The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-11-29
STRATTON COMPANY
STOCK FOR OPTIONS
OPTION GOOD 80 DAYS
Instructions to Certificate
Holders - Ore Continues
in Both Drifts

ET HE SIftAI ION MINED COIL
pany is the name of a new cor
pOration which has just been
organized and for which articles
of incorporation have been filed with
the county recorder and the secretary
of state Unusual interest attaches
to this new company as it represents
the final step in carrying out the nov
ell plan of financing devised by STRAIT
ton & Stratton for the development Of
the McPhnlips property. Having taken
bond on the McPhillips group of
claims for $4,000, Stratton & STRAIT
ton authorized the issuance of 1900
option certificates at $40 each as a
means of securing funds to carrying
on continuous development as re-
quired by the bond. The conditions
under which the options were issued
were stated on the face of the certi-
fcate, one of which was that when
the condition of the property war
ranted, a company would be organ
lied to take over the property and
continue it's development; that hold
ers of option certificates would be
entitled to $50 shares of the company
so organized and also would be en-
titled to ESQ additional shares upon
the payment of $40 on each certificate,
or stated another way, each certih-
cate was good for 1000 shares at a
cost of $50. Following the remark
able strike made on the property some
two months ago, a large number of
options were sold, and the price was
subsequently advanced to $25. at
which figure sales were continued
until sufficient funds were on hand to
provide for the first payment of
$500 under the bond to Peter Nc
Phillips. owner of the property and
to finance further development.
Company Organized.
In pursuance of the plan as origi-
nally outlined in presenting the novel
promotion plan to the public, Stratton
e ShattOn have now completed the
organization of a company which very
properly bears their name, the "Strat-
tons Mines company" and have issued
a letter to holders of option certifi-
giving specific instructions regarding
the exchange of certificates for stock
and the exercise of the option to pur-
chase $50 additional shares. The let
ter appears in full below.
Work at the Property
Development work at the Stratton
continues with highly gratifying re-
suits. Drifting both east and west
now aggregates probably more than
100 feet The ore in the west drift
appears to be changing, having a
brighter luster than the ore hereto
fore encountered and carrying a much
higher percentage of lead, though an
assay of a single sample indicates
practically no change in the amount Of
silver. This sample, which Mr.. STRAIT
ton says did not appear to be es-
pecially rich returned an assay OF
1926 per cent lead and 80 ounces in
silver. The west drift where this
change in the character of the ore is
noted is extending into high noun
tain and will eventually gain great
depth The new loading bin is COM
pleted, with chute connecting with the
upper bin. through which most of the
crude ore has been deposited below
Substantial additions are being made
to the ore on hand both high grade
as it comes from the mine and the
product of the jigs, but it is probable
that it will be after the first of the
month before shipment is made, the
purpose being to load a so ton car.
The Stratton Corporation.
Following is the letter sent out by
Stratton & Stratton advising certifi-
cate holders of the organization Of
the company:
This will notify you that Stratton
and Stratton have this day incor-
ated their mining venture, known as
Project A, Pete McPhillips property
in the Nine Mile district,-and you
are advised:
81 That the name of the company Is
STATIONS Mines Company.
80 The capital stock is S15O,OOO'OO'
divided into 100000 shares. par value
10 cents.
"S. The number of directors is three
which may, and probably will be IN
creased to five.
a. The names of directors and
officers of the company are, at TINS
time: Jesse Freeman. President,
James A. Wayne, Vice President ana
William J. Stratton, Secretary ana
Treasurer
SO. Stratton & Stratton option GER
tifcates are transferable from TINS
date into shares of the Stratton
Mines Company at $50 shares Tor
each option certificate.
IS. Each option certificate carries
with it a call privilege for $50 shares