The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-09-21
.LACLEDE MINING CO.
TO INCREASE CAPITAL
WOULD ELIMINATE FURTHER
ASSESSMENTS - SOME
RECOMMENDATIONS.

Following the meeting of the stock
holders of the Laclede Mining COM
pany last week, an account of which
was published in the last issue of The
Miner, a report to the stockholders of
the company was issued by Secretary
of interest regarding the property ana
the plans of the company. A complete
financial statement Is given covering
the period from January | to August
81 1916, which shows a balance on
$241551 The report of the manager
and engineer, e. G. Gnaedinger, is also
submitted, covering the same period,
and here follows
Mr.. Gnaedineer's Report.
my last report to the stockholders
of the Laclede Mining company cover
ed the operations to December Of
last year, and this report was mailed
to all the stockholders through the sec.
rotary.
In reporting the progress of the
work since that date | have only to
say that the same conditions still hold
at the mine.
Progress is slow on account of the
very hard rock we have to contend
with, and by reason Of the lack of any
power except the strong right arm of
the miner.
Since December 1 last the work has
consisted entirely of drifting and
prosecuting on the 300-level, up to
June II. when a sudden flow of water
broke into the level and advanced so
rapidly that we were unable to cope
with it by baling / was forced TO
close down the mine and it remained
so till August 1. In that period Of
month and half the water had risen
t1 nearly the 100 level and then had
gradually subsidized till by the first
week in August the mine was again
empty. | Immediately put a crew on
sinking the sump below the level s.,
that a future flood would find us bel-
ter prepared The work for August
in putting this stump down
Is feet-and then continuing the drift
OH the east face.
"Since my last report in addition to
tbiS fact Of uItp,fN tya haua Jc;x,o,,
500 feet of tunnel on the 800 level. This
work has, unfortunately not been pro
auctive of any ore to speak Of though
Vt various times in drifting we en-
small seams of galena AMI
The tissure still remairs
strong and true and we have at the
east, a true fissure in the best roGk in !
he Occur dAlenes TO make u pro-
lucer
AS | recommended before, | strong |
Y urge the company If it is DESTROYS
# continuing prospecting, to install |
electric power to use compressed air |
n the work. This would not mtan |
my smaller monthly expense (Which
hould remain about the sanle) but IL
would mean much greater and faster
dvance in prospecting with a natural L
y like reduction in the cost per foot
nd figuring ON the cost per foot, which
) the real basis of all mine account
az, the plant would soon pay for It,
elf Such a plant would cost about
100000 installed Since we have had
ur first experience with water trouble
his installation is loudly urgent for !
certainly look for a similar flood next
prlng"
To Increase Capital Stock. !
In view of the high cost of sup Il
lies, particularly powder and fuse, $
nd also the high cost of labor, the q
reetors decided to suspend opera :,
ons for the winter as soon as the n
lpplies on hand are exhausted. Fol
wing the recommendation of the ;
oekholders, the directors have called =
meeting TO be held on October 16. ri
hen the question of increasing the el
pital stock from 100000 shares to q
100000, the additional stock to be 81
aced in the treasury and offered for F.
lie, 1t is believed that a market can d.
found for the stock, and thus re-
We the stockholders from assess
ants. But the directors advise the ~,
'ckholders that it is not certain that TT
stock can be sold in time to avoid u
'tber assessments, but their best