he Is made inc
es- pendent financially, with the time a
in means to embark in other enterpr
n es, with his stock in the company ST
iio in his hands largely incteased in v
nen ne. With his energy and busln'
He qualities, we are more than grstih
hat to know that he will remain IN Ida
Md he believing that this State is an op
80: field for large and profitable ent
'ns prises. Mining he has found to
gan his forte, and he will be dipping II
some big scheme before long.
Iops The Arkansas Legislature recen
one gave notice that if the election
.sad the State would make