The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-11-15
Stockholders Asked
to Pool Hold
ings
DAY QUITS PROPERTY
Strong Company Ready to
Come in Under New
Option
IN A LETTER to the stockholders

N l
of the Chicago Boston Minins
company under date of Novembe
s, Cyrus w. Gossert, president o
the company, outlines plan for pool
under an option agreement to sell a
any time before November l, 1918 fol
10 cents per share. Blank forms o1
agreement are enclosed which stock
holders are requested to fill out and
sign and mail with stock enclosed tC
the First National bank to be held in
escrow. The option agreement is the
same in all essential respects as that
given to Dr. l.. E. Hanson about q
year ago and which has now expired
A subsequent letter received by stock
holders yesterday, to which is attach
ed notice of assessment of u mills,
it is stated that responses to the first
letter have been few, which include
practically all the larger stockholders.
and holders of shares are again urged
to send in their stock as the surest
Day Takes Hold of Property.
Following the option given to Dr.
Hanson a year ago, the property was
turned over to E.. r. Day under bond
The electric power line was extended
to the mine, hoist installed and the
property thoroughly equipped for dew
elopment by shaft which had in the
meantime been started a short dis
tance from the portal of the lower
tunnel A large body of lead ore had
been opened in the lower tunnel which
had been proved for 800 feet, and the
shaft was started for the purpose of
determining the extent of the ore
shoot at depth. At 100 feet the ledge
was crosscut and drifted upon for 200
feet, and at 200 feet the ledge was
again crosscut and drifted upon for
400 feet, on both of which levels the
ore shoot is reported to be fully as
large and probably of better grade
than in the tunnel level About this
time according to current report, Mr..
the development of the property had
apparently proved satisfactory, he
wished to explore the vein at further
depth of 200 feet before exercising the
bond which was soon to become due.
The majority owners, however declin-
ed to extend it beyond the expiration
of the original option, whereupon Mr..
Day stopped development and a little
later removed all the equipment he
had placed on the property.
The New Option.
While stockholders are somewhat
slow in pooling their stock under the
terms of the new proposal, it is be-
lieved they will do so, as otherwise
they will be confronted with seeing
the property remain idle or standing a
series of assessments to keep it active.
The Chicago Boston is now property
Of proved merit, but it will require
quite large expenditure to place 1t
on a productive basis. If the option
goes through it is understood that a
company of large financial resources
is ready to take hold of the property
but the name of the company has not
been made public.
Letters to Stockholders.
Following is the substance of the
letter to Chicago Boston stockholders
giving the condition of the property
and the proposition TO pool the STOCK
Mining operations have been con-
Quoted continuously since November
1916, under the pooling agreement ol
that date by virtue of which stock
holders deposited their stock in wal
lace banks, in escrow, subject to al
option to purchase at ten cents pei
share. These operations have beer
extensive, and include the sinking of
2OO-foot shaft with drifting therefron
on the 100-foot level a distance of 2O'
feet, and on the 200-foot level more
than 400 feet, also approximately 5o'
feet Of drift and crosscut on the NO
tunnel level. While the results o
this work are encouraging, they ar'
not decisive as to the permanent value
OF the property. They do not, in TN
opinion of the holders of the options
Justify them in taking up the optione'
stock at the present time, but strong
~ indicate the advsability of furthe
development work on the property TO
the purpose of determining definitel.
the existence of commercial ore bod
les at depth. An expenditure of up
wards of 100000 will be required. A
you are aware, the company has n
money in it's treasury for this or an
Continued on page 81