The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-05-20

in 1891. Ii was connected with tn,
mines by a Bleichert tramway. erect.
ed in the same year by the Trenton
Iron Works and reconstructed %,
them in 1892. This tramway had
horizontal length of 10000 feet anC
cost in ALL S92, 6S5. 1t proved a trou-
blesome affair The nominal capacity
was 400 tons per day At the begin
ming the cost of carrying ore over
the tramway was greater than if il
had been done by horse and wagon
Owing to defects in design and cree
ton there were frequent accidents
which not only interrupted the deliv-
cry of ore to the mill and conse-
Quently increased the operating cost
but the dropping of buckets upon the
town of Wardner caused endless diff
iculties One span, 1900 feet long.
passed over the town. Buckets drop
ped from the line. so that persons in
their homes and horses in the street
were killed. A new type of button
was put on the moving rope. the
brake station in the town was cut out
and one long span substituted, there
by diminishing the liability to acct
dent; at the same time the number of
buckets was increased and the tram
way was worked overtime so that its
average capacity was increased to
500 tons per day before its use was
superseded by an adit
The records show that although
21S,1OS tons of ore was mined up to
May 81. 1892. for which the smelter
made returns of s1,92S,OSS, yielding
an operating profit of SS9S,6O1 the
company was unable to accumulate
sufficient money to provide the plant
and equipment necessary for its ex-
panding operations In September
1890 Reed made a deal-with John
in consideration of commission of
$500 shares of the company's stock
agreed to find 100000 of working
capital On October Mr. Hammond
obtained $4,000 from d. o. Mills as
a loan at 10 per cent on $4,000 shares
with an option to buy them at SO per
share. This option Mr.. Mills exercis-
ed on June IT, 1891. Mr.. Hammond
sold another block of $780, shares at
SO per share to a Chicago syndicate
headed by James H. Houghteling, of
Peabody. HOughteling & CO. This
money was needed to make the i'm
recommended in a report |
by II. II. Webb, including the Blei-
ebert tramway and the new mill !
Early in January of the following !
year 1S9) the secretarys report |
showed deficit of $13O,OOO and stat
ed that the new concentrating plant |
at Kellogg would not work until |
April, at which time a profit of $780, |
900 per month was anticipated A
loan of 100000 was made by the First /
National Bank of Portland, this debt !
being reduced to $4,000 by July. A |
little later in consequence of the |
purchase of a number of !
additional mining claims, its in |
to the Portland bank in
creased to a point where it became !
Thereupon. on Sep |
TENDER IS, 1891, w. H. Crocker of San !
Francisco loaned the company $11O,- I
200 at 1 per cent per month, and a |
week later he became a director. Mr.. |
CrOckers bank became the depository .
Of the companys funds; he has been /
a member of the executive commit
tee and treasurer of the company ever
since, in which capacity he has loyal
" served it through its every finan-
eial necessity. On May 81, 1892, the
Bunker Hill cOmpany's balance sheet
showed assets of $S,4S3,276, with liza
in the form of money due,
amounting to 1857, 900 In September
If that year Mr.. Mills again stepped
nto the breach by loaning $4,000 at
10 per cent to apply on the indebted
less. At about the same time Cen
,ral n. H. Harris, uncle-in-law of
Mr.. Hammond lent the company
20, coo at 10 per cent for the pur-
hase of the Lackawanna claim. In
lay, 1898, the net assets had risen to
S.657554. and the cash liabilities had
decreased to $4,000.
Many transfers of stock were made
Turing these years. Mr.. Hammond
btained his first holding as a com
mission, as we have seen; prior to
september 81 1892, he owned 32,962 7
hares. He now owns 1901, and Mrs.
hammond holds S499, plus the 500
'hich she inherited from the estate r
f her uncle, General Harris. Mr. I
hammond obtained 1920 from Reed, c
796 from Kellogg, 625 from Mills, f
5, SIS from Croker 500 From For t
esLeith, 500 from c. L. Hutchinson
nd 5000 in the Chicago syndicate :
ale. Victor Clement acquired &c. s