A HUGE PROJECT.
A Company Formed to Build The Valdes
Kail road--Fort us B. Weave to be j
Head--Capitai*zed For $^.000,000,
Seattle, Dec. 12 — A transaction
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involving the proposed construction
a id equi, age of a railway from
Wildes to the interior of the Copper
r.ver country and the transfer of
1 i t h cop} er properties in the latlei j
district, is reported effected in Chi
cago. Portns It. Weare, former v
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of the North American Traci g avcl
Transforation Company is men-|
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tx neu as the president of the corp
oiation that is to undertake the
mammoth deal. The capitalization
of this company is placed at $9,000
000. The price paid tor the min-:
i.ig properties was $1,125,000, upon
tue terms of $55,000 down and the
remainder when experts for the
company return a favorable judg
ment of the value cf the claims.
F. B. Millard, one of the owners
of the claims together with L. C.
Dillman, a local promoter, is cred
ited with the execution of the trans
fer. The news was brought to this
city by J. D. Meenach, a Valdes
mining man, who returned from
the East Thursday. Before leav
ing Chicago, Mr. Meenach met Mr.
Milliard. In t.he course of conver
sation the latter disclosed tne trans
‘action. Shouid it develop that the
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proposition is bona-fide, the possi
bilities for the country interested,
are enormous. Valdes’ growth to
a leading city of the Alaskan coast
would be assured.
Philadelphia, l)ecr 17.—Tom
Sharkey and Peter Maher will meet
in a six round bout before the Cen
tral athletic club on the night of
Jan. 17. Arrangements for the
bout were made today and the terms
made were satisfactory to both. No
decision will be given but there
will be plenty of boxing in the six
rounds.
The petroleum company which
with a capital of $30,000,000 con
trols the biggest of Texas oil wells,
has bought the interest of one of
the largest mercantile corporations
ot England, and started an ambit
ous campaign to compete with the
Standard Oil Co. in Europe and
Asia. The’ big Russian oil inter
ests will also be in the struggle and
r^d-hot competition is in prospect
for a long time.
San Francisco capitalists are pro-;
moting a plan to connect that city,
with the Philippines by means of a
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new steamship company. Her men
of money are getting together ma
terial to lay a cable under the Paci- :
fic to the islands, and they promise ;
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to reach Hawaii in six months.
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Charley Brown, the Indian who
left town with Connors, is lying at
death’s door at the Bear creek road j
house. It was the intention to '
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bring him up to Rampart and place i
him in the Mission hospital, but his !
weak condition will not admit of^
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the trip.
SCHLEY CONDEMNED.
l\y Court of inquiry oil Kleven Count*
Admiral Drwey Files A Minot i y
Kepoi-t l ^holding Admiral Sclile;. .
Washington, Dec. 13.—The most
prolonged, interesting and import
ant naval inquiry ever cond .cted
in this country came to a close to
day, having in open and secret
session lasted three months short < f
one week, when Secretary Long
was handed the findings of the
court which iuquired into the con
duct of Rear Admiral Schley in the
Santiago campaign. For sly. n
weeks the court heard testinioi y,
and for nearly a month it delibei
ated upon a mass of evidence, tin- -
ly reaching the conclusions aunou. -
ced today. The result was a o m
pletc surprise, and it is probab.e
that no prophesy has approached
the truth. Instead of one repo t
there are two. Both are signed by
Admiral Geo. Dewey, president,
and by S. C. Lemly, judge-advo
cate. The majority report con
demns Admiral Schley on 11 poii: s
while Admiral Dewey sustains h m
in most particulars in his minority
report. Schley’s conduct dining
the campaign is characterized as
vacillating, dilatory, and a lack cf
enterprise. Dewey’s report says l e
was the senior officer in command
off Santiago and entitled to the cre
dit due for the glorious victoiv re
sulting in the total destruction of
the Spanish ships.