The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-03-30
CARNEY COPPER CO.
OPTION BLOCK 0FSTOCK
DIRECTORS NEGOTIATE SALE OF
100000 SHARES AT 1914 CENTS
TERMS OF DEAL.

The recent activity in Carney Copper
shares is further explained by cir.
cular letter just issued by J. L. Martin,
president and manager of the company
in which he tells of the sale of $4,000
shares of treasury stock and an agree
ment to sell 100000 shares additional
dependant upon the willingness of the
stockholders to part with their stock
on the terms agreed upon. The prop
osition is explained in the following
extract from the presidents letter:
your board of directors having sold
225,OO0 shares of treasury stock at
reasonable price, $4,000 shares of
which have been delivered and paid
for, the balance to be delivered upon
call, have now agreed to undertake to
sell to DR.. T. c. Witherspoon, of Butte,
Montana, and his eastern associates,
100000 shares of the issued capital
stock. You are invited to join in this
sale at az cents per share on the
following terms to wit:
Your stock to be deposited with the
First National Bank, of Mullan, Idaho,
at once and a receipt issued to you
therefor; the stock to be delivered to
DR.. T. C. Witherspoon, or on his order,
one third G-3) June 1st; one-third
Q-3) July list; and onethird August
1st 1915. Upon the bank having re-
ceived to your account payment for
the stock, it is instructed to forward
the same to you by draft upon the dates
above stated. In case of the failure
of DR.. T. C. Witherspoon to meet any
of the payments on or before the dates
hereinbefore agreed upon, then the
stock or any unpaid for portion is to
Immediately revert to the stakeholder"
Stockholders who do not desire to
dispose of all their stock are request
ed to send in at least half of their
holdings, as the contamination of the
deal will eliminate all assessments for
the year and probably place the pro-
perty on a productive basis.
Facts Concerning Carney Copper.
Supplementing the information given
in a previous circular, Mr.. Martin has
issued another and more detailed state
ment to the stockholders, from which
the following is taken dealing with the
results to be expected by the extern
sion of No. tunnel:
"The stockholders are to be congrat-
ulated for the success their board of
directors has had in placing $4,000
ihares of treasury stock with respons
ible Butte and New York parties at
a very satisfactory price The money
received from this sale is now in the
treasury and the company is negotiat-
ing for electric power and a compressor,
which will be installed at the mouth of
tunnel No. by May 18th, or as soon
as unusual snow conditions will per-
nit. When the compressor is ready
for operation the remaining 500 feet re
quired to reach the ledge will soon be
completed, and as soon as the ore Is
encountered, and the necessary ar
rangements made, stopping will be
started and the tunnel continued along
the vein to a point under the ore
bodies exposed and blocked out in the
upper workings. A contract has been
let at $40 per foot to responsible con-
tractors, to drive the tunnel by hand
until such a time as the compressor is
installed When No. 8 tunnel is COM
pleted we believe the Carney will prove
to be one of the large substantial mines
# the Occur d'Alene mining district.
here is very active market for the
sock at to 7 cents per share, but l
rnestly suggest that stockholders
should visit and inspect the property
before parting with their stock. All
ckholders will be advised at once
soon as any substantial develop
20 onnl1r in the mine"