The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1889-03-28
AMONG THE LEDGES.
THE GREAT WEST GRANITE-EllZA.
BETH DEAL.
Dips, Spurs and Ansles-Stock Quota
ti0ns Granite Mountain Bi- Ne
tallic-San FPancIscO-Iron Noun
tain-Fourth Of July.

A deal was consummated in Helen
last week of great magnitude and i'm
portance to this community. insuring a
it did the prosperity of a great mimi
property and the interests of larg
number of small stockholders, both il
Montana and St. Louis.
The general public were greatly SUI
prised in the sharp rise during the las
two weeks of West Granite. Some thre
weeks ago the Helena management wen
to st. Louis and endeavored to get tn
st. Louis people who held West Grant
stock to consent to an assessment of q
cents share in order to pay off the deb
due the First National bank of Helena
amounting to S45,U00, the remainder t.
be used IN continuing the work OF devel
opment. They threatened, in case tht
money was not forthcoming, to close
down the mine and have it sold under at
tachment. Their efforts were fruitless
Amid great excitement on the st. Louis
stock board, the stock dropped from 9:
to 35 cents. It afterwards rallied an0
fuctuated between 40 and 60 cents TO,
some days, During this time a large
quantity of stock was picked up by in.
side parties. Without apparent reason
the stock continued to advance. mystify-
ing the general public and the st. Louis
people in particular. In the st. Louis
Republic of March II much space is
given to the complaints of some OF the
small stockholders who growl over the
dark workings of the management in the
manipulation of the stock and call for an
investigation:
On the 21st the stock jumped up to
Sl.35, the reason of which was not under
stood here until the arrival of the Helena
Independent of the same date.
We quote it's we'll written article entire
After four days of suspense the eagerly
looked for West Granite meeting was
held yesterday at the Cosmop ol1tan hotel,
and the anticipation that something of
great Importance to its stockholders
would happen has been fulfilled It has
been known for some time that the CON-
pany was in distress financially and that
Hear ea2fmfRth{llnpgg EHfs 0Pt s6dope III the egg
would be closed out at sheriffs sale and
the eastern stockholders would be the
losers. The president and treasurer of the
while in St. Louis few weeks
ago explained the situation to the stock
holders there and urged upon them the
necessity Of some prompt action pointing
to tie subscribing OF funds. Heretofore
the Helena men have advanced all the
money for development while tho st.
Louis people had been dabbing in stock.
Notwithstanding it's many ups and
downs, the firm belief has existed that
the West Granite was mine OF merit
and while it has gone as low as twenty or
thirty-fve cents, three weeks ago, yester
day it sold at 81 in st. Louis. F)r four
days telegrams have been rushed into
Helena from ST. Louis, the people there
showing great eagerness to learn what
was being done, but until o'clock yes
terday afternoon they were kept in the
dark.
John J. Taussig and J. H. Dieckman,
Of the firm of Wernse & Dieckman,
brokers' for the Granite Mountain and
companies arrived in Helena
last Sunday. These gentlemen had a
to make in behalf of a power
ful Syndicate composed of l.. M. Rumsey,
president of the Granite Mountain,
Charles Clark, president of the Bl-
Charles Mcclure, Moses Rum
soy, Paul Fusz, A. B. Ewing, A. j. We'll
and others, each of whom is capitalist.
The meeting was deferred until yesterday,
pending the arrival of some important
documents from Granite Mountain and
Bi-Metallic officials who are in Philips
burg.
Ia the parlors of the Cosmopolitan
hotel, the place selected for the meeting,
we're the following members of the West
Granite directory: A. NJ. Hotter, presi-
dent; HI. M. Parchen, treasurer, G. K.
Wells, secretary, and j. K. Pardee, Ed.
and A. A. Mcdonald, trus-
tees. S. T. Hauser, the other trustee, is
in New York. The proposition of the
syndicate made to the West Granite
was accepted, and the result is
that the West Granite mining company
is no more. The purport of the agreement
is that a new corporation will be formed,
10 be known us the Elizabeth mining
with capital stock OF $5,O0O,-
700, divided into 100000 shares at a par
value of SIS each. The syndicate agrees
TO furnish S150,O0O, which shall be used to
iouidate the debt of the old company,
now about $4,000, and the remaining
100000 shall go into the treasury of the
new company as working capital. The |
the syndicate receives for
-bo ,1x,,oo ;c O50 0nO shares Of stock in |
;he new corporation, and 25O,O00 shares |
will go to the stockholders Of the West |
Granite company. which will be divided |
n ratio, that is, two shares OF old stock
will be surrendered for one share in the
Elizabeth company.
The trustees of the West Granite will |
;all a meeting of the stockholders, due
lotice of which will be given six weeks
previous, to rdtify the action OF the
llrectory. AS controlling interest of
stock was represented at the meeting,
he action may be considered ratified,
md the call of stockholders meeting
vill only be made as legal reqirement
The directors feel that in taking this
ction for the stockholders of the West
Granite, taking into consideration the
Indebtedness of the old company, they
eel that it is not only the most satlsfac
ory arrangement for them but the best
,ossible thing that could be done for the
took, the syndicate representing as 1t
|oes the Granite Mountain and Bi-Metal
ic companies. A short time ago it
ooked like ruin for the stockholders,
whereas this new deal will be OF great
,enefit, and all who may desire to close
MT will have an opportunity to do SO in