The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-07-02
MINES AND MINING.
The Toledo Mine Coming to the Front
Tho Major Budd and Others.

Tho Toledo Mine Coming to the Front
Tho Major Rudd and Others.
F. N. Frank, well-known mining man,
returned from Madison county yesterday.
having visited the Toledo mine in which he
ID interested. This property is situated
three and one-half miles from Sheridan,
and is the only mine in the dis trict being
worked to any extent. The company has a
50-ton concentration in oper alton and in it is
treated twenty-four tons of ore per day
from the mine, which is a mil 9 and one
fourth distant. Last month the company
sold Sc 900 worth of ore to ienver smelt-
ing company. The Toledo is developed by
a steam hoist. The shaft is down 250 feet
and ore is being taken from level run at a
point 2l5 feet down in the shaft. The last
shipment of eleven tons ne tted $1,1A. The
ore assayed 81 ounces silver, AZ per cent.
lead and So in gold. The Toledo has been
in operation about one year and is proving
very valuable proper ty. 1t is largely
owned by Henry Mikel, of Butte.
Fourth of July shares were the most act
i've yesterday and buyers off cred 40 cents,
but very little stock could be found at that
figure. One lot of thousand shares went
for that price, Chas. Kaufman, of st. Louis,
being the purchaser.
at Butte, Monday, to satisfy two execu-
tions, one in favor of the Montana Ma
tional bank for Sc. l46.11, and the other in
favor of l.. 6. Phelps for $5.96O.N. Asked
what effect the sale would, have on the
stockholders, Sam Schwab, who is the
heaviest stakeholder in the Major Budd,
said he could not tell, that ''time alone can
do that" The stock is quoted at 8 cents in
st. Louis.
J. J. Mutually. who has been keeping his
visit to the Maj. Budd prop erty very quiet
since his return said vest erday that he
IN mn nS Af
share to the officers of the company as a
pro rata of the 10000 shares held in st.
Louis on the indebtedness of the company,
says the Globe Democrat. A meeting OF
the principal officers of the company was
held and the proposition was rejected on
the ground that they had put up all the
money they intended. The company is in
debted $4,000, and the property will be
sold tomorrow at Helena. just what will
be done after this is not known, but Mr..
lowed for the redemption of the property is
up it will be redeemed and reorganized on
an assessable basis.
The Paymaster Mining company of Ar
genta, st. Louis corporation, has received
some encouraging news from the property. |
The company has had some uphill work of
late, and its money ran out. A new con-
tract has been made to continue the cross
cut, and as the vein has every appearance
of being near, the company feels elated.
The money has nearly all been raised for
the work.
Mr.. W. A. Akers. the genial general man
eral manager of the Combination Mining
company, rendered his resignation at
meeting of the company in Butte Monday,
much to their surprise. total of $4,000
shares of the stock were represented at the
meeting, and after the reports of the presi-
dent and manager were submitted. approved
and ordered printed the following named
trustees were elected to serve during the |
ensuing year: W. G. Lewis, j. B. Mellor,
G. b. Ballard, John Gillie, Henry Williams,
A. H. Barrett and J. H. Harper.
Immediately upon the adjournment of the
stockholders meeting the trustees convened
and chose the followingsofficers: President,
w. 6. Lewis: vice president A. H. Barrett;
secretary. Joseph Harper; treasurer, Joseph
H. Hyde.
The new board tried to prevail upon Man
ager Akers to Withdraw his resignation,
which Mr.. Akers declined to d. but ex-
pressed Willingness to serve the company
until his successor could be appointed. pro-
vlded it be done without unnecessary delay.
Miner The Utah aud Montana Machin-
cry. company sold to the Legal Tender Min
ing company yesterday Bullock diamond
drill, which is to be used by the company i'll
prospecting the property owned by it near
Argenta. The Legal Tender is the mire in
which strike OF rich ore was recently
made, but the ground is pockety, and the
drill IS intended to aid in locating the ore
bodies.