The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-05-22
MANAGER OF TARBOX
WILL SOON GO EAST
SECURE FUNDS FOR cONSTRUC.
TIoN OF MllL-lETTER TO
STOCKHOLDERS.

Richard Daxon, manager Of the
Tarbox Mining company, expects to
leave at an early date for the east for
the purpose of effecting arrangements
for the construction of mill. A large
amount of ore has been developed in
the Tarbox mine and mill to place
the property on a productive basis is
now the most pressing necessity. The
situation at the mine and the plans of
the management are outlined in the
following circular letter to the stock
holders under date of May 10:
To the Stockholders.
Since my last report, March 8,
1919, much development work has
been done. A force of rs men has
been steadily employed the greater
portion of the time. The force has
now been reduced to one shift Of Is
men, now engaged in carrying up a
raise from the 1000 level to the 900
level.
by a resolution Of the board Of d.
rectors l have been authorized and
empowered Immediately after the
treaty of peace is signed to visit the
large financial centers and to use my
best efforts and ability to finance the
company to equip the property with
an up-to- date concentrating and flo
tation plant of $50 tons daily capac-
ity, which l feel confident | will be
able to do if conditions are at all fav-
orable.
in order to take advantage of fav-
orable weather conditions to complete
the plant this year, we should begin
operations at the earliest possible
date.
THE company now owns approx
mately 100000 shares of treasury
stock which will not be offered on the
eastern markets for less than rs cents
per share, and we hope to be able to
secure much better market later on
for the stock. With the enormous
tonnage of ore now exposed in the
mine. the shares, conservatively
speaking, should have an intrinsic
value of $1OO. When the mine Is
equipped with an up-to date MILL the
silver values alone should approxim-
ately pay all operating expenses.
Mining Outlook Bright.
1.-THE outlook for the mining indus
try of the Occur d'Alene district was
never brighter than at this time. The
country is now entering upon an era
OF unprecedented prosperity. The re-
construction period will soon begin in
Europe, which will afford splendid
market for our metals for years to
ccme. The recent spectacular rise IN
the silver market will greatly stimu-
late the value of all good slver-lead
and copper stocks, some financiers
predicting the price of silver will rise
to $3.50 per ounce.
II am enclosing treasurers annual
report, showing the financial condition
of the company at this time. 1 am
also enclosing notice of stockholders
meeting and proxy, which you will
kindly fill out, sign and return to this
office. This is very important and
essential matter, as two-thirds OF the
outstanding stock must be represent
ed in order to have quorum.
Conforming to federal law, we
have, during the past two years, car
ried numerous stockholders in the
service of our country, on our books
for their assessments. Said stock mas
now reverted to the treasury. by a
resolution of the board Of directors
said stockholders will be permitted to
redeem their stock by surrendering
their certificates and paying balance
due. or may have the privilege of pay
ing in stock, at the rate of III cents
per share. A certificate for the re-
naming shares will be issued and for
warded them.
"At a meeting of the board OF direc-
tors, held on the 18th day OF May IL
was decided to levy an assessment oi
< mills per share on the outstanding
capital stock of the corporation IN or
der TO finance the company In carry
ing on operations while negotiations
GRO in progress for constructing q
mill We hope to be able to MAKE
this assessment the last we will ever
have to call. Kindly remit the amount
of assessment at your earliest con
venience."