The Helena independent., 1889-04-11
AMONG THE MINES
The Annual Meeting Of the Directors
OF the Elkhorn and Officers
are Elected.
Semi Annual Report OF the Drum
Ol Lummon Mine-Plenty OF Good
Ore in Sight.
The Copper situation Mining Notes of In-
terest From Mines we'll Known
FNerywhere.

The ElkhOTn mining company held iA
annual meeting Tuesday and elected d.
rectOrs for the ensuing year They are.
A. NJ. Hotter, president; c. j. Kinna, wee
president: John Shober, treasurer; &, l..
Vawter, secretary, and NJ. NJ. Hotter. a
report from the Hotter mine says that the
property il looking better than It ever did,
aud there is great deal 0f ore In sight Of
a rich average grade. Secretary Nawter
says the ore will run ftty ounces silver 10
the ton, the cost OF mining and milling
being Abuut half The proposition was dis
cussed, but not acted upon, Ia erect an adj
dlt0ual quartz mill Of thirty stamps, Al
present twenty i've stamp mill Is work
ing, but late developments are such that
Increased facilities for treating ore will pay.
Whether the company will decide to put
up this new mill wall ne known very soon.
IA II Is being seriously considered, and II
they do Il will give new life 10 The town Of
Elkhorn. The probable cost would be
slJ00O0
On saturday May l5, the stockholders
of the Maginnis Mining company Will hold
a meeting u bear a proposition ifoB the
dir ct0rs u sell, lease OF otherwise dispose
OF the Oro Cache mine and extension, the
Montana mine, together with certain real
estate, mills and mill sites, buildings, mrr-
chAndise and all the cOmpany's property.
THE DRUM LuMMON.
A copy Of the semi annual report Of the
directors OF the Montana company
Ialmited), operating the Drum LummOn
mine, has been received through the cOur-
tesy of superintendent X. +. Bayhss.
Lufing 1877, 20 005 tons uf ore were crushed
tne gross yield being 5000 67i, while in
! IsSs, ~. 7l5 tons were treated, yielding only
| 81, ,Ogi, ,5gs, showing decrease Of sgId O16.
| The total expenditures for 1882 were
| S652, ,257 ~, q decrease Of Sai, ,36t over 1877.
| During the past year the ore treated was 0i
lower grade, but IL costs just A much
10 treat II as though II were high
grade. The average cost of mining
| and milling per ton for the half year Oi
| lsss was 81 "A, decrease OF SO II per ton,
In the 6O-stsmp mill, dry crushing, the
average cost per ton has only been 81 ~,
which, Mr. Bayliss says, renders IL pUss blt
| To derive fair margin Of profit on exceed
ingly low grade ores. The total linral de
velOpment for the year was ~ ggs feet
| There are 2l5,sj2 tons Of reserve Ore N
| sight Another dividend will be paid OF
| April Is, Of $4,000. Altogether the min'
is In 1Ourlshing condition. and th'
amount OF ore In sight is greater exhibit
than any mine has ever heretofore dis
Il
their sincere thanks 10 Mr. X. 4. Baylis
for his Jealous and able services, AS well Al
all members Of the staff.
ABOUT COPPER.
| The copper situation is still unchanged
though areduciiOn In price from IL cents Il
inevitable. The Engineering and MininD
Journal of the 9Th inst, In speaking of ih
situation, among other things says Th'
negotiations In Paris are still going on, bu
the proceedings are kept strictly private
OF course II in quite evident that no salts
factory arrangement has yet been arrives
at, but, considering all the circumstances
little delay Is neither surprising nor dis
couraging ID those interested In the settle
ment.
In our own market the principal event o
the week Is the announcement that tn
Lake companies, owing 10 n great pres
sure brought To bear on them from all side
10 reduce the price Of l6lsc. at which
under the recent pool sale, they cOntractei
10 supply consumers up to May next, hav
decided 10 cancel such contracts as far a
applies TO the unexplfed term, but, AT IN
same time, they have Informed the cor
sumers that they have no authority frOI
the syndicate 10 sell below that figure, an
will continue TO supply such quantities a
they require at the price Of l6lsc. Thi
step has been taken by the Lake cOmpanie
in order not 10 prejudice them In any wa,
IN relation 10 their own obligations 10 tn
| French syndicate.
IL is expected, however. that some nj
rangement will be come 10 In very fey
days t0 enable them 10 reduce their price
somewhat below l6c,, when they will, n
doubt, find ready buyers at the reduction
For future delivery Lake copper is Oiferc
ON the Metal Exchange for April at 10 q
May at 10; June at IS 80: July at l3 80; hu
buyers only bid considerably less.
On the whole the position Is still very M
certain, but whatever may be arranged
requires no great amount OF foresight I
predict that lower prices more in harmon
with the level reached in Europe are ine'
table before long.
Among the runors concerning the basi
under discussion at Paris, we hear that II
proposed that the banks shall hold thei
stocks OF copper, the combination Of PR
ducers agreeing 10 market one fifth OF hi
, stock for the banks each year Tor five year
the mines curtAiling production and krel
, ing the market up 10 somewhere near 80
In London. We are unable To substantial
this rumor.
MINING NOTES.
sam |. Silyerman is bAck from the OkaI
ogan country, which he visited In c0mpan
with Capt. Plummer, who has examine
= and made a report Of the Fourth of Jul
, nine. Whether the report has been fayO
able or not Is not known yet, but sam say
A Mr.. Plummer was well pleased with VIII
!. he saw. Work on the mine Is being pushe,
. the shaft being down about ninety fe,
, when they left, and continuously IN or
, The country is full Of pr0spectOrs and
!. being thoroughly dissected for its miners
, wealth, which MI Silv,rm believes
=, there In great quantities,
Frederick Warde in virginius.