The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-07-15
JEFFERSON CO. IN
FINE FINANCIAL SHAPE
MONEY SECURED TO CARRY ON
DEVELOPMENT AND BUILD A
MILL IN THE SPRING.

meeting of the directors of tn,
Ray Jefferson company was held il
this city last Monday when plans o
the greatest Importance were consider.
ed and adopted which provide fol
continuing the development of the
property and the erection of a mill in
the spring of not less than $50 tons
capacity. In other words, the COM
pany is financed to the extent of $780,
600 which is sufficient to accomplish
the work above outlined and place the
property upon productive basis. And
1t is in order to state here that this
large sum subscribed is Wallace
money, and while it is not officially
Stated, it may be safely assumed that
it comes from the Day interests. H. l..
and q. r. Day are already quite heavy
stockholders in the Ray Jefferson and
1t is possible that this cash advance
will make them the dominant factors
in the company. Residents of this
district who have occasion to seek
outside capital for the development of
mining property here are often con-
! fronted with the question, why don't
Occur d'Alene men put up the money
III the property is as you represent?
AS a matter of fact, there is hardly
man in the district that Is not carrying
interests in mining property to the
extent of his financial ability and of
ten beyond it, and the Ray-Jefferson
deal differs from hundreds of Others
only in the amount involved. Occur
IdAlene people are continuously show
ing their faith in the mines of the
district by putting their money into
them, and seeking outside money rs
no evidence of lack of confidence on
their part, but rather lack of funds.
Great Mine in Making.
The possibilities of mineral develop
ment on the Ray Jefferson are beyond
estimate. Already splendid bodies of
ore have been opened which establish
beyond question the great value of the
property. The mine adjoins the In
terstate- Callahan on the west and the
vein that Is now being explored and
which shows a large and continuous
ore shoot for a distance of $40 feet in
the present tunnel is probably a con-
tinuation of the famous Interstate
Callahan vein. For $50 feet this ore
shoot is Of exceptionally good grade,
much Of 1t being shipping This de-
velopment Is high up on the mountain
and 1t is possible and practical to
gain 1900 feet depth by tunnel a plan
of development that has recently been
started
But this vein is only one of several /
known to exist within the great group
Of thirty odd claims owned by the |
Ray Jefferson company on Carbon
and Beaver creeks, some of which \
have already been sufficiently develop
ID to demonstrate their great value.
An Ideal MiIIsite.
According to the plans of the COM
oany, development of the mine will be !,
diligently prosecuted during the inter- !,
yening period and about April the :,
of modern mill will be- \
gin at the company's ideal millsite at 4
he forks of Beaver and Carbon creeks.
It's capacity will be not less than $50
ons daily and possibly more. The
owns all the land in what
s known as Carbon flat, including the
I'D Carbon townsite. The ore will be
from the main working tun-
lei to the mill and when transporta-
ion is provided the tracks can be laid
.longside the mill so that concentrates
will be transferred direct from the
Mill to the cars.
The matter of transportation Is yet
0 be determined, but it can be safely !
ssumed that with the elaborate plans q
or the operation of the property the
Jefferson company is secure in 4
aving the means at hand to handle u
Is product. That the O.-W r. N.
lill build branch up Beaver creek =
then the time for action arrives does
ot admit of doubt, and when the Z
reat tonnage Of Beaver creek becomes
tangible reality, the Northern Pa =
ific may find a way to reach that a
Ich section.
Directors Meeting.
All the directors of the Ray-Jeffer-
on company were present at the %
leeting, namely: DIR. e. G. Ellis and g.
avid T. Smith, both of Missoula; r. a
. Day, George X. Garrett and D. L. o
[cGrath, all Of Wallace Il