The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-09-20
AMERICANA COMMANDER
REPORT STOCKHOLDERS
PLANS TO FINANCE COMPANY
INTERESTING REPORT BY
MERRIAM.

The report OF the president of the
American Commander Mining & Mil
ling company has just been issued in
pamphlet form It's chief features are
a report by J. A. Glove. president, in
which he reviews the efforts of the
company TO finance more extended
development program; financial
statement covering the year ending
June 30. 1928 and report on the
condition of the property. together with
recommendations for further develop
ment by Chas f. O. Merriam, mining
engineer Of this city accompanied by
a cross section map showing the work
ings. Also a large photograph show
ing the position of the Americana Com
mander and its relation to Joining
properties In his report President
Glove refers to circular issued on
June 80 in which stockholders We're
requested to pool their stock under
stated agreements with the company
a large number sent i'm their stock.
but not enough to enable the directors
to carry out their plans In this situ-
alton it was found necessary to levy
an assessment, to which the president
refers as follows:
To Finance Development
ITO complete our development cam
paign which is to prove your COM
pany's ore bodies and place the mine
in shape for production, the treasury
needs approximately s5OO0O00. Owing
TO the failure to date of your companys
financing plans. the directors at reg
ular meeting held on September n,
1928 in the cOmpany's Office at Wal
lace. Idaho voted to levy an assess
ment of two and one half (2i4) cents
q share on all Of the outstanding
capital stock of the corporation This
assessment must be received at the
companys Office in Wallace. Idaho, on
or before October n, 1928 as stated
in the notice inclosed herewith. At
the same meeting a stock dividend of
twenty-five (25) per cent was declared
on all stock subject to this assessment.
"The stock dividend will be payable
on November 80. 1928. and we there
fore suggest that YOU transfer all stock
YOU own into your name
This assessment will not apply to
the stock sent in by stockholders to
the treasurer of the company under |
the pooling agreement as outlined in /
the communication of June 80, 1929
Merriam's Favorable Report
Extracts from the report of Mr.
Merriam follow:
II found that the vein on the sur /
face has been pretty thoroughly ex
posed by a series of cuts. "a shallow
tunnel, and shaft sixty feet deep.
The values are leached i'm the cuts and
i'm the tunnel but at the depth of 25
feet a good grade of carbonate ore is
exposed on the south side of the shaft.
and at the bottom the values in lead
and silver are found across width of
ten feet
Tunnel No / cuts the vein AT "a
depth of 1855 feet below the collar OF
The shaft. From this point the vein is
followed for distance of 1896 feet II
IS stin leached but some values i'm car
Donate ore are exposed and at the
west end the width of the drift shows
salena of a good grade The vein SO
ar exposed in this tunnel discloses
me of the best showings i'm the dist
let and is Identical in every respect
With the upper areas of the Hunter
md You Like mines under which good
ne bodies We're discovered.
considering that the property has
'een developed by a series OF tunnels
o a depth of $50 feet or more, and I
hat it is splendidly fitted with COM l
ressor and all necessary mining /
and that the air pipe is /
ow in place in all tunnels. the work
tanned is more than usually justified /
here is real evidence of a large ore ]
ody under the showing i'm tunnel No 4
and when encountered feel safe i'm !
aging that it will prove to be very L
ich i
I'm conclusion. wish to say that :
on have true fissure vein and one J.
f the best showings i'm the district; X
nd that good galena ore has been ex- Il
osed on the west end and when the J.
roper cross cuts have been run from :
ne lower levels it is almost a certain 5
:. a body of very rich ore will be :
,und" >
BENTON. )