The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-06-20
The ElkhOrn in London.

The following from the London Mining
World will be interesting to those interested
in the Elkhorn company as we'll as to all in
Montana interested in mining. At a meet
ing of the shareholders of that company,
held on 18th inst, the chairman, Hon.
Arthur Brand, said:
Gentlemen, you are no doubt aware, as
the notice read by Mr.. Pakeman has al
ready stated, that this is a statutory meet
ing at which no accounts are presented, but
the directors are anxious to give you the
fullest information with regard to the pros
poets of the mine, and propose to make
short statement as to tie affairs of the COM
pany. This company was regis
tered on the 4th of February, and al
though great deal of success attended
most new companies in the year 1889, yet
we did not quite get all our shares allotted.
Nevertheless. there were 175,O0O shares ap-
piled for. This, however, was quite sutil-
Gent for working capital, and the board do
not propose at the present moment to issue
the remaining $1,000 shares. There is no
prospect of those shares being required, but,
should they be, priority will be given to the
existing shareholders, should they apply
for them and should it be found necessary
to issue them. The month of Febru-
session of the property. and in anticipating
all the requirements necessitated by the
American law. We came into possession
of our mine on the LIST of March. We inn
mediately installed Captain PlCmmer in
the management of the mine, and he con-
sldered it necessary to shut down the mill
for six days in the month of March.
Therefore, in considering the number of
working days, you will have to make an al
lowsnce for this that during the month of
March We were short by six days.
lind that in the months of March and
April the amount of bullion produced was
$7S.252.5s, and the working expenses were
$40, 30: and in May we had cablegram
rs follows:
ESTIMATED value of bullion shipped dur
ing May, SAL 900; estimate value of ore ship.
ped to smelters, So, $50; ore broken but not
penses for May, Sc, $50 this includes 81 SEC
capital; balance at the bank, $45, ESQ; slopes
looking we'll. We have struck ore body Al
s5o: vein is fully four feet wide; assays av'
erage $50 to the ton; vein compact and well
defined and widening; railway almost com
plete.''
That gives us as gross proceeds
Tor the three months of March, April anS
May, Sl22, 4O2. 5S, and our working expenses
ing a profit of $65, 741.26. This, cal
Tor the same period are $50, G6l.32, leav
culated at the rate of exchange of 4.Ss
ASo'So uS pIOut VI S1Os451. 0eu
tlemen. should like to draw your at
tention to another point. I do not think j
would be fair to take our working expense
ior March as standing criterion, becaus
the mill was shut down six days; but let u
rather take the only complete workin,
month, namely, April, for which we hay
vouchers, and our expenses come to les
than WAS stated in the prospectus. thin
that says good deal for the moderation o
the prospectus.
Our expenses during that month came t
@s.oz whereas in the prospectus We est
mated they would be a little over so. Pass
ing from our working expenses. shout
Ike also to say that We believe, at the pres
ent moment, the. Northern Pacific railwa
1as been opened into the mine, and in til
future our expenses will be considerabl
less. Now. gentlemen, presume You woul
axe 70 know what we are going to do Wit
tais money that We have earned during til
three months. Well, the board have cor
siaered the matter. and they propose to pa
dividend of Is. per share to all those shsr,
noi9eIs whose names appear in our bool
tbs 10Th % June. -