The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-04-20
WALLACE-S SPOKANE SYNDICATE SECURES
CONTROL Of ALAMEDA MINING COMPANY
AGGRESSIVE DEVELOPMENT PROPERTY WILL BEGIN AT
oNcE-owNERs RECEIVE IS CENTS SHARE
PROBABLE PLANS ANNOUNCED

9 The initiative in the negotiations
which resulted in the sale of the con-
trol of the Alameda Mining company
to strong syndicate of Wallace and
Spokane men was taken by John Do
Ian, Of this city, secretary of the Ala
media company, and the man who was
most conspicuous on the Alameda side
in the recent litigation which result
ed in a verdict for damages against
the Success Mining company for ore
extracted from Alameda ground.
Having won his contention, Mr. Dolan
realized that the Alameda company,
controlled as it was by men of limited
means, was not in position to prose-
cute development of the property as
1t merited, conceived the idea of pool
ing control Of the stock and turning
II to parties who had the financial re-
sources to handle it. 1t was then that
he presented the matter to William
A. Nichols of Spokane, who evinced
much interest in the proposition, but
doubted Mr.. Dolan's ability to deliver
control he evidently sharing the be-
lief that prevailed to considerable
extent that the Success company had
quietly picked up the majority of the
stock. He was ready to undertake
to put through the DEAL but first de-
manded to be shown, which Mr.. Do
Ian, being from the SHOW me" state,
promised to do. A few days later Mr..
Dolan had a majority of the stock
signed up in a pool with authority to
dispose of it on a basis of Is cents
per share. 1t was then that Mr..
Nichols took an option on the entire
amount at the figure named and the
announcement, was made yesterday
that cash sale had been consum-
mated.
The Purchasers.
The syndicate which has taken over
the property as far as made public is
composed of f. j. Finucane, president
OF the Holley- Mason Hardware COM
pany; Frederick Burbidge, general
manager of the Federal Mining and
Smelling company; Charles Hussey,
secretary of the Standard Slver-Lead
Mining company and until last week
"a director of the Hecla company;
Charles McKinnis, secretary of the
Caledonia Mining company, and Will
liam A. Nichols, who negotiated the
deal The purchase includes approxi-
mately 100000 shares of the 100000
for which the company is capitalized,
formerly held by A. S. Balch, John Do
Ian, Conrad Hotz, A. Anderson, Otto
A. Dubach and other large sharehold-
ers who have hitherto been identified
with the management of the COM
pany. The consideration was approx
mately Is cents a share, cash. I'M
mediate development Of the property
at depth is contemplated and produc-
tiOn will be rushed
New Directors in Control.
A meeting of the directors of the
Alameda Mining company was held in
this city Tuesday when the old board
resigned and their places were imme-
diately filled by the election of the
following officers and directors: Pres
ldent, f. j. Finucane vice president,
Frederick Burbidge; manager, Chas.
McKinnis; secretary and treasurer,
James A. Wayne. These with Charles
Hussey, of Spokane, constitute the
BOARD of directors.
The election of F. j. Finucane son.
n-law of Charles Sweeny, the or
sanizer and former president of the
Federal Mining & Smelling company.
Ind Frederick Burbide general man
lger of that company, suggests that
ne Federal company may have
land in the DEAL This with the com
non knowledge that the Federal is
seeking new mines in the district is
he only basis for such a belief, as
10 expression could be obtained fro,
my Of the parties concerned in sup
port of it.
Begin Work at Once.
Upon his return from Spokane yes
erday Charles McKinnis, the new
manager of the Alameda, stated that
he could add nothing at present to
he statement made by Mr. Nichols
'egarding the plans of the company.
lust how the property will be deyel-
ped will depend upon the report and
recommendation of the company's en-
'ineer, which would probably be made
n a couple of days. The statement
# Mr.. Nichols follows
THE systematic development of the
property will be prosecuted immedi-
-tely to open the ore bodies which
ave been proved by the tres
'ass Of the Success Mining company,
which has already been established by
he courts on the 400, 45O and 700
oot levels. The engineers who have
these slopes state that IL