The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-11-06


advise, therefore. that the shaft
be sunk an additional 400 feet from
which should be run a new crosscut
to the Vein on a 1900 foot level. To
do this we must arrange for additional
power facilities
t Heretofore water has been depended
upon in the upper levels. The seepage
OF the mine was taken care of largely
by gravity through the 700 foot level
but for all levels below the roo foot,
pumping Of seepage is necessary.
The cost of installing machinery to
use, electric power purchased from
distributing company and the other
facilities needed will require about
$4,000
The sinking of the shaft about 400
feet further, cutting a station, skip
pocket, and stump, a crosscut to the
vein and some drifting thereon, an adj
ditional $4,000, making a total of
100000.
This meeting has been called to
for the purpose of deciding upon the
best way to raise this money The
company now, as always, under my
management, has kept out of debt
work only being done as money was
provided i'm advance. This policy
should be followed in the future 1t
is debt which has caused many invest
ors in mining properties to lose what
afterwards would have richly reward
ed them for their faith in the enter
prise. L am confident the Amazon
Dixie has great, not possibilities but
probabilities when properly developed
and the showing we now have means
that it will surely Ibe developed If
we failed now to develop it others
certainly would do So"
Recommendation Adopted.
The report and the explanation made
by Mr. Everett with the assistance of
the map evidently made most favor
able impression upon the stockholders,
for a motion was unanimously adopted
that the directors be notified that the
stockholders desire the work to go |
ahead according to the outline of Mr. |
Everett from the standpoint of CON
The stockholders having decided to |
proceed with the development, the |
matter Of financing the enterprise
came UP for consideration and was
disposed of with equal unanimity The
directors were directed to levy an as
sessment of 10 cents per share and to
Use their discretion in the matter of
collecting the same AS a further
means of securing funds for imnedi-
ate USE a resolution was adopted au-
.horizing the directors to "offer pro
alta to the present stockholders So
100 shares of the capital stock at 81
Der share"
The formal proceedings of the meet
ng closed by the adoption of a mo-
ion in which the stockholders Eek
pressed their confidence to the utmost
n the president, Wesley Everett"
Letter To Stockholders.
The foregoing information regarding
he action Of the Cleveland meeting
If stockholders, together with the re-
port of the manager, will he trans
nitted in detail to all stockholders by
Herman ]. Rossi, of this city, secretary
md treasurer of the Amazon Dixie
In his letter of transmits
sion Mr. Rossi says:
"a complete reversal of procedure in
| solvent going corporation is present
I'd to you herewith, wherein the es-
ng the policy of operation and method
# financing has been taken out of
heir hands-to their complete salts
action, however-and an overwhelm-
he future outline-operative and fl
the directors of your COM
,any, who instruct me to present the
,ntire matter to you and to urge each
hare in the future of the company,
which now seems assured without
question.
President Manager Wesley Ever
1T was sent for by the majority of
tocl1holders at Cleveland, Ohio, pre-
ious to which he had been instruction
o contract with the Montana Power
Company (the concern which furnish d
s electric power to the larger Mon 4
ana mines, as well as to the Chicago $
Milwaukee railroad, for the opera n
ion of it's mountain system), for the 4
obstruction of a power line to our ,
a distance of approximately N
Iine miles, which line is already under 4
obstruction, poles. wire and other ma
erials on the ground, and which will 3
re completed, unless prevented by I
tormy weather by the time this let
er reaches you.
Your particular attention is called
o the unanimous decision of the spe-
ial meeting in only placing $4,000 t
hares of the treasury stock upon the c
market at $1.00 per share. Manager {
Everett writes that all other treasury Y
hares are withdrawn from being sold, {
hat the block is only to he sold to 4
of record at 25c cash with I
rider and PIC every go DAVIS until Y