The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1907-09-05
REPORT ON BULLION.
Management Asks Shareholders to
Purchase Treasury Stock.

company, unulnS IL lmpOsSlple u
market it, treasury stock at 10 cents
share owing to the present de.
pressed condition of the stock mar.
.ket, has made an appeal to the share
holders to subscribe among them
selves for $4,000 shares at 10 cents
to enable the continuance Of work
throughout the winter, and failing a
prompt response to this appeal has
signified its intention of levying an
assessment. It seems almost certain
that the latter alternative will finally
be adopted. as 1t is exceedingly diff
cult to induce people to pay 10 cents
for treasury shares while some OF
the stockholders are offering stock
below that figure.
A shutdown of the property
should not be considered for mo-
ment as 1t would necessarily result in
still lower quotations just at the
time when the market is expected
to become active and when such
meritorious properties as the Bullion
should be in position to take advan-
tage Of the situation to replenish
their treasures with cash.
The financial statement Of the
company shows that the receipts to
date have totalled $30.791.42. Of
which $25,658.42 were derived from
the sale OF treasury shares. The
main expenditures were as follows:
Title account. $4,000; mine supplies,
$10,01S.7o; labor. $15,122.67; ex-
pense, $2.574.86. The cash on hand
is $52l.69. and about 800 is due for
labor and supplies.
Fine Ore Bodies In Sight.
The report continues:
"Since sending out our last report in
January, 1907, we have been work
Ing from four to six men on the prop
erty. At present Ave men are en-
ployed The east drift has been ex-
tended and connected with the shaft
in the upper workings. For the past
forty feet we have been in a fine
shoot OF ore in the east drift and still
have the same in the face. In the
west drift the vein is lower grade
with a narrow shoot on the hanging
showing good value. Should we
strike a good shoot in the west we
will be assured of good ore body
as we have splendid depth going into
the mountain.
"A comparison OF the vein in the
upper and lower workings would in
dictate that we are on top Of the ore
shoot in the east drift, the values
being greatly In favor of the lower
showing.
1.-The ore itself is chalcopyrite In
a gangue of siderite, class OF ore
which is desirable for smelling ana
upon which we are advised we can
get very close smelling rate.
Funds permitting, the manage
ment advises drifting both east and
west and sinking another 100 feet on
the vein. BY keeping small force of
men through the winter we believe
we can materially better the ore
showing we have at present.
Two Alternatives.
ITO meet this expense we have
two courses to follow: Sell treasury
stock or levy an assessment.
Since increasing our stock to l.
100000 shares we have sold only 22,-
900 shares of the treasury stock.
This has netted us 10c. We are not
in favor of disposing of the stock at
any less figure. We believe the show
ing on the ground is worth more. We
have, therefore. deemed 1t advisable
to place $4,000 shares before the
stockholders for subscription at 10c,
reserving the right to increase the
price at any time. The sale of this
amount would assure us Of working
capital for the winter. 1t will be
necessary for us to have subscrip-
tons Immediately in order that We
can get in our supplies before the
trail is closed. In the event OF not
being able to dispose of this amount,
an assessment or temporary closing
down Of the property will be neces-
sary.
ION account Of assessment No.
there Is still some stock sold which
has not been redeemed. We earnest
~ advise all stockholders to inquire
II their stock Is clear Of all assess
ments, should they be in any doubt.
All the stock sold with few excep-
tions was repurchased by the COM
pany and held as reserve treasury
for the purpose of adjusting all
shareholders sold out on account Of
assessment No. 1. We still hold our
selves ready for reasonable time
to adjust all such cases. for assess
ments and costs.
I'VE invite correspondence from