The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-10-17
CALL OF UNLISTED STOCKS.
THE WAR EAGLE NINE.
A kcetenaE Producer, in Which
Hon. a. w. NfcCune is Interested.

n t1CDttnstG fEOtl1CCk- III
Hon. a. w. McCune is Interested
For sometime past, Hon. A. W. Nc
Cune has been interested in mining enter
prises in the Kootnay region in British
Columbia. and from all accounts his in
vestments there have been remunerative
One of these, the War Eagle mine, is
paying $4,000 dividends. This property,
according to the Anaconda Recorder, is
likely TO pass into new hands, as a sale
is now pending, concerning which the
Recorder says:
Mr. w. L. Hoge who just returned
from New York, left this morning for
it is a fact nevertheless, that Mr.. Hoge
is one of the principal owners of the
War Eagle mine, which is paying hand
some dividends. A deal is now on for
visit to Spokane is for the purpose of
giving the matter his attention.
A. W. McCune is another of the big
owners. and II. L. Frank of Butte is an
other. These gentlemen own the con-
trci, and have been receiving regular
dividends for some time past. Another
dividend of $4,000 has just been declared
payable Thursday, October 10, at the
makes the total dividends paid to date
by this mine $lS7,50O. or just $12,500 less
than the lie Roi. The first dividend was
paid in March, 1885, and whether the
pending sale goes through or not, the
War Eagle mine in now in shape to pay
monthly dividends for an indefinite per-
iod in the future.
The War Eagle is located near Ross
land B. c.. and the Rossland Miner gives
the following account of the condition
of the mine:
The No tunnel of the War Eagle has
opened UP a chute of ore over 800 feet in
length and of an average width of not
less than five feet. Tunnel No. is 126
feet vertically below the level above.
and owing to the dip of the vein the dis
lance between the two levels is about
140 feet The two levels are connected
by an up-raise. In this one chute, there
fore, there are 10000 tons of ore in sight
above the No. . level of an average
value of at least $50 per ton in gold, sill
yer and copper, or considerably over ST.
000,e00. Besides this, a large body of
second-clasS ore is blocked out in the
west chute. The mine is now shipping
at the rate of about seventy-five tons
per day.
In the event, therefore, that the War
Eagle sale goes through, ii is apparent
that the London market will be treated
to regular series of dividends. No sort
of management could prevent this. All
the necessary development has been done
on the No. ? level. The mine has been
equipped with a splendid twenty-drill
compressor plant. A third tunnel has
already been driven nearly all the way
across the Iron Mask and will soon en-
Ter the War Eagle territory. so that a
third level at deDtn OF ON feet from
the surface. or nearly 80 feet below No.
tunnel. will shortly be opened UP.
1t is. of course. possible that the Lon
don company should it assume charge
If the War Eagle. might stop shipments
entirely until its own smelter was built.
This would, of course, postpone the pay
ment of dividends until the smelter go:
into operation.
The Butte Inter Mountain. in speaking
OF the proposed sale. says:
H. L. Frank returned yesterday from
Spokane. where he spent the past week
His visit was in connection with the sale
of the War Eagle mine at Rossland, in
which he is heavily interested. D. c.
Corbin held an option on the property
for sl,250,000. full payment to be made
by December l. BY the terms of the op-
ton. the sum of $4,000 was to have been
paid last Saturday. The payment was
not made. however. nothing having been
heard from the London capitalists who
contemplated the purchase, and the deal
was declared off. Mr.. Frank states that
no more options win be given on the Wa.
Eagle, and >the owners will continue TO
work and develop the mine and pay reg
ular dividends. starting on the 18th or
the present month. when a per cent
per share dividend will be declared