The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-03-28

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N company, arrived in the city
Tuesday. He recently returned
from New York, where he went sew
eral weeks ago to confer with the dir
ectors of the company regarding the
plans for the development of the Rex
following the absorption of the old
company by the consolidated The
deal by which the holdings of the old
company will pass to the new Is now
practically closed and the deed making
the actual transfer only awaits the sig
nature of Chas. Hussey, secretary of
the Rex Mining company who Is ex-
pected to return from California In
few days. Stockholders in the old Rex
will receive share for share in the Rex
Consolidated company.
May Extend Red Monarch Tunnel.
One of the conditions of the taking
over of the old company by the new
was that the Rex Consolidated COM
pany would sink the Rex shaft some
300 feet and explore the ground at the
increased depth. When asked regard
ing this work Mr. Guyer stated that 1t
would be undertaken without delay
after title to the property had passed
however, Mr. Guyer said he, was con-
sidering another plan by which the ad-
ditional depth would be attained rath-
er than by sinking the shaft, which
| is now down 700 feet. This plan Is
the extension of the Red Monarch
tunnel to a point under the shaft The
Red Monarch tunnel starts in Mis-
soula gulch, a tributary of Beaver
creek and has now been extended
something over $500 feet through the
divide toward the Rex. Mr.. Guyer
states that from the present face 1t Is
about 2300 feet to point under the
Rex shaft. He Is now negotiating
with Conrad Wolfe, president of the
Red Monarch, and Mr.. Guyer express
sed the opinion that satisfactory ar
rangements can be made. The extern
sion of this tunnel would reach a
point 20S feet below the bottom of the
shaft, connection with which would be
made by raising. In the evnt this
plan should prove unsuccessful the
shaft will be sunk 800 feet, probably
under contract
Company Well Financed.
The Rex Consolidated company has
$350,0O0 in the treasury, said Mr..
Guyer, realized from the sale of treas
ury stock In addition to the work
above outlined for the further devel-
opment Of the Rex, the company VIII
use a large part of this fund for the
acquisition of other property. The
company had planned to take over
large tract of zinc land at Miami,
Oklahoma, upon which it held an OPP
were such that it was deemed best
to abandon that enterprise for the
present and seek more promising pro-
perty in the west.
Lease Upper Workings.
The upper workings of the Rex mine
have been leased to N. c. Sheridan,
formerly superintendent Of the Rex,
and about a dozen men are now en-
ployed. The lease also includes the
mill, and it is believed that consid-
erable ore can be extracted profitable
by working on this limited scale. Mr..
Sheridan is a mining engineer of much
experience and he knows the Rex mine
perhaps better than any other man.
Chance for Hotel Man.
Incidentally Mr.. Guyer would like
to get in touch with man who would
take over a fine summer hotel which
Is proving a white elephant on his
hands, but which will prove winner
to the right man who is capable and
will give his attention to it. The
hotel is at Guyer Hot springs, near
HALEY, in the Wood river country, a
place that has for many years been a
popular resort. Mr.. Guyer's mining
interests and his business as mining
: engineer require all his time and make
1t necessary for him to travel great
deal, and for this reason he desires
to be relieved from responsibility of
the hotel