The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-11-30
BLACK BEAR LEASES
WESTERN UNION MILL
TO NEGOTIATE LOAN TO PLACE
PROPERTY ON A PRoDUc-
TIVE BASIS.

The directors of the Black Bear
Bear Consolidated Mining company,
through the president of the company,
Peter Bernier, have submitted a prop
osition to the stockholders which
seems to offer quick and practical
plan for placing the Black Bear Con-
solidated on dividend paying basis.
The property has been extensively de-
veloped has large amount of lead
and zinc ore blocked out, situated in
the midst Of one of the most produc-
tive mineral sectors of the district,
two railroads within a stones throw
of the main tunnel, in fact, every
thing necessary to place it on pro-
ductive basis except a mill to treat
the ore and enlarged facilities to mine
it economically. All these now seem
to be within reach, as will appear
from letter just issued to the stock
holders, a portion of which is repro
duced below The company has Sc
cured lease of the Western Union
mill, about a mile below this city, the
capacity of which will be increased to
$50 tons. and extensive equipment Will
be added to the mine. The company
proposes to borrow $4,000 to carry
out these plans, and an attractive Of
fer is made to all stockholders to par
ticipate in the loan. A number of To-
z1.I,o toll n
tage of the offer and it is confidently
expected that others will do so when
they have had time to consider the
proposition. An extract from the let
ter and proposition to the stockhold-
ers here follows:
Leased Western Union Mill.
"For the past several months | have
been negotiating for mill and have
finally succeeded in taking a lease on
the Western Union Mining company
mill about miles below the Black
Bear property. Our ore can be deliv-
cred to the mill at a cost of II " cents
per ton which is in keeping with the
amount paid by other companies for
the same haul,
This lease extends to January l.
1918 at a monthly rental Of STE which
is very cheap The management did
not feel like obligating the company
for any longer as we very likely Will
build a larger mill on our own ground
by that time, but in case we wanted to
renew the lease at that time we think
there would be no question of secur-
dng an extension.
"This mill will require from $4,000
to $4,000 for new machinery adapted
to our ore in order to make the proper
saving and make the capacity from
1875 to $50 tons daily. The new ma
chinery placed in the mill by our com
pany will be removed at the eXpira-
ton of this lease and used in our owr
mill unless purchased by the Western
Union Mining company at cost less II
per cent for wear and tear according
to contract with them.
"The other equipment at the min'
sufficient to enable us to supply a mil
of this capacity will require the ex'
. penditure of about 100000 more, which
, would include larger air compress
or. stoping and drifting machines
steel for the same, sharpening ma
, chine, ore cars, ore bins, larger all
pipe, fans, asserting belt, two crush
ers combined and railroad siding, etc
A working capital would also be ne
cessary for such operations, making
total of the amount needed about $50,
, 900.
g 1.-THE board Of directors have decided
{ to make a loan for the above amour
t yand give a first mortgage on all tn
( companys property for security, tn
: mortgage to run for two years ant
r draw per cent interest. In order t
further safeguard the interests Of tn
e subscribers to the loan, they nav