Show notes from the N northwest northwest orth west SPECIAL CORR correspondence 2 chewelah Chew elah wash dec 8 reports emanating from reliable sources state that the tamarack ouster custer mining company is negotiating with the ray jefferson mining company to join in the construction of a mill to treat the output of both properties which lie near each other in the nine mile district of the coeur calenes dA lenes idaho it is generally believed that the day interests te rests controlling factors in the tamarack custer company have acquired large blocks of the ray jefferson stock and it is practically certain that eugene R day managing owner of the hercules mine has taken over the increased capitalization of the ray jefferson company shares authorized at a recent special meeting of the stockholders at wallace the ray jefferson company has announced officially that it contemplates building a ton daily capacity mill next spring and that the heavy timbers and other construction st material will be delivered during the winter the tamarack custer company has been milling its output at the old rex mill acquired several months ago by the rex consolidated mining company which also has taken over the rex mine adjoining the tamarack custer holdings the plant will have to be surrendered soon and the plan to unite with the ray jefferson company in building a concentrator is said to be feasible as the mill can be located at a point available for both earnings of the standard the net operating profit of the standard silver lead mine at ainsworth B C was during october comparing with earnings of for september according to the monthly report issued by charles hussey secretary from the companas comp anys offices in spokane the balance on hand october 31 was against a balance of at the close of september the sale of zinc which was started at the opening of october figured in the months earnings to the extent of preliminary settlement for 1485 tons of ore received during october amounted to the company paid dividend no 34 in october amounting to A similar dividend was paid in november and for december two disbursements of each have been declared in the recapitulation for the month the report shows in the bank and credits for ore shipped and not settled for the red monarch diamond drilling has been started on the property of the red monarch consolidated in the deaver beaver creek section of the coeur calenes dA lenes it is announced by gale smith secretary treasurer of the company the driving of two tunnels one to the north from missoula gulch and one to the south is also under way mr smith visited the property a few days ago the international diamond drilling contracting company of spokane has already set up the equipment for drilling under a contract L with the red monarch states mr smith houses have been erected and preparations completed for starting the tunnels the north tunnel will extend 1000 feet tapping one vein at a depth of 1000 feet the south tunnel is planned to extend feet and will crosscut three veins securing a depth of 2000 feet the red monarch group consists of forty three claims and fractions Hypo assessment the directors of the Hypo mining company meeting at wallace idaho levied an assessment of five mills a share payable on or before december 20 the management has issued a letter to the stockholders stating that during the latter part of last year a great number of the stockholders expressed a desire that the company should finance the development of the property other than by assessments following this the company induced the bond underwriters to take up a portion of bonds from time to time for development purposes this action was ratified by the stockholders as the bonds were issued primarily for the sole purpose of constructing a mill and tramway since then the foot level has been opened and an ore shoot approximately feet long and six feet wide has been exposed the shaft has been continued from the to the 1100 foot level now being opened not having encountered the ore shoot on the 1100 foot level the statement says the underwriters of the bonds have declined to furnish further funds for development but will furnish the money z 0 zo o erect the mill and tramway as soon as conditions warrant |