The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-05-20
The Bunker Hill & Sullivan--Inner His
tory of the Company; Its Personnel
and Its Finance

5 the seams and crevices."
e When Reed visited the mine. foi
the purpose of inspecting it, although
he also knew nothing of mining. he
was astonished at the showing made
by the p feet of galena in the Suri-
van He exclaimed. Wen. that's
better than l ever expected to see
This face of galena had been left in
tact for the purpose of helping a sale.
Reed departned next day with Waro-
ner, and 10 days later Lee received a
telegram from the latter ordering him
to measure up the ore in the mine
and on the dump and to get his re
port to Spokane within three days.
shortly afterward Reed informed Lee
by letter that he had bought the mine
and wanted him to remain as fore
man. Then came Joshua r. Clayton
with instructions also to report on the
mine. After week or more. the pro-
fessor asked Lee what his estimate
had been and expressed agreement as
to the tonnage. When Wardner ar
rived, he told Lee that he had not
shown his estimate to Reed. because
/ il was so much below the figures he
himself had stated to Reed There
upon Lee resigned He was asked by
Reed to come to Spokane. where he
told Reed the whole story. which did
not seem to perturb the new owner of
the mine Reed wanted Lee to return
hut he refused. BY way of summary.
Mr.. Lee writes: Prof Clayton and !
talked freely about the property and
he agreed with me that there was not
S15O0O0 in sight at that time in the
property that Mr. Reed had paid
S650,0O0 cash for and | firmly believe
that the p feet of lead ore sold the
Sullivan Bunker Hill property.
Professor Clayton gold $500 for his
report and I got 500 for mine and we
both got the same results. but. best
of all, the mine was there-the big
gest silver-lead property in the
world"
The Bunker Hill & Sullivan Min
ing and Concentrating company was
incorporated under the laws of Ore
gon at Portland. on July 2S. 1887, by
s. G. Reed. his secretary Martin |
Winch), and n. S. Kellogg. The cap /
italization was S3,OOO,O 600 in 100000 |
shares of SO each. OF these 100000 |
were issued. Information concerning /
the amount of money paid for the /
various mining claims acquired by
the company at the start is not now
available because the old records
were kept in the office at Kellogg
and were destroyed when the build
ing was dynamited in 1899; other rec
ords of the company were burned in
the San Francisco earthquake fire of
1906. Out of the 100000 shares issu-
ed, 249,99S went to S C. Reed and one
share apiece went to Martin Winch
and n. s. Kellogg. On October 3,
however, Kellogg received 3S,S72
shares from Reeds allotment He
sold out on March 81, 1890 Sullivan
received 1894 shares from Reed on
November Z. 1887, but he disposed Of
them all before December IS, 1891
OROurke received STA shares on
April 81, 1885, and sold them prior to
January II, 1894. Thus all the dis
roverers ceased to be stockholders
within seven years.
Sim Reed, as he was generally
known, was good specimen of the
business man of the frontier days. He |,
was a native of Massachusetts and
came to San Francisco. by way of
Panama in 1852, when he was %
years old. He was a clerk and then
| partner in the firm of w. S. Ladd e
20. In 1888 he became active in the
development of the steamship bust
less and founded the Oregon Steam
Navigation company in 1860. His
with this enterprise, as
iirector and vice president lasted I'M
il the transfer of the property to the
Willard Syndicate for S5,OO00O0 in
S79 In the same year he partici-
)ated with A. Onderdonk and d. o. Z
Mills in a contract for building the {
irst section of the Canadian Pacific
ailway from Port Moody to KAN :
oops. in British Columbia. In 1882 5
lie organized the Oregon Iron & Steel
and erected a plant to make '
zig iron and cast iron pipe. in which :
aspect this plant was a pioneer on I
he Pacific coast He was regarded .
IS a man of sagacious and enterpris-
ng character with the courage TO j
ace and overcome difficulties He a
wned the Abingdon building, the ,
argest office building in the city of :
Portland, and he is said to have mort r
aged this property in order to raise
he money needed to purchase the
Bunker Hill and Sullivan mines. He
old his shares in the Bunker Hill
ompany because bad health prevent
d him from devoting his personal at
ention to the management. Having
made the sale he went to Europe for
holiday. In 1904 he gave sS,OO0.OOO
o found the Reed institute at Port
and. This college is a monument to
lis intelligence and generosity He
led at Pasadena, Calf, on Novem-
'er 7, 1905.
Shortly after purchasing the mine,
Reed asked w. B. Bourn, of San