The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1914-11-19
HYPOTHEEK BOND ISSUE
FOR ERECTION OF MILL
IMPORTANT MEETING HELD IN
THIS cITY-oFFIcERs
REELECTED.


holders of the Hypotheek Mining and
Milling company was held at the office
of the secretary in this city last Tues
day. Out of the total Of 1,374,O00
shares of stock outstanding. 10000
shares were represented either in per-
son or by proxy. The most important
business transacted was the ratifica-
ton Of a bond issue of 100000 which
will provide the means for the erection
of mill and provide other equipment
for the operation of the mine. Nego-
! tiations for the sale of the bonds have
been completed the issue having been
underwritten by Hitchcock & McCul-
/ Tough, bankers, of Moosejaw, Sask.,
and the Great Western Securities COM
pany, Of the same city, has been desig-
mated as trustee for the exchange Of
the bonds.
Condition of Sale.
The actual sale of the bonds will not
take place until the development work
on the 9O0-foot level of the mine has
]
value. When this has been accom- /
plished a report to that effect will be
made to the trustees by qualified
mining engineer, when the money VIII
be paid over in exchange for the bonds
of the company in such amounts as
the situation demands. When that
point in the development Of the prop
erty is reached mill for the treatment
of the ore will be the first necessity
and the negotiation of these bonds in
sures its erection without delay.
The old officers and directors were
reelected without exception. resolu-
tlon was adopted requiring a quarter
ly audit of the books of the company
and certificate of the same to be
furnished to the trustees for the bond
holders H. Bland, the accountant Of
Spokane, was engaged to perform this
service.
Report of Mine Manager.
Manager Rogers submitted the fol-
lowing report:
About a year ago State Mine In
spector Robert N. Bell ordered certain
work to be done to safeguard the min
ers against accident according to law
In order to comply with Mr. Bells or
ders it was necessary for us to drive
a drift 400 feet west, crosscut so fee
south and raise 706 feet to the sur
| face. As the old Hypotheek shaft h
small and totally unfit for mining pur
poses on a large scale, your board o
directors decided to raise 3-com
partment shaft of standard size AM
: capable of handling from 1000 to 1870
/ tons per day. Five hundred and fit,
feet IF this shaft was driven as q rails
and 1856 feet as shaft. Owing to tn
very accurate work on the par. of MI
I r. cushing Moore in the survey neces
G sary and the very good work carrie
, out by the miners on each shift W
+ were able to make perfect connectio
t with the raise from the 700foot levC
. and the shaft from the surface Afte
5 the shaft was completed to the sur
; face we continued 1t on down $50 fee
{ further We finished sinking I'll
= shaft on october 20, and since tha
: time we have been cutting out for
t station and skip pocket on the 900
I foot level. This we expect to hay
n completed about November 20, whe
we will start to crosscut to the vein,
e distance of about 80 feet
a am under the impression that aftt
n prosecuting the vein we will have
drift some 400 feet east before we Ell
counter ore of commercial value. ON
ing to the generous support and tn
hearty cooperation of your board {
= directors, / have been enabled to &C
complsh more work on and under II
: surface of the Hypotheek Mining an
; Milling company's property during IL
z last year than has been accomplishe
y in any 10 years proceeding. No acc
h dents occurred to any of the employt
4 during the year. The following is IL
Q cost of operations at your mine frol
: November /, 1913, to October 81, 1911
t, Sinking shaft $50 feet. $50, 49,
: Drifts and crosscuts, 45O feet. 7,O34C
e Excavating for shaft ...... 961.I
a Skip pockets and stations 1,G47.1
e Two miles road ......... 1,667.I
# Camp and shaft buildings. 2,01S,I
: Machinery ................. 9,152.;
e Tools ................ $50;
: Bunk and cook house supplies 617.t
d Managing and engineering . 3,O24.i
e Miscellaneous ............ 231,!
S Supplies on hand ......... 3O2.C