The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1898-07-02
MINES AND MINING CAMPS
TWO GREAT SENSATIONS.
The Republic Bonded for Three
Million DoIInrs-Exciting Times
over the LIE Roi saIe-New Roads
to the Camps-Cedar Canyon News

over the LIE HOt Snie-New hOads
to the Camps-Cedar Canyon News
Spokane, June 27.-An option for 30
days has been given on the Republic
mine. This is no longer rumor. Pat
rick Clark, the largest holder of Republic
stock, admits that such is the case.
1--WE gave 3O-day option on the Re-
public about week ago." said Mr.. Clark
when asked for a statement on the sub
Ject. IL am not at liberty at this time
to name the terms of the deal nor to say
to whom we have given the option. l
may say, however, that the option is for
80 days for the purpose of permitting an
examination of the property, and experts
are now making the examination on be-
half of the parties interested"
Mr.. Clark declined to discuss the deal
for the sale of the mine further. 1t was
learned, however, from a most reliable
source that it is the British America Cor
poration which has tied the property up
for 80 days and that $3,00O,0OO is the
price. Hector Mac Rae and other experts
in the employ of the big syndicate, are
known to be in Republic. Parties bear
ing close relationship to the British
America Corporation assert that there is
little doubt that the deal win go through
Hon. G.. II. Macintosh, managing di-
rector of the British America Corpora
ton, came down from Rossland late last
week and was asked about the option on
the Republic.
Il am much annoyed" said he, con ac-
count of these reports that either or the
British America Corporation have bond
ed the Republic mine or taken an option
on it. There is no truth in the state
ments to that effect and no foundation
for the rumor l want also to enter an
emphatic denial that Whitaker Wright
or any of the parties with whom he is
interested in mining in the northwest is
concerned in any bond ON the Republic
mine. l know that such is not the case,
and you can say most positively that
neither the British America Corporation
nor any official of it is in any way CON
cerned in any bond or option on the prop
erty On the contrary, | may add that [
am in receipt of a telegram from Whit
ofNSA Virgin ADVISING lldL Tile CUT
poration will not buy any more proper
ties for at least seven months. So it will
be that length of time at least before we
can begin to consider properties in Eu-
reka camp"
Governor Macintosh is evidently right
in stating that the British America Cor
poration has not taken the option on the
Republic mine. 1t is well known that it
is not the intention of the corporation to
operate under that name and organiza-
ton on this side of the international
in Spokane in position to know the
facts that it is the Whitaker Wright
crowd that is seeking to buy the mine
While this is not the British America
Corporation, the deal is said to be in
spired by the men in London who are the
head and front of the corporation.
The sale of the Republic for $3,OOO,OOO
is the biggest mining deal ever contem-
plated in Washington, and if it is closed
will be the biggest mining sale made in
the western part of the United States in
the last quarter of century. Consider
ing the fact that the mine was located
only little more than two years ago, in
February, 1896, and that it is developed
only to the foot level the price is a
large one. But when the fact is taken
into consideration that the purchasers
risk nothing in buying che property at
that figure, as it is conceded by conserva-
tive mining men that there is almost if
not quite enough ore in sight to pay the
price, the figure is not astonishing.