Show SALE OF THE SUCCESS MINE special correspondent lV wallace allace idaho june 9 the most important deal involving coeur dalene mines in many months was closed recently when H q F samuels president and general manager of the success wining mining company disposed of his holdings shares of the total capitalization of to a group of capitalists in duluth minn for a reported price of 1 the share cash the sale was negotiated by james F howarth and P J gearon wallace mining brokers and the latter has taken charge of the success company as president and general manager pending the arrival from the east of the purchasers mr samuels resigned as president and will devote his attention to developing acres of logged off land that he owns in bonner county midway between sandpoint standpoint Sand point and bonners 13 ferry several weeks ago mr howarth and mr gearon made a trip to duluth to close a deal for the sale of the reindeer queen copper mine at mullan which also was sold to a duluth syndicate and although both refuse to reveal the identity of the purchasers of the samuels interests in the success it is generally believed that the same men are involved in both transactions the success mine is on nine mile about one and a half miles from the interstate callahan and an equal distance from the tamarack and custer consolidated it is among the oldest located properties in the coeur calenes dA lenes and was first operated by the granite mining company under which administration it is credited with having produced net in 1905 it was taken over by mr samuels who christened it the success and organized the success suc cess company to operate it he was the controlling factor in the corporation po ration and has been president treasurer and general manager since it was formed the property now is fully equipped with machinery and a ton daily capacity concentrating cent rating plant regarded as a fully modern lead zinc mill the success company suspended dividend payments on april 20 1913 prior to which it had disbursed and resumed distribution again april 30 1915 since when it has paid two dividends of 2 cents the share and one of 3 cents or making the total net earnings under the two ownerships mr samuels report to the stockholders in which he announces the sale and his resignation as an officers of the company shows that the companas comp anys cash balance june 10 was and the net earnings from that date to june 23 were making the cash on hand deducting 1917 for operating expense paid during the month in addition there are tons of 42 per cent zinc concentrates vale aed at ready for immediate shipment mr samuels has achieved remarkable success in mining since sin ce he entered the field twenty four years ago he is regarded as the father of the zinc industry in idaho and it is generally believed that but for his confidence in the zinc deposits of the nine mile district there would not be any interstate callahan mine ranking as the third largest zinc producer in the world development of the success ore bodies encouraged development of the interstate calla han ban which now is the premier net producer of the inland empire and which paid the share or in one installment july 1 |