The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1914-03-26
COMMITTEE M|SSOUlA COPPER POOL
CONFER WITH SNOWSTORM COMPANY
MEETING WILL SPOKANE THIS EVENING AND PROB
ABLE THAT WILL cLosED-PRoBA5LE
AGREEMENT

IGn"0 VT
A large number of the stockholders
in the Mlssoua Copper Mining COM
pany who had pooled their stock and
had given the Snowstorm company a
conditional option to buy 1t at 90 cents
per share met in Mullan last Saturday
evening for the purpose OF receiving
bids for the stock, the option permit
ting anyone to bid for the stock, but
giving the Snowstorm the preference
If no other offer was received over 6o
cents 1t was reported about the time
the option was given that the National
was anxious to get Missoula Copper,
and the fact that Missoula Copper Is
easily accessible from the National
workings led many to believe that
this was true. At the first meeting OF
the members Of the pool it was stated
that the National would submit bid
for the stock and tne meeting was
thereupon adjourned for week to
give the National time to do so. How
ever, it was known several days be-
fore the meeting last Saturday that
the National had no intention Of maxi
ing bid.
Snowstorm Only Bidder.
A. a,,o, oararollv onticinated there
was only one bid submitted for the
pooled Mssoula stock and that was
by the Snowstorm company. just
what the terms Of the proposition
were have not been made public, al
though they seem to have leaked out
and could probably be substantially
stated. But whatever they were, the
bid was promptly rejected. 1t Is now
stated that the bid was merely tenta-
tive and that the Snowstorm company
had no expectation that 1t would be
accepted.
The members Of the pool then went
into executive session, so to speak,
and after a conference of considerable
length practically agreed upon
counter proposition for submission to
the SnowstOrm company. A commit
tee of five was also appointed from
their number to meet a representative
of the Snowstorm company in Spo-
kane this evening with a view to ar
irving at an agreement and closing the
deal. While this committee is not
specifically empowered to enter into
final agreement for the transfer OF
control Of the Missoula Copper, as a
matter Of fact they have that power
and it Is only necessary for them to
agree among themselves to PROPOSE
ton that is acceptable to the Snow
storm, for they are in position to de-
liver control Of Missoula Copper in
dependent Of other members of the
pool. They will meet Leo Greenough.
manager of the Snowstorm, in Spo-
kane this evening, and there is hardly
a doubt but that an agreement VIII be
reached whereby the Snowstorm Will
take over Mssoula Copper. The COM
mittee consists of Henry Billberg and
Thomas Brennan Of Mullan; w. X.
Mullen of Wallace, Mr.. Broad and
Julius Zeittel of Spokane.
Probable Terms Of the Deal.
While it is, Of course, impossible to
foretell what will be the final outcome
of the conference IN Spokane this
evening, enough has been learned from
members of the pool, some of whom
are members Of the committee, to get
a definite line on what they expect
and it is not likely that the terms will
differ much from these here stated:
The Snowstorm company agrees to
expend not less than $4,000 per month
in prospecting and blocking out the
Missoula Copper ore body. If it
proves satisfactory the Snowstorm
company will construct an electric
tram from its No. 3 tunnel to Missoula
Copper workings, and on all shipments
Of ore the Missoula Copper stock
holders will receive 25 per cent of the
smelter returns, this 25 per cent to
apply on payment for the stock which
is taken at 60 cents share. At the
end of two years the Snowstorm COM
pany will pay the Missoula Copper
people 100000, and thereafter $780,
600 every six months until the full
purchase price is paid.
In case an agreement is reacnec
and the development Of Missoula Cop
per proves satisfactory, 1t Is stated
that the Snowstorm company will pro-
ceed at once to double the capacity
o: its mill.
May Be a Big Consolidation.
Assuming that the Snowstorm will
acquire Missoula Copper, the ultim-
ate plans of the company for the deep
development afford an interesting field
for speculation. Missoula Copper Is
situated high upon the mountain, and
in order to admits Of extensive mining
the property must soon be opened at
greater depth. Between the Snow
storm and Missoula Copper are the
Lucky Calumet and the Snowshoe.
Since the beginning of negotiations
for Missoula Copper arrangements
were made to begin work on the Lucky
Calumet through the purchase by
o%O ,1,oN Of @ c.