The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1897-01-09
THE WAR EAGLE is SOLD
1T PASSES TO THE GOODERHAM-
BLACNsToCK SYNDICATE.
The News Reaches Rossland and Ex-
cites General Interest Among
the People.
Spokane. January. 5

Spokane, January. b.
The War Eagle mine at Rossland is sold.
The deal was concluded in Toronto yes
terday by Patrick Clark. and the property
passes into the hands of the Gooderham-
Blackstock syndicate of Toronto. Ontario.
John A. Finch, vice president of the COM
pany last night confirmed the report that
the syndicate headed by Geo. Gooderham,
the millionaire distiller of Toronto and T.
c. Blackstock OF the same place had pur-
chased the property. He declined to make
public the price paid for the property, but
mining men here believe that the consid-
GRAFTON is $3.50 900.
Asked as to what would be the procedure
In turning the mine over to the new own
ers, he said:
1T will be some time before the new
owners will be able to take hold. We will
have meeting of the stockholders and of
the directors. The stockholders meeting
will be called for about the 2Oth of this
month. The terms of the sale were secret,
and can not give them to you"
Patrick Clark president of the company,
left with his family two weeks ago for
New York. 1t is believed here that he
went from New York to Toronto and COM
pleted the negotiations for the sale.
History of the Mine.
The War Eagle is one of the best-known
properties in the Trail creek district, and
it is to this mine and it's enterprising own
ers that much of the present prosperity Of
the camp of Rossland is directly due.
Shortly after the property passed into the
hands of the present company, a dividend
was declared, and the first genuine excite
in, 3
time on until the present the Excitement
has increased. until now there are over 800
claims recorded in the district. Machinery
to the value of three quarters of a million
dollars has been installed, and an enor-
nous amount of development has been
done.
Up to the present time the War Eagle
has paid S1S75OO in dividends, and has
large reserves of ore in sight.
The history of the mine is an interesting
one. 1t was located in 1889 by Joe Morris
and Joe Bourgeoise. and passed through
ali of the ups and downs, mostly downs,
to the encouragement of the owners he
fore passing into the hands of the present
company, in 1894. Systematic development
was commenced the same year, and in the
summer of 1895 the first dividend, of $37, 500,
was declared. In the following winter the
mines known as the War Eagle proper
| ties-the War Eagle, Iron Mask, Poorman
and Virginia-were segregated, owing to
the difference in ownership, although
many of the stockholders were interested
in all OF the companies.
The officers of the company are: Presi-
dent, Patrick Clark; vice president, John
A. Finch; treasurer. Austin Corbin; sec
rotary, f. K. Lucas. The trustees are Pat
rick Clark, John A. Finch, A. b. Camp
| bell Austin Corbin, b. c. Kingsbury, w.
j. Wakefield of Spokane, and II. L. Frank
of Butte Mont.
At the annual meeting of the company,
on May Is last, an option was given % -.
c. Corbin, president of the Spokane Fails
q Northern railway, for London interests.
The price was then 81 a share for the War
Eagle and 81 a share for the Iron Mask,
o. S1,5OO,9OO for both properties. Previous
to this time Mr.. Corbln had am option for
81 per share, or $500 900, for the War Eagle.
This option expired ON April of last year.
The failure of the London people to take
the property, after having been granted
several extensions, is well known. Imme-
diately afterwald the Gorderhams opened
negotiations. and 1t was thought, as the
time had expired on December 81, the deai
would not go through, but negotiations
ere again opened and the sale consum-
mated.
The mine is capitalized for $5OO.OOO