The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1895-09-21
MINE HAS A BRIGHT OUTLOOK
Directors Say They Expect 10 pay
Monthly Dividends for thu
Next Year.
Spokane. Wash. Sept. II.

cents per snare. 1eOTSe Ut
ner, who has lately directed the active
management Of the companys proper
ty, resigned from the presidency to take
the position of general manager and
his brother, Colonel W. w. d. Turner,
was elected president in his place. Col
onel Turner is the largest individual
stakeholder in the company. The divi-
dend will be paid through the Traders
National bank.
I'VE are not making any promises"
said Colonel Turner last night, but we
hope to declare a dividend monthly
from now on. We have 10000 tons of
ore in sight, and even if all development
work were stopped now, we would have
enough ore to keep us running for a
year with an average output of 100
tons daily"
Nearly four-hfths of the 5000 900 shares
of the lie Roi are held in Spokane,
about 100000 shares being owned in
Danville Ill. The principal owners are
George Turner, Colonel w. w. d. Tur-
ner. Colonel I. N. Peyton w. ]. Harris,
Colonel w. M. Ridpath, d. w. Henley,
l.. f. Williams and Major Armstrong.
Other stockholders here are Judge
Binkley, Judge Blake, Ed Sanders and
Frank Graves
HISTORY OF THE MINE.
The lie Roi mine was one of the first
locations in the Trail creek camp. Joe
Norris and Joe Bourgeois discovered
the iron outcroppings of the group that
has since become famous. and took
samples of the ore to Nelson. The re-
turns were dlscouragingly low, and
they were inclined to drop the discov-
cries, when they met e. S. Topping,
who was running little store there,
and who was favorably impressed with
the ore and the accounts the men gave
of the ore bodies. Bourgeois and Morris
were strapped, and offered Topping his
pick of the locations if he would pay
the recorders fees for the other claims
He accepted the offer, went down to
Trail creek, and after looking over the
ground selected the lie Roi. II thought
then it was the best mine in the camp,
and have never changed my opinion"
ne said short time ago to a reporter
of The Spokesman Review.
few months later Topping came
down to Spokane and was showing
some of the ore around the city. He
met the Turner's, Colonel Peyton,
George Forster and others. and they
liked the appearance of the ore, and
after having careful assays made, took
a bond for 16-3Oths of the mine, the con-
sideratiOn being named at SIG, O00 Later
others were taken in, the bond was
bought, 9-16ths more were purchased
from Topping, and the property was
capitalized at $685. 900. That was five
or six years ago, and since then,
through good times and hard, the own
ers have kept pegging bodybuilding
roads, putting in machinery, doing de-
velopment work, and standing gener-
ally the brunt of opening up the now
famous Trail creek district. To date
they have taken out and expended
$150,000. The ore extracted has Just
about paid for the mine and all i'm
provements. and yesterdays dividend
is what the boys call velvet" Natur-
ally there was great deal Of good
feeling among the owners last night
SHIPMENTS OF ORE.
Since the company recently put in its
fine new plant 1t has been shipping 5000
tons per month. 1t pays for freight
charges and treatment $145O per ton.
but has a contract with Heinze Breen
and others who are building the 100
ton matteing plant at Trail Landing,
under which they are to take the ore
at the bins after October 1 and treat
1t for $ll per ton. In view Of the near
approach of this more advantageous
arrangement, the company will not
make such extensive shipments to the
other smelters for the next two weeks
Most of the ore is now going to the
Everett smelter. Two hundred tons
have just been shipped to Deadwood
TO be used in an experiment with the
ores there, and some has also beer
shipped to Tacoma. The ore is in sharr
demand by the shelters because Of its
heavy percentage of iron.
The new machinery works to per
lection, and enables the COMPANY II
double its yield with slightly increased
expense. The new 1OO-ton boiler con.
sumes less than two-thirds as mucl
wood as was consumed by the old so
ton boiler. Wood sells for 81 a cord
and pine and cedar are chiefly used
Some fir and tamarack are burned. bu
they have to be brought some distanc,
over mountain roads, while the pin,
and cedar are taken right from tn,
property Of the company.
THE mine is now down 375 feet ant
the shaft is going down in ore" sal,
Colonel Turner last night. 1--WE shall
continue on down to the 5OO-foot level.
A DIAMOND DRILL.
The company has just bought a dia
mond drill to be used in prospectin,
underground. 1t cost $1,000. and will b.
run by electricity. 1t will drill SO fee
in "a hours. and will save a great dea
of dead development work.
The hotel and boarding house ar
lighted by electricity, the company hav
ing its own dynamos. Two arc light