The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-05-23
Will Spend NotLess
Than$25, COCOON
theProperty
BEGIN WORK AT ONCE
Takes All Treasury Stock and
Half of Individual---St.
Lawrence


yesterday to take action on the
proposition submitted few
weeks ago by Samuel B. Holbert, of
Pittsburg, to take over the control of
the company. In substance the prop
osition was this: Mr.. Holbert pro-
posed to equip the Big Elk with nee
essary machinery and drive a lower
tunnel, and undertake other work it
seemed desirable in the accomplish
ment of which he would spend the
minimum sum of $4,000 in the devel-
opment of the property, and probably
much more. In consideration of this
expenditure he would receive approx
imately 100000 shares of stock now in
the treasury Of the company at the
rate of 2h cents per share. Also Mr.
Holbert required an option on 100000
shares of individual stock at 5 cents
per snare, the option to run eighteen
months from July l. The directors
of the company accepted the first
stock, and the stockholders accepted
the second, which means that each
stockholder will place half of his hold
ings under the option. Should stock
holders who were not represented in
the meeting object to entering into
the deal, some of the larger stock
holders will make up the deficiency,
thus insuring the delivery Of 10000
shares.
Will Begin Work at Once.
Mr.. Holbert has been in the city fol
several days awaiting the action of the
meeting and is much gratified that
his proposition was accepted. He left
here this morning for the Big Elk,
which Is located near Adair, and will
lose no time in starting work under
his agreement He has not fully de-
termined, and will not until he has
visited the property, just where he will
start the lower tunnel which he is OBJ
ligated to drive. The Big Elk is sit
uated on the Milwaukee railroad and
a crosscut may be started just high
enough above the. track to allow for
dump. Mr.. Holbert estimates that this
would cut the vein possibly within
1000 feet and certainly not over 1900.
Another site for the tunnel being con :
sidered is back considerable distance
from the railroad and would be driven
OH the vein. the advantage of this site
being a reasonable chance of encoun-
tering an ore shoot within short dis
tance.
Other Mining Interests.
Mining in the Coeur d'Alene district
is not new to Mr.. Holbert. He holds
control of the Copper Prince and Gold
Ridge properties, on the st. Joe, and
the Pilgrim, north of Murray, and
near Noxon, Montana. He and other
Pittsburg men became associated with
Henry M. Lancaster in the st. Law
renee, near Saltese, last fall, and or
ganized strong company which in
sures the extensive operation of the
property. Speaking of the st. Law
renee. Mr.. Holbert said that the cross
cut which was driven during the VII,
ter has reached the vein and drifting
is now in progress west to get under
the ore shoot The point of inter-
section is 200 feet below the present
tunnel and 100 feet east Of the ore on
that level. 1t is probable that the ore
shoot will be encountered before get
ting under the upper level. In the
main working tunnel much ore has
been broken down, the bins and chutes
being full, and the road win soon be
open for hauling ore to Saltese fol
shipment.
Strong Men in Company.
Among Mr.. Holbert's Pittsburg as
sociates who are interested in the st
Lawrence are several men prominent
ly connected with the United States
Steel corporation and others who are
large stockholders in the Calumet 4
Arizona Copper company. While Mr.
Holbert did not say so, it is presum
ed that these men are also interested
in the Big Elk deal. They are LOOKING
for big things in the way of mining
particularly copper. and If their in
vestments in the Saltese -Adair section
proves successful, they may be ex
pected to enlarge their holdings AM
take the lead in developing that sec
tion on large scale: There is nj
more inviting field in the west.