The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-04-26
RICHM' MOST. LAWRENCE
MERGER IS ANNOUNCED
DOES NOT INCLUDE sUTHER-
LAND INTEREST HELD UN-
DER BOND BY RossI.

fNARNhAARANfA0 iiA AAlsf 81 IsIWIGuE
Copper Mining. company have receiv
cd a letter from Samuel -. Holbert
president dated Pittsburgh. April II
in which they are informed of al
agreement entered into with tn,
Richmond Mining. Milling & Reduc
ton company by which the latter
proposes TO take over control Of tn,
ST. Lawrence company on a basis Of
exchange of stock. one share of Rich
mond to five shares Of st Lawrence
The letter from President IIolbert
follows:
Plans Outlined.
"As you have been advised hereto
fore, development work at the St
Lawrence mine was suspended on
May 1. 1921, the funds in the treasury
having become exhausted before the
objective was reached Furthermore,
on account of lack of funds. the bond
and lease on a one-half interest in the
St Lawrence claim, and on fractional
interests in two other of the COM
pany's eight claims has lapsed, and
the bond and lease forfeited
I'VE have been working for some
time past on plans for future devel-
opment
las you have been Informed in pre-
vious reports the st. Lawrence work
ings lie at an altitude of from $500 to
5000 feet, in a region where the snow
fall is heavy, and the winters long and
rigorous Under these conditions. OPP
Grating costs are high You have
been told that the long haulage tun-
mel driven by the Montana Idaho Cop
per company (MonitoD would event
ually afford an opportunity TO open
the St Lawrence Richmond vein at
great depth and provide weather
proof outlet to the railroad. This tun-
mel 5000 feet long was completed to
a point under the Montana Idaho
shaft last August, tapping their vein
at a depth of 1900 feet Prior to that
time. the Richmond Mining, Milling &
Reduction company. whose mine ad-
joins the St Lawrence on the west,
purchased from the Montana Idaho
company an easement through this
tunnel and the right to drive a cross
cut from it to the Richmond-St. Law
renee vein.
IN view of this situation, it would |
be foolish for ms to make any plans |
for continuing development work on |
top of the hill A careful study show
ed three courses of action open to us. /
"The first would involve the pur-
chase OF an easement through the
Idaho tunnel and the driv-
ing of a crosscut to the st. Lawrence
This was discarded because it would
require a large amount of money and
would be an unnecessary duplication
1f effort
THE second plan would be to allow
,ur property to remain idle indefinite
" This seemed undesirable for sew
rial reasons. one being that debts are
ccumulating principally for caretak-
RS wages, taxes and assessment
york
"The third plan involves a merger II
~ consolidation with Richmond. The
richmond people first proposed that
We join them in driving the crosscut
rom the Monitor tunnel. which will
re 1850 feet in length, and viii tap the
richmond St Lawrence vein at
epth of about 1900 feet, or 400 feet
Glow our workings but being with
mt funds i'm our treasury. we are
nahie TO agree to this =
ION continuing negotiations it de- f
eloped that the Richmond company h,
'ould be willing to take over control 4
the 81. Lawrence company on Tie @
asis of an exchange of stock. and a
rive the crosscut at their own cost. O
his plan was fully considered in all a
S details. and finally the terms We're @
greed to, and the necessary papers
gned. by holders of about three G.
,urths of our stock. on condition that b
\ ST Lawrence stockholders be per- p
lifted to share equally in the ex-
iange. 90
The Richmond company 10 ex- C,
iange its stock for one-half of the
/. Lawrence stock on the basis OF ri
he share of Richmond stock for five
lares of St Lawrence stock, the m
edmond stock TO be placed in es- fl
ow in some bank to be decided on, gi
I'd held for a period OF two years or
ss cs
IAN stockholders are given permits b,
on to share in this exchange. In
Sc any stockholders do not wish to bl
.at themselves of this. sufficient ia
ock has been pledged by other w
ockholders to make up the differ
ce" DC
Mr. Holbert's letter is accompanied CIR
= a report on the Richmond mine by ne
~ Sharp, managing director of
c Richmond company pc
Wallace People Interested. wi
Half of the St Lawrence claim is
gned by Angus and ID. II. Suther- su
nd. of this city and interests in the
ikeview and Silver Lake claims are su
'ned by the Sutherlands, H. f. m,
owes and Geo. X Garrett. of this co