The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-02-05
THAT BIG MINING DEAL
The News In SpOkans About the Sale
Of the POOrmln.
1T is GENERALLY BELIEVED
history of the Great Property and
An. Account OF the Manner
In Which the Sale Was
Made.

SPOKANE, Feb. 4-Referring to the sale
OF the Poorman and Tiger mines to a
London syndicate, as announced in a dis
Pa'ch published here, the Spokesman.
hectc~ publishes the following interesting
s'ory OF the deal. The story as il is told
mere Is not correct in all its details, but it
VIII De read with very great interest
nevertheless. The Spokesman RerietO
says referring to the cabegram from
London:
Both ;. S. Glidden and L. c. Dillman
refused either TO deny or confirm this in
iormatin, but it is known beyond ques-
ION that similar cablegram has been
received here from p. A. O'Farrell. "Mr.
" Farrell, in connection with L. G. Dill
man, mas been working on the project for
nearly two years, during which time he
mas made number of trips to London
lie Is there now, where he went with
options on four big Canyon creek proper
'es-the Poorman. the Tiger, the Gem
and the Frisco. The original plan was to
consolidate all of these IN one big com
pany and work them under a general
system, but it is understood the English
company considered the price asked for
the Gem and the Frisco too high, and
dismissed them from their calculations.
Last fall the London company sent out
two experts with Mr.. O'Farrell. They
we're L. Coulson Bum, NJ. E., London.
and John l.. M. Fraser, c. NJ. E., Lon don.
Ihese experts were up in the Occur
a Alenes for several weeks and made a
most thorough inspection and study of
the country, the formation and the differ
ent mines. About two months ago thew
started to England, and Mr. O'FarreIl
also went across with the options and diff
ferent papers in the deal. Attorney GEN.
eral Jones of this state was employed by
the company to pass title upon the prop
critics, and as a result of several weeks
close work he delivered to Mr.. O'Farrell
n large box of papers that were sent by
express.
Mr.. Bum. one of the experts, was
taken i'll with typhoid fever in Denver,
and as nothing could be done until he ar
rived in London with his report, the nego-
tiations have been at a standstill for some
time. He has since arrived in London |
and made highly favorable report on the |
properties. The options expire Feb. ID, |
but Mr.. OFarrell will leave London to- !
day and come through in haste. The |
trip will take about IL days time, SO he
VIII have only three days leeway He
VIII come direct to Spokane, where il is
expected that all parties in interest will |
meet and sign the papers.
The consideration is not given ont.
but it is understood that the figures are
so close that neither Mr.. Glidden of the
Tiger nor Mr.. Clark of the Poorman are
AT all eager for the deal. Some time ago
Mr.. Glidden informed a reporter of the
SI1ohtS man. RerielU that if he were a young
man he would not think of parting with
the mine for the price he is to get, but he
Is inclined TO convert his property into
ready cash and then into securities that
, an be easily converted back into money
pm short notice, and for this reason signed
he option.
"Ihe name of the new concern is the
Joeur dAlene Mining company QimitedD,
The capital stock is e37O,OO0, divided into
10000 ordinary shares and 10000 prefer
'ncc shares, all of e. each. The company
and guarantees to remit to the
london Southwestern bank on the first
lay of each month $4,000 on account of
'rofits, out of which the directors will pay
monthly dividends at the rate of 20 per
'ent. per annum on the preference shares.
'rofits accruing thereafter are to be an.
'lied TO the payment of dividends on the
ordinary stock.n {