The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-03-03
THE WAR EAGLE DEAL.
Patsy Clark Gives the Details of the
Transaction

A celebrated mining man, in the per-
| son of Patrick Clark of Spokane, ar
rived in town yesterday and is stopping
at the Queens, says the Toronto Mail
and Empire. This is Mr.. Clark's first
visit to Toronto, but he is known by
reputation here, as, in fact, he is in
almost every quarter of this continent
where any interest is felt in mining.
Particular Importance attaches to Mr..
Clark's visit at the present juncture
because he was the president and gen.
eral manager of the Spokane COM
pany from whom the Gooderham syn
dictate purchased the War Eagle mine,
in the Kootenai country.
An interview which the Mail and EN-
pire obtained with Mr.. Clark confirms
the opinion held here that the sale of
the War Eagle was a straight, bona
fide business transaction, and was car
ried out in perfectly fair and honor
| able manner.
Mr.. Clark. said it would be the first
time he had opened his lips to a re-
porter on the subject. He considered it
only fair to Mr.. Gooderham to make a
statement, in view of the malicious re-
ports that had been circulated.
L may say in the first place." said
Mr.. Clark, that the War Eagle COM
pany of Spokane became the owners of
the mine on Dec. 3, 1894. Prior to that
time two bonds had been given on the
property, and were thrown up because
it was failure. The mine was a good
property, however, and yielded us a
profit of about S250,000 On the 1st of
May, 1896, the property was bonded to
D. c. Corbin of Spokane for three
months, and he in turn attempted to
place it with a company known as
the British Columbia Gold Fields. linn
tied. The latter had three examinations
made, each of which was favorable,
but Notwithstanding this the company
failed to come to time. Mr.. Corbin
then asked for an extension of go days.
which was given, and he induced what
is known as the London War Eagle
company of RosSland to interest them
selves in the property This company
likewise failed to make the necessary
payments, and the bonds accordingly
lapsed. is-n
Did you receive any forfeits on
these bonds?"
WAS the option not valuable one
to give without a forfeit p"
Yes. I'll admit that il was, but we
had great confidence in Mr.. Corbins
ability to carry out the deal success
fully. and so did not ask the usual
forfeit from him that we would have
demanded from others. - In TINS, now
ever, we were mistaken"
When did you receive an offer from
the Gooderham syndicate?"
About Dec. 1, and the price agreed
on was $s50.0OO. but subject to an ex-
animation of the property by their eX-
pert. After the examination had been
made they refused to give the sum
named and made an amended offer of
100000 spot cash on Jan. last, which
was accepted. 1t, however. required 10
days notice to the stockholders before
the deal could be consummated. This
notice was given. and the stockholders
were duly called together on the 20th
At that meeting the old British Column
bia Gold Fields company again ap-
peared on the scene with an offer for
the property exceeding that of the
Gooderham syndicate by 100000 This
offer was, of course, too late. even had
we felt inclined to entertain a propo-
sition from that quarter as in my
opinion, as well as that of a majority
of the board of trustees, the property
was already sold to Mr.. Gooderham.
Another, and perhaps a better offer
was then made by one Frederick Bur-
bridge. at the same meeting. but it was
also rejected for the same reason as
the other After considerable dis
cussion a motion for the ratification of
the sale to the Gooderham syndicate
was put to the meeting and carried by
a vote of 267, 900 shares to $4,000 shares. /
The execution of the deed which made
the Gooderham syndicate absolute
owners of the property followed. The /
cash was paid down, and that was the !
end of the matter as far as we were (
What do you think of British
Columbia as mining country"
Il believe that on the whole the /
province has a great future in store 1
for it. It is second to no mining country |
that ! know of. There is no question /
but that it possesses great mineral |
wealth. The record of the last two or
three years should be sufficient to con- |
vince any one of the fact. From Fort /
Steele away to the coast there is more I
or less mineral wealth. Rossland's
prospects as mining camp are first
class and the SLOGAN country is also |
making a great record for ITSELF