The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-04-25
Propose to Take an
Option on Major
ity of Stock
TERMS OF THE OPTION
Special Meeting of Stock
holders Called to Con-
slider Offer
SPECIAL MEETING of the

~ Mining company has been call
ed in this city on May 27 to con-
slider IA proposition to purchase prac-
tically two thirds of the capital stock
of the company. The proposition
comes from Samuel b. Holbert, of
stockholders, work will begin at once
on the Big Elk, which will include the
installation of all necessary machin-
cry with the view to placing the prop
liest possible date. The purpose of
the meeting is explained by A. ii.
Featherstone, of this city. secretary
OF the Big Elk company, in letter
the call for the special meeting. The
letter follows in part:
Will Spend $25,Oo0.
"In explaining the business which
of the stockholders, notice of which is
herewith given, l desire to advise the
stockholders of the Big Elk Mining
company that Mr.. Samuel B. Holbert,
of Pittsburg, Pennsylvania, has Of
fered to develop the claims of the
company by an expenditure of not less
than twenty five thousand dollars, and
is willing to take treasury stock at
payment therefor Mr.. Holbert is to
put considerable machinery upon the
property and drive lower unnel He
insists however, that the stockholders
should give him an option on five hum
dred thousand shares Of outstanding
stock for a period of eighteen months
from the first of July, 1918, said stock
to be paid for at the rate Of five cents
per share at any time on or before
the expiration of the option. He also
requires that all of the stockholders
be given an opportunity to avail
themselves of this offer, and l am,
therefore enclosing option to be sign
ed by such stockholders as desire to
avail themselves of the same. II you
therefore desire to option your stock
please fill in and sign the enclosed
option and send the same to the un-
dersigned attaching thereto your en-
dorsed certificate or certificates. The
endorsement should be in blank, as in
case Mr.. Holbert does not avail him.
self of the option the same will be re-
turned to you
Wants TWo-thirds Of the Stock.
A copy of the letter from Mr.. Hol-
bert outlining the proposition is also
sent to the stockholders. He states
that the principal work he desires to
undertake is driving a lower tunnel,
but that this will not be the limit Of
his operations, as he expects to carry
on prospecting in and about the pres
ent upper workings and elsewhere"
and that he and his associates will
spend "$25,000 or more in carrying on
this work" He is informed that ap-
proximately 100000 shares are in the
treasury and 100000 shares issued.
The expenditure Of $4,000 for which
he would receive stock at the rate of
2b cents per share would therefore
absorb all the treasury stock, and if
he exercised his option on 100000
shares held by individuals he would
secure two thirds of the total capital
stock. The proposed option will run
eighteen months from July 1, and Mr..
Holbert states that If his proposition
is accepted he expects to begin work
on or before that date.
The Big Elk is situated near Adair,
in this county, and in easy access to
the Milwaukee railroad. 1t is in the
same copper belt as the st. Lawrence.
Richmond and Monitor and the ore is
Of the same character, copper being
the major metal which is accompanied
by considerable gold. The property
has been idle for some time. Consid-
erable development has been accom-
plished, practically all of which was
paid for through shipment of high
grade ore.