The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-07-29
|NTERSTATE-CAL OFFERED
BIG CASH FIGURE FOR RAY-JEFFERSON
FIRST OFFER REFUSED AS A SECOND AT A HIGHER
FeuRE-RAY JEFFERSON IN FINANCIAL coNpI
TloN-coNTRoL OF INTERSTATE. CALLAHAN


the Interstate Callahan company ha,
offered $450,000 cash to the Ray-Jeff
erson company for its holdings OF
Carbon and Beaver creeks which ad
JOIN the big zinc company on the west
and that the offer was promptly anf
dehnitely refused. Being unable t.
get Ray Jefferson people here to con
slider the offer 1t is stated that repre-.
sentatlves of the Interstate Callahan
company went to Missoula to take nr
the matter with large stockholders Of
the Ray-Jefferson in that CITY and
We're equally unsuccessruI there. "A
rev days later 1t is stated that Raw
IJegerson people were again approach
ed the cash offer this time being much
larger than the first and 1t was again
turned down. While this information
could not be confirmed authoritatiyelv
the Miner has 1t from a source which
1t regards reliable.
These figures convey most impress
sive idea of the tremendous values that
have been developed In mining prop-
erty on the Beaver creek side of Sun
set. They also afford a basis for the
presumption that the underground
workings of the Interstate Callahan
have reached a point that demonstrate
10 the satisfaction of that company
that the ore bodies of both its great
veins pass into the Ray Jefferson
ground, hence II would be a highly de-
sirable acquisition. Again, when the
Interstate Callahan purchased the
Amazon Manhattan group 1t doubtless
did so largely to secure an outlet on
the north side. 1t may be period of
years before this outlet is desirable
but It is evident that when the time
does come 1t will have the Ray-Jeffer-
son to deal with as that companys
ground extends almost up to the low
er tunnel level of the Amazon Man
NATHAN and covers both sides of Car
bon creek from that point to its juno
tion with Beaver and beyond. From
this viewpoint it would certainly be
good stroke of business for the Inter-
state Callahan to buy the Ray-Jeffer-
son, thus securing property that
promises to rival 1t in richness and ex-
tent and at the same time secure for
all time free access from the Beaver
creek side
Ray-Jefferson Strong Financially
1t Is possible that such cash prop
osition from the Interstate Callahan
might have received more serious con-
sideration from the Ray-Jefferson if it
had been made few months ago, but
within the past few weeks it has been
officially announced that the company
has been financed to the extent of
100000 which insures 1t continuous
development and the erection of a mill
In the spring when 1t will be on a self
basis Under the circum-
stances it Is not surprising that the
Callahan offer was declined.
The showing of ore in No. 2 tunnel
IF the Ray-Jefferson continues most
satisfactory, the shoot now having
oeen followed for upwards of 300 feet
IND shows much first class ore It is
stated that the face of this drift is now
tearing the east end line. This vein is
aid to be the original Callahan vein.
IND 1t is reported that the company
viii soon start a crosscut south to in
ersect the famous ore shoot that is
'iling up such enormous dividends for
he Interstate Callahan.
Director of Interstate Callahan Talks.
According to Skillings Mining and
darket Letter, Colonel W. III. McGraw.
me of the directors of the Interstate
callahan, was recently in Duluth. hay-
ng just returned from a visit to the
nine. In discussing the property, he
aid:
"The present capacity Of the mill Is
600 tons Of concentrates per month.
nd we are getting out about 1000 tons
crude ore per month, in addition. II
a conservative statement ! think.
hat we have seven years supply of
- ASfNH W. vi bptplSHlD6T l., 1915,
ur contract with the American Metal
will call for 10000 tons per
ionth, and we SHALL of course, be pre-
ared to meet the increased demand.
We are now earning 81 per share per
lonth on the outstanding stock and
'e can pay 50 per share per year on a
" cents spelter market"
Fight for Control.
The annual meeting Of the stock
olders of the Interstate Callahan
ompany will be held in Duluth on
ugust 16, and the indications point
a lively session. It is expected that
determined effort will be made by the
allahan-Boutin faction to gain con-
'ol of the company, and that this will
e met by equally determined resist
nee from the Robbers -Sussman con-
ngent who are now in control. The
ost conspicuous figures in the strug-
e for supremacy are James f. Gala
IN, one Of the original owners ar fha