The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1911-05-25

Six Men Employed Sinking Shaft To Be
Completed In July.

The Dennemora Mining company has issued the following official
report to stockholders:
special meeting board directors of the above named
company held it's office Wallace Idaho on May 18th 1911
and the secretary instructed when sending the notice
attached hereto furnish the stockholders with report as to-
the general condition of the company and its finances
This company you know, Incorporated of the
State of Idaho 1t full lode claims mill and water
right Mssoua county, Montana We have those claims main
tunnel of the dimensions Of x5 feet which 100
and follows the ledge for nearly 600 feet The ledge mncrazed
all the but not shipping quantities We have about $50
this tunnel but the judgment of the
hanging wall has not yet been reached station
sunk shaft 200 feet d stationwas
foot level and the company then sunk so feet below company
has fine equipment of machinery consisting compressor
hoist Cameron 5000 feet of fume 500 feet of pen stock and
water wheel with 100 pounds pressure
shape sink 500 feet at the present time with We also
have sufficient timber the ground to do for all come
The property is located about oneha mile from the MouIa-
Wallace branch of the Northern Pacific Railroad with good wagon
road connecting the mine with the railroad easy grade
At the time have 2O3O9l shares the treas
of the but impossible dispose stock any kind
without great sacrifice
On November g. 1910 the president manager were instructed
to let contract for $50 feet of shaft and this
Olson and Others These went to work the property laid in
stock supplies but of the shortage the supply
obliged to throw up the contract after sinking feet
After holding meeting of the board consulting with
the company attorney decided compromise with
this was done by paying 100000 in cash and issuing to
each of said 1000 shares the treasury stock of the
temen the took the stock supplies powder etc. they
had at the mine and the being utilized by the company
The company secured from the last approximately
S206S7O Of this amount $4,000 remains in the treasury
the approximately S00OOO all which is due
the Coeur Aene Hardware Company of Wallace Idaho balance
machinery purchased There small balance due King
for groceries and supplies After the directors shut down the work
necessary to keep the property for the purpose keep
the water out of the shaft framing tmbcs caring the mach
etc. and that has been there continuously looking after the
company's interests.
The best advice the has been able secure recommends
the sinking OF the shaft 60 feet deeper then lead
the management has believe paying quantities
will be exposed by doing For that purpose assessment of
two mills per share levied and was estimated by directors
that the money received will pay for this work
At the last meeting Walter Hanson acted secretary
fer several presented his resignation continue longer
in that position having requested several times previously to be re-
leved The resignation accepted and Mr. d. W. Mcas
the largest stockholders selected fill the vacancy do 50
without expense to the company He instructed open set
of books which are to be kept scale than the past
1t will be the policy of the management the future to make
frequent reports to the stockholders the progress expense
Development The cost will be small it believed this will cause
the individual stockholders to take welfare of the
company and also relieve the secretary of the necessity replying to
individual inquiries.
AT the present time employed sinking
The work progressing continuously and barring Unforeseen accidents
will be completed about sixty days when full report will be sent to
each stockhoder.
1t is urged that the stockholders assessments as rap
y possible that the credit the company maintained by
paying of the present Indebtedness and expedg the present