The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1889-09-27
MONEY ALL GONE.
The Big Bend Mining Scheme Num-
bered Among the Unsuccessful
Mining Ventures.
An Undertaking to Divert a Call
fornia River and Take Out the
Gold Fails.
Dr. Pieree's Circular Explaining How Two
Million Dollars Have Fseen sunk
in the Enterprise

NEW YORK, Sept. ga Times special
from Buffalo says: lone of the largest
mining enterprises of late years has col
lapsed, and the net loss is So, 900 600. The
enterprise alluded to is the Big Bend Tun-
mel and Mining company, with the princi-
pal Office in this city and q branch at Big
Bend. Butte county, California The field
OF operations is 81 the latter place. The
capital stock of the company is $50, OOO, 900.
Two millions has been paid in and suak
almost beyond redemption, IL l. feared by
the stockholders. The president Of the
company is Hon. Roy V. Pierce, NJ. d, Of
this city. DR.. Pierce is at the head of the
enterprise and owns from 80 to 20 per cent
OF the stock. The shareholders are
widely known throughout the country aud
some of them are doubtless feeling pretty
blue over the fading away Of the vision of
fabulous wealth TO be derived from posses
sion of the stock in the Big Bend scheme.
The Feather river, in Butte county, Gala
i rich in its deposits OF gold and the nOrth
fork of the river, called the Big Bend, will
always be considered particularly rich IN
the way OF gold deposits in its gravel!y bed.
A bout five years ago DR.. Pierce organized
the Big Bend Tunnel and Mining company
The scheme was TO divert the stream from
It's natural bed through a huge tunnel,
thus exposing the rich gold deposits sup
posed 10 be- lying along the bottom Of
the river. The bed has been drained, and
contains far more gravel and bOulders than
gOld-So many are DOulders, IN TACT, mat IL
cOsts as much 10 get them out OF the way
as the gold found amounts to.
DIR. Pierce, president OF the company. IN
q circular TO the stockholders announcing
the future Of the company. says: Since
the issue of bulletin No. l, September ~
1885 there has been no material change IN
the prospects developed by our mining
operations last year at Big Bend. The vast
quantity of boulders uncovered completely
handicapped our operations and made them
so expensive as To prevent realization of
profit. In fact, In view OF the adverse
developments OF last seasons work.
tnis T season, It is doubtful II our
mine ever can be worked at
profit; certainly, not at the present prices
OF labor, nor unless some more economical
method may hereafter be invented for
handling the vast qusntity OF boulders
which exist in the river bed. Our opera
tions demonstrated the fact that there is a
vast quantity of gold in our claims; but IN
the race Of the obstacles mentioned it
see ms Impossible 20 extract It at profit.
The total output from our mines last sea
son was Sl7 S32 This did not pay the
cost OF actual mining operations some or
the ground washed quite rich, and every
where gold was found to exist in sufficient
abundance 20 have paid largely, but for |
the unexpected obstacles"
During August OF this year DIR. Pierce
9 ~ the output was about 81, 500, but headds:
. IL Is doubtful IL we shall be able TO DO /
much better than pay expenses this season. /
Everything has been done To operate /
cheaply and effectively, and everything
else likely to facilitate the work that ex-
perience could suggest has been done. In Il
conclusion he says: "But after all our ef- Il
forts, and much as we regret TO hcknowl
edge the fact, yet we are quite prepared TO Il
admit at present we see no prospect OF real
izing our former expectations with
respect to these mines. Great as is our dissp-
pointment at this unfayorable termination
Of our great undertaking, we at least, have
the satisfaction of knowing we were not
more at fault in our Judgment with these
mines than were the most experienced
mining experts of the Pacific Coast, and
that we have been defeated by no fault In
but by the existence OF un-
favorable conditions which could not posi-
bly, have been foreseen or supposed to ex
st, and which were only disclosed when
The mines are freely opened up by our ex-
savations in the ped of the river"