The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1889-12-26


have mine, and should the prospects
ton to build a mill during the next year
ment, and more will be put on soon. A
large, comfortable boarding-.4ouss has
been built for their accommodation
The property is stocked for 100000 shares
par value s. each. twenty-five thous-
and shares have been put on the market
at 25 cents per share, to assist in raising
funds to proceed with the development
work. Stock can be procured from F. VI.
Durfee. president of the company.
| Fourth of July.
HE week III mining circles, says the Inde-
pendent, has been one of great interest. Never
| has there been 50 much activity than was eX-
perienced during the present year, and all the
enterprises OF note have been inaugurated
| and cosummated i'll Helena, the financial cen
ter of the state The event of most import
ance during the week has been the reoryaniz;,-
ton Of the Fourth OF July company Their
| property Is situated in what is known as the
Okano@an country, which is in the state of
Washington only forty miles from the British
| boundary line. During the summer months
showing rich ore in limited quantities, an
| effort was made by Mr.. j. X. Pardee to dispose
OF 1t to a company Of Helena capitalists A
sufficient number Of gentlemen agreed to buy
the property if it proved to be worth the price
asked for it, and to determine this point Capt.
examination. This he did, and reported that
while the ore was rich, the DEVELOPMENT on
the prospect did not warrant the outlay Of the
sum OF money asked for its purchase The
deal then fell through, but Sam l. Silycrman
and Mr.. Pardec were not discouraged. They
immediately went to work and prosecuted
development by running levels on the vein for
a distance OF $50 feet, and put the shaft down
to he lWLfOOt point. The result was more
than anticipated and the gentlemen who re-
used to take the property before We're the
first to become interested in it when the mine
i'll its present condition was shown to them
and the smclter returns from ore shipped
were made known. Since the deal was made
all OF the capital stock has been taken up ut
% cents per share. and the treasury stock,
amounting to 100000 shares. will be started at
% Or IS cents per share Those who got in on
the ground floor consider. themselves very
fortunate. Machinery is being negotiated
much delay and work will be prosecuted it'll
yi@or.
The directors and EcOrporatorS, McS~rS. J.
~ Pardee, Samuel L. l1auser Ed. l. thinner
man, Wilbur +. Sanders. Jos. X. Clark and
Theodore kleinschmidt, met Monday to per
pose OF other matters CT Importance. Mr..
Louis Teuscher, of st. Louis. was the only
director absent.
The board first proceeded to ti,t election
of officers, which resulted as follows: Prcsi-
dent, Joseph X. Clark; vice presidents, Sam.
uclT I. HalEcr; treasurer, T. II. klcinschmidt;
secretary, {. i. Garrett; general manager,
James X. Pardec.
The company authorized the purchase of
the mine and the issuance of stock The
purchase is made Of MeSsrs. Warren IIusscy
and Taylor, Of Spokane. The Fourth of July
incorporation includes ~evcn-cighths Of the !
mine Jonathan Bourne, of New Bedford, !
Mass, OWLS the rcmainin. one-eislth inter
est, but he held it at such an cyorhtant fig |
,re that he was left out |
The trustees authorized the treasurer and |
secretary to sell 10000 shares of the treas
ury stock at not less than - cents per
share. John Wclch, the present foreman of
the Iron Mountain company, Will take charge
Of the mine. Thus another new mining
company starts out upon its career which
is Of 4 most encouraging one. \ reporter
was shown a letter from Patrick Clark, sl-
pcrintcndent Of the Poorman mine, in which
he gives the latest report from the Fourth of
July as follows:
"Ihe south drift which has been poor, has
now four feet Ct 1orty-oilnce ore; the north
drift is over four feet and samples over o96
ounces. This refers to the S5-foot levels
She is great property and ought to sell
or sl0O per share to-day. There is now on
he dump fifteen tons OF the same grade is
hat You had worked at Helena (lnd which
vent i91 ounces to the tom and 100 tons of
he l5O ounce ore.
1t was only after repeated eXamina- ions
md actual attalnment> that the present COM
oany took hold of the property, and from all
eports they have 4 mine Of merit. The eX-
)criencc OF the PoOrman and the Iron Noun
ain was such that no less than fifteen men
ire indignant because they did not get in on
he first subscription list to the stock Henry
5ratnoher is authority for the statement
hat the Fourth OF July has Il better showing
han any property in Montana, for the work
accomplished, and Joseph X. Clark says that
is not every day that you run across Il
hat will run 499 ounces to the ton The mine
5 in Il Wel timbered and well watercd coun-
ry. Development will be prosecuted with
igor during the winter, but no more ore will
e shipped until SPRING. 1t is proposed to
rect Il mill on the property before snow fall of ]
$50. The ore is sulphide aud just base {
nough to require chlorinatiOn to be mlIed !
This enterprise is only another illustration
the enterprise Of Montanians who are not .
fraid to put their money into meritOriOus {
inning schemes, and it is not the first time \
hey have snatchcd from Spokane Falls people !
ONE valuable mines, as the history OF mining
the Crur dAlenes amply illustrates. {
Stock Quotations. {
Closing quotations, Wednesday. De- I
ember 25, furnished by John W. Daw- 6
On, broker: t
an an Francisco Conn.,. ! ls .