The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1908-01-09
An INDEPENDENT SHELTER.

owners OF the Occur q AleneS nave
taken step for preserving an indie.
pendent smelter through the purchase
of an interest in the Panhandle
Smelling company at Ponderay on
Lake Pend d'Oreille.
Three interests appear in the con-
troll OF the Idaho Smelling & Refining
company. which will, take over the
stock OF the Panhandle smelter. &C
cording to J. Herbert Anderson, who
will be president Of the new COM
pany, as he was OF the old.
1.-THE Pennsylvania Smelling com.
pany will have one-third interest,
said Mr.. Anderson. Several of the
producing mines in the Occur d
Alenes will have one-third and my.
self and associates one-third. -Four
hundred thousand dollars have beer
subscribed by the people behind the
new company. half Of which will be
used to pay the creditors of the Pan
handle, relieving the plant Of all debt
and the remainder Will be used for
the purchase of machinery and for
operating expenses.
"A guaranteed tonnage OF 5000
tons a month has been secured from
mines In the Occur d'Alenes. I am
not at liberty to say which of the
producing mines in the Occur d
Alenes have guaranteed this tonnage,
but 1t is needless to say that the
Guggenheims. who own the Federal
mines. are not interested In the Pan.
handle plant.
1.-THE 100000 shares of stock OF
the Panhandle company will be taken
over. by the Idaho Smelling & Rein.
ing company at the ratio OF five to
one, one share Of the I. s. & R. Co. be-
ing given for, Ave of the old Pan
handle stock, which will leave ST..
100000 par value of the stock of the
new company as the basis Of the de-
velopment which will begin at once
A rooster will be installed and other
machinery which is needed, and 1t Is
expected that the furnace will be
blown In about February l.
In my report to, the stockholders
I said that in the organization of the
new company I have been able to In
terest the Pennsylvania Smelling
company, which is conceded without
exception to be the strongest OF the
independent smelling companies II
the whole country. 1t is we'll known
in the west, as they have handled ore
for the Hecla, the Bunker Hill and
Sullivan and the Hercules. The con-
sent OF one Of the present heads o.
the Pennsylvania company has beer
secured to take active charge OF the
plant at Standpoint in the capacity
of vice president and general man
ager.
with the Pennsylvania company.
which is refiner OF bullion, anc
some of the operators Of the Coeui
d'Alenes and with the coke Interests
involved, the organization of the Ida
no Smelling & Refining company vii
be one Of the strongest possible. In
addition to the 5000, 900 working cap.
ital which the reorganization gives
there is at the plant now 100000
pounds of lead, SO carloads of coke
in the bins. 5000 or 1000 tons of fiua
and a considerable quantity of coal
ETC.. approximately 100000 III
value.
The personnel of the new organiza'
tion will be entirely different. with
the; exception of 8. B. Phillips, who
was treasurer Of the Panhandle com
pany, and win be a member of the
new board of directors, and Albert
Wonderlich Of st. Paul, who will b.
the other director representing thu
Panhandle interests. The other -four
directors have not yet been appointed
but will be within the next ten days
Eighty per cent Of the stock Of thu
old company was voted in support o
the Reorganization.
CpOKANE POLITICS.