Amador ledger., 1906-12-21
LARGE MINING DEAL.
Argonaut Buys Hoffman Grounds
w. F. Detert Sells Large Block
of Argonaut Stock.

A mining deal of vital Importance
to jackson and to the com unity At
large, was contaminated this week,
by which the control of the famous
Argonaut mine will doubtless pass
into other hands. There has been
much wild talk in regard to this sale.
Reports that have some foundation
in fact, are exaggerated by repetition,
until the widest notions are given
out as truth. 10 add to the confus-
ion, the Amador Record of this week
| publishes statement concerning the
Argonaut and the sale which, to say
the least, is utterly misleading, not
only concerning the history of the
mine, but in regard to the recent sale
of stock; and which moreover is
calculated to give the outside world
damaging impression of the methods
of mining IN Amador county in
general.
We have endeavored to get the facts
of this change of ownership of the
Argonaut from headquarters, for the
very purpose of giving the true YER
sion as nearly as possible.
Early this week two gentlemen from
TIE east, W. X. Matthews of New
York, representing the owners of the
White Knob Copper. Mining Company
of Idaho, and W. o. Manson of
Chicago, arrived in jackson, theiI
mission being to close the sale OF
the interest held by W. f. Detert in
the Argonaut mine. This property is
divided into 200, 100 shares, and Mr.
Detert has held a controlling interest
moter of the sale. Some time back
Mr. Matthews became a stakeholder in
the Argonaut to the extent of about
40, 600 shares, or one fourth of the
property. The steadiness of the mine
as a prolific dividend payer for the
Agronaut Is in reality aud has been for
years, one of the biggest paying min
ing propositions in the state, ganged
by the quotation price of the stock
helped along the move to dispose of a
larger block of Detert's interest
therein. Arriving here and seeing
the situation, Mr. Matthews fatty de-
clined to purchase, unless the adjoin-
ing ground-known as the Hoffman
field, and all other purchases acquired
by Mr. Detert for the purpose of pro-
tecting the mineral development of
that ground, we're included. This
Hoffman field with the adjacent
ground, has been very costly pro-
perty to Detert. 1t was his individual
property, and the Argonaut had no
interest therein, although it was the
belief of the owner all along that it
should be consolidated with the
Argonaut. This consolidation was
never effected, until the past week,
when the issue was squarely presented
by the intending purchasers. Under
these circumstances the Argonaut
company arranged to buy the Hoff
man ground. The deed Is not yet on
record, but the sale may be said to
be an accomplished fact.
Thereafter Nh DeteIt sold a large
block of stock to Matthews, how many
shares we cannot say, but we may
state, that with stock sold by b: F.
Taylor and W. j.. Harvey, the aggre-
gate does not constitute a controlling
interest. The price we do not know,
but the figures of 800, 900, Is wide
of the mark. 1t does not amount to
anything like that sum. The market
price of the stock on the exchange Is
Ito per share. Any large amount
of shares thrown upon the market
would break any such price. That
would represent not quite a million
for the mine. The stock sold was
much below that rate.
Neither Mr. Detert nor Mr. Taylor
have sold all their shares. The
former will continue as president for
some time any way. No doubt the
New York purchasers will eventually
get controlling interest and pro-
badly Mr. Matthews will move to
Amador county and take charge of
the property.
While the negotiations were made
for this transfer of stock in jackson.
the final arrangements, the actual
transfer was to be made in San Fran
cisco, and Mr. Detert received
message this morning to the effect
that the money had been paid and
stock duly delivered.
The mine is looking as we'll as ever.
The sale will be a benefit to this
section, as the new owners will
arrange to work the property on
much larger scale. The Argonaut has
always been conducted as legitimate
mining enterp rise. 1t Is unfortunate
that at any time in its history it
should be published as playing
freeze out game. Nothing is further
from the actual truth. W. f.. Detert
has heretofore refused a liberal offer
for his interest, because the parties
would not consent to buy other
stockholders on the same terms.
There has been a great deal of talk
because of the discharge without
honor of three companies of colored
soldiers. Do you know why it was
done? There was good deal of fric-