The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1889-12-19
The IRON Mountain.

The Iron Mountain.
| The most important event Of the week
in mining circles occurred Wednesday at
a meeting of the directors of the Iron
Mountain company, held in the parlors
ofthe Thos. Cruise savings bank, when
| the directors declared a cash and stock
| dividend.
A money dividend was declared Of 5
cents per share on the 100000 shares
which has been issued by said company.
| The dividend is due and payable after
the 22d day of December, 1889.
The transfer books viii he closed on
! the 22d inst, and after date those who
are entitled can get from c. L. Dahler,
treasurer of the company, at the Thomas
Cruise Savings bank, the dividend accru-
ing to their shares.
There are 100000 shares of stock of the
company which were long since issued
and placed in the treasury for the use
and benefit Of the company. The Iron
Mountain mine has proved itself to be of
such character in its producing quail
ties that there seems to be no need Of the
treasury shares, and by resolution of the
board at its meeting Wednesday it was
declared that the 100000 shares
now in the treasury, being the property
of the stockholders, should be equitably
distributed among the bona fide share
holders of the company. Therefore 1t
was ordered that the 100000 shares now
in the treasury be distributed among
them, pro rata, according to their hold
ings. The secretery was ordered, On and
after the first day OF January, 1880. to
issue and deliver to each stockholder in
the company one share of the reserved
shares for every four shares held by the
stockholders.
It is suggested that all stockholders
desiring to draw their money dividend or
their pro rata share of reserved stock,
present their holdings to c. L. Dahler,
at Cruse's bank. who is treasurer of said
company.
This action of the directors is more
than the stockholders anticipated, though
it was we'll known that dividend would
be declared, but declaration Of either
dividend would have been highly satis-
factory. The cash dividend aggregates
$4,000, while the distribution of the 1OO,-
600 shares of stock remaining IN the
treasury is equal to twenty-five cents per
share additional to the 100000 shares, as
the stock is held easily at 81 per share.
The dividend all told aggregates the
handsome SUM of $129,OOO, which is a
record which has never been beaten in
the annals of mining in the West, when
the short time that the mine has been in
operation is considered. It is not more
than ten months ago that J. K. Pardee
negotiated with Frank G. Hall, one of
the discoverers,for the purchase of an in
terest in the mine. At that time the Iron
Mountain was mere prospect, but Mr..
Pardee's large experience and knowledge
of ores was wcll exercised IN this as
he at once closed deal with Mr.. Hall
and his partners and Immediately came
to Helena where he had no difficulty in
interesting a number of our lacal capi-
tallsts with his new acquisition. His
word that the mine was a good one was
all that was necessary and in twenty-four
hours Ex-Gov. Hauser, Angus A. Melon |
aid, Samuel Word, G. K. Wells, A. NJ. |
Hotter and others agreed to buy the |
property and d company was formed with |
a capital of $4,000 shares at $40 each.
Frank Hall and his partners were paid |
cash consideration, but having great con-
fdence in the property, willingly took
shares for a large portion of their pay.
One hundred and fifty thousand shares |
600 were placed on the market in 25,0O0
share lots. The first shares went like
hot cakes at twenty cents share and the
second lot sold at fifty cents. J. K.
Pardee was made superintendent of the
mine, and while he displayed disposition
to be extravagant in his management of
the work, he nevertheless paved the way
for the work which has been more sue
,er,11 r;ol l,,,I nj /
Allen Mcdonnell in succession. The
general supervision of the work has at all
times been carried on under the direction
Of Mr.. Samuel Word, president Of the
Iron Mountain, who has diligently
guarded the company interests. The
mine had not been in operation three
shipper and has continued to be shipper
increase the value of the property.
3f great interest, as it goes to show what
,an be accomplished by energy and enter
orise which has been a characteristic of
Helena capitalists, and they have never
yet had cause to regret their ventures in
developing the mineral resources of Mon
ana. That the Iron Mountain, which
las been in existence scarcely year can
,ay dividend of sl2O,OOO speaks volumes {
or the possibilities of Missoula county's
uture as producer of precious metals s
The district where this mine is situated
s one of which has barely been prospec-
ed, and the Iron Mountain is the only |
ode which has received much attention. !
Iot share of this stock is for sale now
nd the company still has about $4,000
n the treasury after the dividend is paid.
Stock Quotations.
Closing quotations. Wednesday, De-
emher Is furnished by Inhn " Dau. t