The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-05-19
SENATOR COMPANY GETS
OPTION AND EASEMENT
RIGHTS OF GREAT VALUE Sc
CURED FROM GREAT EAST
ERN-TERMS OF DEAL.

The Senator Mining company last
week secured an option to purchase
225. 600 shares of treasury stock of the
Great Eastern Mining company and
desires an option on enough more tC
give it control of the company. Al
the same time the Senator secured
an easement from the Great Eastern
under which it has access to the Great
Eastern both on the surface and I'M
derground for any purpose in con
nection with mining operations This
deal with the Great Eastern seems to
be the sequel to a conference held
some two weeks ago in which the
participants were Harry S. Mudd, of
Los Angeles, and Rush j. White, of
this city representing the Occur
ld'Alene Syndicate; Ed Ehrenberg and
/ NJ. w. Neary, OF Spokane, represent
ing the Senator Mining company, and
the directors of the Black Bear Mines
company. The subject of the confer
ence was an easement in favor of the
Senator Mining company permitting
ii to use the Black Bear tunnel on a
basis similar to the terms of the
easement given by the Black Bear to
the Flynn Group Mining company.
The Occur d'Alene Syndicate was a
party to the conference through the
fact that it holds an option on con
troll of the Senator and is doing the
development work for which the ease
ment was desired. The conference
adjourned without reaching an agree
ment, the terms named by the major
lily of the Black Bear directors being
regarded as too exacting by the Sen
ator and Syndicate representatives
Deal With Great Eastern.
1t is assumed that the failure to
reach an agreement with the Black
Bear caused the Senator to turn to
the Great Eastern as a means of Sc
curing an outlet. This deal recalls
the fact that about a year ago the
Senator company secured the right to
use the Great Eastern tunnel for the
deep development of it's ground, and
presumably relinQushed its right up
on optioning control to the Occur
d'Alene Syndicate. The new deal
with the Great Eastern, however, is
much broader in its scope, covering
pi actically every line of mining ac-
tvity both underground and on the
surface. 1t also includes an option on
control of the company under which
the Senator agrees to begin certain
development work within six months
for the purpose Of finding valuable
mineral deposits on the Great Eastern
ground. The Great Eastern company
owns II claims and the prospect of
finding commercial ore upon some of
these is regarded as probable The
group joins the Black Bear on the
north and east, the portal of the
Great Eastern tunnel being near the /
railroad and a short distance up Can /
yon creek from the Black Bear. The /
distance to the Senator Ground by /
way of the Great Eastern tunnel is .
estimated to be at least 1900 feet
than by way Of the Black
Bear.
Option and Easement.
A letter has been sent by John c.
Turst secretary treasurer of the
Great Eastern. to all stockholders ad-
Using them of the terms of the OPP
ion, from which the following is
aiken:
your company has today granted
o Senator Mining company an option
o purchase 225,OOO shares of the COM
,any's treasury stock at lOc per
share, 25 per cent to be paid for on or {
before May Is, 1923; rs per cent to
,e paid for on or before November Is,
923 and so per cent to be paid for {
N or before May IS, 1924. The Sen Z
tor company has the right and priv
lege under the option to perform GER
ain development work on our prop 3
rty. The company has also granted
o Senator Mining company, in addi-
ion to the stock option, certain ease
nents and rights of way over our
property. for which the company is to
,e paid $4,000 on or before May Is.
924, in installments of $1,000 each.
rhe action of the officers in entering
nto these agreements for the com
,any has been ratified and approved
~ the full board of directors
"The Senator Mining company de-
Tres to secure an option on sufficient
took in our company to give it con- {
rol, and therefore in order that every
may be given equal OPP
,ortunity to option his stock if he so
lesires, q form of option is herewith
with letter of instructions 5
o First National Bank, Wallace, Ida
10, where the stock must be placed
n escrow"
Rights Under Easement.
A copy of the easement granted ,
he Senator Mining company by the {
ireat Eastern was filed for record !
Monday. It practically gives the
senator all the rights of ownership,
IS will be seen from the following Y
The Great Eastern grants a per ]
Continued on page 81 {