The Owyhee nugget. ([Silver City], Idaho) 1905-1984, 1905-06-30
MI Il n / NC
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IN owHYEE COUNTY
THE BANNER
MINING COMPANY.
Now Fully Orsani and Read,
for Business.

for Business.
The parties who recently contracted
for the Banner group of four mining
claims, west of Coffee gulch, on Flori-
da mountain, and fled their certificate
Of incorporation, met last Saturday
and completed their organization by
choosing as board Of directors for the
ensuing year, L. S. Honstead Peter
Steele, F. S Heer aud John Lamb, all
Of Silver City, and John johnson, Of
Neenah, Wis.
The board Of directors met on the
same evening and elected Peter Steele
president, l.. S. Honstead treasurer,
and +. S. Heer secretary. On Monday,
the board of directors again met and
adopted by laws to govern he organic
alton. A complete equipment Of books,
stock certificates, seal, etc, has been
procured aud are now in charge of the
secretary, and the company is now pre-
pared to receive subscriptions and
issue certificates for stock. The com
pany is organized upon basis Of ST.,
0On,00O capital stock, in 1000, 900 shares
of 81 each.
BY the laws of the company this
stock is made assessable only upon a
vote Of two-thirds of the stock, and
then only for one cent per share, at in
tervals of not less than three months.
1t is not expected that any assessments
will ever be required, but this proyis-
ion is made so that small stockholders
cannot be "frUzen OUT A perusal of
the bylaws, copied mainly from those
of local company, in Shoshone coun-
ty, comprised principally Of men in
/ Wallace of limited means, will show
that they have been carefully drawn to
place every safeguard around the small
shareholder.
Before completing the organization
the parties secured by purchase the
following claims, in addition to the
Banner roup The G. 0 D., adjoin-
ing the Banner claim on the south eud,
through which the Banner ledge ex-
tends; the Mammon and Ella claims,
adjoining the c. o. D. aud Banner on
the east side, and the Emma, east OF
The Mammon. What is known as the
"Rajah' vein extends through the
Mammon aud Ella claims, A vein close
to Coffee gulch extends through the
Emma ground It's the intention OF
the company TO start a tunnel in Coffee
gulch aud crosscut to the south end oi
the Banner claim, TO the Banner lode
Ry doing this they cut the vein in the
Emma al a distance of about 400 feet
the Rajah vein at about roo feet fur
ther, and the Banner at about 600 fee
farther. Surveys are now being made
by Engineer Hulett to ascertain the ex
act distance this tunnel must lie run
He viii also make complete survey
aud plat of the entire property.
The subscription books are nov
open for sale of stock. 1t is the desir'
OF the company that our home people
many of whom have expressed wishes
to get in, have chance befor
the stock is offered to outsid
parties. be stock will, for tn
present, be sold at twenty cents pc
share, payable in installments as fol
lows: Two cents per share with tn
subscriptions; two cents on the first da,
of each following month until five NOR
payments have been made; then on
aud half cents per share each montl
until four additional payments b
made; then for the last two payments
one cent per share, making the total o
twenty cents, with one year in whic
TO complete payments.
The company has assurances of pan
ties with abundant capital that the
will subscribe for all the stock ohfere
them.
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