The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-03-01

fdence Is felt that these DRIFTS Will
soon disclose the same quality of ore.
But whether they do or not the strike
in the crosscut is of great Importance
and places the Tarbox in position to
produce as soon as milling facilities
are provided.
Plans OF the Company.
The high cost of supplies of all
kinds that enter into mining opera :
tions has very naturally rendered 1t
necessary for the Tarbox company to
increase the usual assessment levied
from to 10 mills. The necessity for
this will doubtless be fully recognized
by stockholders generally. In report
Just mailed to stockholders by Man.
ager Daxon. he outlines plan for in
creasing the capital stock of the com
pany which if approved by the stock
holders will obviate assessments in
the future. 1t is proposed to add 800
GOO shares to the treasury of the COM
pany. which would doubtless find
ready market at a good figure in view
of the splendid showing of ore I'm the
mine. The report of Mr. Daxon, I'M
der date of February %, follows;
Managers Report.
Since my last report, November 90,
1916, good progress has been made.
force of 20 to - men has been stead
ily employed at the mine. Our eN-
penses are now running approximately
$4,000 monthly, including labor ma
chinery and supplies. Owing to the
High cost of supplies and labor as a
result of the European war, the ex-
pense of mining has increased 30 per
cent during the past year. Several
men and teams have been busily en-
gagged during the winter in supplying
wood mining timbers and lumber for
the mine.
"A large suction fan connected up
with a system of ventilating pipes
giving good circulation of air
throughout the mine, has been install
ed Water Leyner machine drills have
been ordered and are now in opera
ton. new cable and sheave wheel
and ore cars and many much needed
improvements have been added \
crosscut 7x5 feet in diameter well
timbered, was driven south 240 feet
tn point where the vein was inter-
cepted and which proved to be 25 feet
in width, strong and well defined and
n1 f,,t tA
grade Of milling ore. Drifts are now
being extended east and west to block
out and make accessible the large
bodies of high grade milling ore to-
gether with quantities of commercial
ore which has been exposed by
Wine II lies about 300 feet to- the
east of the present workings.
Exnect Shipping Ore.
1T is confidently believed by the
management that shoots of high grade
shipping ore will be encountered by
drifting in this direction. 1t is the in
tention of the management to resume
sinking the shaft Immediately from
the present lowest level at 600 feet to |
n depth of 500 feet. 1t is also planned !
to begin as early as the wea Their will
permit the installation of the water |
power plant on Packer creek. A large |
compressor plant win be installed and /
operated by this water power We
have made our plans to build an mp
to date concentrating and flotation |
miami for the reduction of the second !
class ores during the summer.
al a meeting of the board of di-
rectors held on the 23rd day of Feb
ruary, 1871, it was decided to levy an
assessment of ten mills per share in
order to finance the company to carry
on the work our treasury stock is
now exhausted. The small assess
ments levied in the past were INSULT
cient to meet the heavy expenses in
Cured In order to meet our obliga-
lions and carry on the work, we were
to part with our treasury
stock at comparatively low figure.
Increase Capital Stock.
"A resolution of the board of direct.
ors was passed, calling for a special
meeting of the stockholders to be held
on the 10th day of April 1917. to sub
NIT to a vote of the stockholders the
question of whether the capital stock
of said corporation shall be increased |
from 1,500,00O divided into 500 900
shares of the par value of 81 each, to