The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-08-17
DIRECTORS OF TARBOX
PLAN RESUMPTION SOON
LETTER TO STOCKHOLDERS
PROPOSITION TO OPTION go
PER CENT OF STOCK.

The directors of the Tarbox Mining
company, having made a thorough in
spection of the mine surface plant
water right, also the big south vein.
will meet next Tuesday afternoon at
800 o'clock to consider plans for an
early resumption of operations I'm
der date of August 10 the directors is
sued letter to the stockholders sign
ed by DR.. H. c. Mowery president
and John f. Ferguson, secretary, in
which they are formally advised of
the satisfactory settlement of the
pending litigation, the details of
which have heretofore been published
in the Miner The letter also advises
the stockholders of the result of the
inspection of the Tarbox property by
the directors, and also the PROPOSE
ton to option 90 per cent of the out
standing stock of the company at %
cents per share. After explaining the
settlement of the litigation and report
ing the election of a board of directors
consisting of Dr. H. c. Mowery, Frank
H. Davey Richard Daxon. Geo. A. Nor
timer and John A. Lewis. the letter
says:
1.-THE directors have made a thor
ough physical inspection of the COM
panys property and it's affairs, hav-
ing returned from the mine yester-
day. August 9Th. Plans for extensive
development are under consideration,
which include replacing the present
method of steam power by either wa
ter or electricity Estimates of cost
are now being gone into by the direct
ors and the company's consulting en-
gineers. We are gratified to find that
these costs will be very materially re-
duced from figures obtained several
years ago when this work was previ-
ously under contemplation. With
these steps undertaken the develop
ment and exploitation of the COM
pany's ore reserves will be planned
and carried out along lines of best
mining practice, looking to early ship
ments of ore from the mine.
1--WE believe that after viewing the
underground workings, our engineers
estimate of ore blocked out, namely,
rs, 600 tons is a very conservative,
and with this tonnage in sight hand
some profit should be realized. An as
say which was recently made from
ore taken from the 1O0O-foot level
shows the following values; Lead 20.S
per cent. silver 11.2 ounces. The gen
eral trend of the metal markets now
is upward after a long depression.
Labor and material costs have greatly
declined, permitting resumption of
operations on an economical scale
When the present plans under consid-
Grafton have been worked out in de-
tail the stockholders will be advised
through means of additional reports.
The accompanying balance sheet,
showing resources and liabilities as
prepared by the treasurer under date
of July IS. 1922, is self explanatory.
Option Outstanding Stock.
"You are hereby advised that the
parties whom we have interested in
the financing of your company desire
to option at least so per cent of the
stock at Is cents per
share. We are accordingly inclosing
herewith an option agreement for
your use You may forward option
with your stock either to
the First National Bank Wallace, Ida
no. or to John F. Ferguson, secretary
of this company. You are urged to
give this matter your immediate at
tention, as by SO doing you viii ma
terially assist the company in its fin
ancing plans. thereby eliminating the
necessity of levy assessments.