The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1889-03-28
and most important of all, a working
capital of 100000.

Probably no more important mining
transaction has ever taken place in Mon
tana and it is virtually victory for Hell
ena men. A great commotion was no.
ticed in the hotel lobbies, throughfares
and business circles when the result o
the meeting was announced. It was the
one topic of conversation in all quarters
and the question was often asked "Why
did these Bi-metallic and Granite Moun-
tain people come to the front?" This
can only be answered by themselves. It
is known that they have been in Mon
tana about to weeks, ostensibly to wit
ness the starting of the new Granite mill
and to make general observation of
their vast interests in that section.
While this appeared to be their object it
is reasonably certain to suspose that they
have examined the West Granite group
OF mines which consist of nine claims:
Elzabeth, Ratt1esnaHe, Alameda, Frac-
tion, Butte, Clear Grit and Douglas Nos.
l and 2.
The West Granite people have re-
peatedly asserted that in the Elizabeth
they had the B1-Metallic lead, but this
was presumed to have been circulated
for the purpose of booming the stock.
They still assert this, but just now do
not care whether 1t is believed or not. It
has been reliably reported, however, from
dlsinterested persons, that it is the whole
truth, and that the st. Louis people have
examined it and are sufficiently satisfied
with what they have seen to advance the
| money required for extensive develop
ment and to acquire controlling inter
est, which they now have, as it is under
stood but one-third of the West Granite
capital stock is held in Montana.
In the light of all this Elizabeth stock
will be the most active in St. Louis for
some time, and it becomes source of
congratulation to the directors of the old
company that the settlement was SO
quickly and quietly consummated.
Much satisfaction is expressed in Phil
ipsburg over the successful outcome OF
the Helena conference, although some
fear that the mine will be absorbed into
the Granite and Bi-Metallic systems and
thus prevent the erection of all indepen-
dent mill. The West Granite is unques-
tionably valuable property and con-
tinuation Of tho Granite vein.
A meeting of the stockholders will be
held in Helena, May l3, to ratify the
company's action.
The syndicate took 25O,OO0 shares at
to cents share. Mr.. Rumsey drew his
personal check in Helena for $4,000, the
due the First National bank,
and gave his obligation for the balance.
After the action of the management
has been ratified by the stockholders the
new company will proceed in the devel-
opment with great vigor, and, unlike the |
old company, it will not be handicapped
by lack of funds. After little more
work has been done they will get into
hne shipping ore, then the mine will not
as in the notable case of the Bi- Metallic,
accumulate a surplus to build mill and
make other improvements.
The action of the Granite and BIZ
people in buying West Granite
stock was brought about by the discovery
If the Bi-Metallic in crosscutting, that
heir vein led into the West Granite
ground.
The West Granite was the biggest
gambling stock on the st. Louis board.
Fortunes have been made and lost by it.
The biggest day in it's life, however, was
when the Granite and BIZ N etallic bought
nto it. The new company starts out
With high-toned connections.
Hurrah for Elizabeth, and long may
he wave!