The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1913-11-20

III MURRAY, Nov. 17.-There are, NJ
doubt, few remaining disciples Of
worcestershire stock, but they do not
dwell on the North Side of the Occur
d'Alenes. Those who were here have
been taught another of those lessons
that prospects can not be converted
into mines without money, hard work
and intelligent management--evei y
now and then inculcated In active
mining communities.
For nearly quarter Of a century
the Granite & Allie Gold Mining CON-
pany-first the Granite, and then the
Granite & Allie--Whose claims are To-
Gated FIVE miles east Of Murray. strug-
gled along on the sale Of stock Orig
inally the Granite company had one
million shares. Nearly all these
shares were sold at small figures, from
5 to 10 cents a share. The money
work, but the shares became exhaust.
ed. or nearly So Then the company.
having agreed not to levy any assess
ments, found itself in straitened CIR
ed to the Granite claim, an adjoining
property, and the shares of the COM
pany increased from 100000 to H.
100000. The old shareholders were
and that under the new arrangement
the possibility of an assessment or
mortgage would be obviated. How
ever, 1t was not long after the reor-
came necessary to borrow some money
to pay off pressing obligations. The
company therefore mortgaged the
claims and got the money Some ad-
enough to continue substantial work
and release the mortgage. The mort
gage was busy night and day for It's
owner, until finally principal and in
terest amounted to $4,000. The usual
course was pursued by the party VINO
held the mortgage He foreclosed aad
got the property He was entitled 70
it, and the shareholders of the old
company who were told they would
never be assessed, parted with what
they believed good and promising
group of mines.
After the sale, however. Of the pro-
perty by the sheriff and years delay
for possible redemption by the COM
pany the new owner most generously
stockholders, who Immediately or
ganized a. new company. on the first
day of the present month at Spokane
assuming the title Of Giant Ledge
officers: John H. Taylor, president;
James Erickson, vice president; w. w.
Johnston, secretary treasurer. Direct
ors: John H. Taylor, James Erickson
w. w. Johnston. D. S, Burkhart and
A. B. Shelton. It Is incorporated with
100000 shares. All the director,
were shareholders In the old company
and they will not receive any more
shares in the new company than they
held In the old. The officers are no,
to receive any pay for their services.
It Is also stipulated that every share
holder in the old company can ex-
change for an equal amount of certi
ficates in the new company, with the
understanding that the new Giant
Ledge Mining company's stock is as
sessable, and that those who desire to
make the change will pay the assess
ment to be levied without delay, in or
der that the property can be started
up again.
1t must be apparent to all the stock
holders of the Granite g. Allie cont
panN who are scattered all over the
Pacific northwest. that the shares
they now hold are absolutely worth
less on account Of the worcestershire
feature that is attached to them, and
II would be just as well for them to
burn the certificates If they remain
welded to the amateur mining delu-
sion that Irish dividends" never re-
suit in real dividends.
The property Of the Giant Ledge
Mining company consists of grorp
OF five claims on Granite creek, ole
mile from the railroad on Prichard
creek, with good wagon road. Orig
inally the main claim Of the group
was worked for gold with an arastra,
Then 10-stamp water driven gold
mill was erected. This was soon dis
covered to be out Of place, as the ores
became too base to crush and amalRa-
mate the gold contents. The stamps
could not force the heavy materials
through the screens Expensive cya-
nide vats were installed, but the lead
and copper contents would not dfiili-
rte. Hence they were abandoned.
because 1t was gradually ascertained.
although at great expense, that the
Granite & Allie: now the Giant Ledge
group ores were only amenable to
concentration.
Owing to Inadequate pumping fa-
ctlities at the old shaft near the g,id
mill. another shaft was started about