The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-02-06
SALE OF COPPER KING
UP TO STOCKHOLDERS
LETTER FROM OFFICERS GIVE
TERMS OF DEAL-SPECIAL
MEETING CALLED.

TERMS OF DEAL-SPEcIAL
MEETING CALLED.
Details of the pending deal for the
lease and purchase Of the Copper King
are given In q circular letter to the
stockholders issued by S. Edelstein,
president Of the Copper King Mining
& Concentrating company, and Harry
w. Ingalls, secretary, under date of
January 20. The proposition has been
unanimously approved by the board
| Of directors and special meeting of
the stockholders has been called to
meet at Mullan on Saturday, Febru-
airy Is. at 700 p. m. for the purpose
OF ratifying or rejecting the action of
the directors. The letter to the stock
holders follows:
Details of the Deal.
You have been informed from time
to time upon the levy of assessments
of the progress of development work
upon the property of the company. On
September / last the board of direct
ors ordered further development work
to cease on account of the high cost
of labor and material, and also on ac-
count of the necessity to conserve Ia
Dor and resources to assist the gov
eminent in theoretically carrying on
the war. When all bills were paid at
the close of last operations, there is
left ON hand in the bank $2026.20.
During the latter part of Decem-
Der the board of directors met for the
purpose of considering proposition
| to sell the property of the company.
All of the directors We're present ex-
cepting one, and the board was unani-
mously in accord on the subject. that
in view OF the great drain on the
stockholders for assessments and the
amount of money needed for the pro-
/ per development of the mine, as well
was advisable to dispose of the prop
erty providing reasonable price
could be obtained. An option was
| therefore given for lease and bond
who has interested certain capitalists
| in Tacoma and the coast, and they
have signified their desire to take a
lease and bond to be approved by the
stockholders, on substantially the fol-
lowing terms:
Terms of Sale.
Purchase price $250,OOO, payable as
follows $4,000 first. year, $4,000 sec
ond year, and $4,000 each year there
after until the full purchase price is
| paid. Is per cent Of the net smelter
returns to be applied on the next in
stallment falling due from all ship
ments of ore or concentrates during
life of lease
purchasers to keep two crews of
seven men each working daily. work
to commence not later than April 1.
1919, for development purposes.
Purchaser to erect 50-ton mill
complete for reducing ores, the mill to
become the property of the company
in the event of the forfeiture of the
bond.
Purchaser to- furnish safety bond
for $4,000 to pay for all labor and
materials used in development work.
mill to be erected within six
months from date of bond.
Stockholders to Meet.
For the purpose of ratifying a
lease and bond along the general lines
indicated. a special meeting of stock
holders has been called. AS the board
Of directors are in favor of the same,
believing under existing conditions
such an arrangement would be for the
best interest of the stockholders and
bring them better than 16 cents a
share if the bond is entirely paid out,
IL is earnestly hoped that every stock
holder will sign and mail his proxy,
attached to the notice of meeting.
either to the secretary or to the presi-
dent so that the requisite amount OF
stock may be represented at the meet
ing to ratify the deal"