The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-11-08
THE MINES OF MONTANA.
=. /. ~
The Proposition Which the Major
Budd Company Lays Before
Stockholders.
An Assessment OF Six Cents per
Share Levied to Raise
Money.
Tho Lone Pine Company Figuring ON .
New Water supply-Some Rich
Gold Concentrates.

At the Major Budd stockholders meeting,
held in this city the third inst. Henry
Nickel presided and Sam Schwab was cleo
ted secretary. The presidents report
showed the company was indebted to the
Montana National bank of Helena in the
sums Of e6376.91 and $6l86.06. At the
meeting plan was proposed for the ad-
iustment of the company's financial Diff
culties which resulted in an address TO the
stockholders, asking for their approval OF
the plan. The address sets forth the
situation. substantially as follows: The
property was sold by the sheriff, under
Judgment to the Montana National bank.
and the company has nix months in which
to redeem. with interest at two per cent per
month. The company is also indebted to
Schwab d Zimmerman in the sum Of
8275O.29, which has been reduced to judg-
ment and il now lien upon all the prop
erty.
The address then says that the company'g
assets consist of So, 84l shares Of the unis-
sued capital stock; that 4O6, 159 shares are
now in the hands of stockholders. The
company being without funds and there be-
ing no adequate market for its stock, the
stockholders' meeting referred to unani-
mously adopted resolution calling on the
stockholders for voluntary assessment OF
ak cents per share ON their holdings, the
same to be put into the Montana National
bank on or before December Is, 1880. It
the stockholders should all respond to this
sedeemed for the benefit 81 ali the stock
holders; but it any portion Of them should
fail to respond, then the time OF redemp-
ton will be allowed to relapse without re-
deeminR and arrangements will be made
with the board by which the company will
be reorganixed and the property conveyed
cation all stockholders who contribute un-
der the call their respective shares for the
purpose of saving the property will be al
lowed to share in the new company IN pro-
portion to the sums which they
severally contribute. The t true Inter ,nsSF-
holders by the resolution was to give each
and every stockholder q chance to contrib
ute his share to the saving Of the company.a
property, and then to participate, accord
ing to his holdings, In the benefit IN the
property, after it shall be relieved of its
ment is intended to exclude all those from
further benefits in the company, who refuse
to contribute their pro rata share.
The address is signed by Henry Nickel,
president, and Sam Schwab, secretary, who
in conclusion say: "TrustinR We have made
the Importance of forwarding your assess
ment within the period Of time above set
forth, and also requesting you to imme-
diateiy have your stock regularly trans
ferred upon the books of the company, II II
is 60 transferred. we remain, etc.
Il will be readily seen that the failure OF
any stoclsholder to contribute his pro rata
Of the assessment will be edectpally barred,
or in other words. closed out Of his interest
in the company. The proposed plan will,
IL all hands respond, result in raising the
sum Of nearly $4,000. This will leave a
substantial operating fund beside paying
off the indebtedness. but il will prove q
heavy tar on some Of the original owners,
who hold stock in large blocks, but whose
ability to meet the large assessment il
questionable.