The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-12-20
THE 4 TEN CENT CIRCULAR,
Elizabeth Stockholders Asked 70
Put up Ten Cents g Share
for Development 8
It Ig the Plan or the Trustees Who
Reside in the Missouri
5S Metropolis y
The Helena Members OF tho Hoard Do Not
Favor II and Montana Holders Say
5 NJ They VIII not Pay,

They sVili not Pay.
FL There Id cilancs for d tidy little row
among the Elizabeth stockholders. When
the old West Granite company was merged
iii the Elizabeth, syndicate, composed Of
ST. Louis and Helena capitalists put up
&l5O,DOO. Of this gnn 100000 was to be
used in developing the property and the
$4,000 was to pay the debts Of the West
GRANTEE. The debts were paid. and then
work on the Elizabeth was commenced.
That was many moons ago; in fact m ore
than a year, and during the time drifts and
levels lave been run, but not q pound Of
ore shipped. Now the $10O, 900 Is about ex-
5hausted, and il has been demonstrated that
there ID at least one big body Of high grade
ore in the Elizabeth. The Helena stock
holders believe that jnst now is the time to
stop developing and 60 to mining and ship
ping ore. But the st. Louis directors Of
the company are Of contrary opinion.
just why, no one In Helena appears to
know, But that it ID a fact was proved yes-
terday when the Helena stockholders re-
ctived the following notice: s$5
4 sT. LOUIS, Mo-, Dec. Il, 1891. To the
Stockholders Of the Elizabeth Mining Com
pany--G Gentlemen: Under instructions from
your board Of trustees, I address this com
munication to you, and request on your
part earnest consideration Of, and prompt
decision on, the matters herein suggested.
The moving causd for this communication
is the fact, that the funds at our command,
for exploitation, are running very low. On
the first day of December, after paying all
indebtedness accrued to that date, we had
in. our treasury approximately $4,000. This
sum of money will barely keep our work
going TO January, 1892, It is the unani-
nous sense Of your board Of trustee resi-
dent in st. Louis, that IT would not be wise
to continue work after that time, unless
some provision shall have been made, BY
which the funds necessary for tlnu-
ance, shall be forthcoming. Under these
conditions it is patent that the necessity
for prompt action is imperative. It il meet
and proper, that temporary burdens should
ba assumed by those who would
issue Of enterprises requiring assistance,
and your board Of directors through me,
4 REQUEST of YOU a voluntary loan to the com
4 pany Of ten (1O) cents per share on your
stockholdings. This loan is to be made
i for the period Of two years, and bear inter
\ est at the rate Of 10 per cent. per annum,
I ana as security for tie advance thus made.
1.-The company will make its promisaory note
/ to some individual hereafter to be desig-
mated, who will act as trustee for all con
1 tributors, whose interest in the common
4 lobligation will bein the ratio OF their re-
spective contributions. II our Stockholders
will acquiesoe in this suggestion, the prob
\ lem will be solved, and theWork of explora-
4 tion vigorously continued. Your board Of
\ trustees have by no means lost confidence
4 in tho eventual successful issue of this
| enterprise and each member thereof, resld-
| ing in st. Louis, has agreed to advance on
his stock the voluntary loan asked for. !
would again urgently request you IN view
of the necessity for prompt action, not to
4 delay i'll communicating with me ns to your
discrimination in this matter, stating the
number OF shares upon which you are viii
ling to pay this voluntary assessment. ..5
4 Inasnuch as our funds Will practlcally
4 be exhausted by Jan. |, 1882. your board
A has concluded to await the result Of this
1 reuusst until, but not later than Dec 81,
E1S91. The unanimity with which the stock
4 holders shall respond to this call will deter
mine them as to their actcn in the future.
The mining possibilities OF our territory
have by no means been exhausted and it is
certainly undesirable that work should now
4 be suspended. You have expended 100000
i in the endesyor to locate the ore bodies in
yo11r property. Thus far success has not
crowned your efforts. but the exceptional
4 location OF your properties Will certainly
Justify further endeavors IN conclusion,
Y / desire to state for the information Of
A gtockholders that We have been offered
4 money as d loan to continue our work, but
4 we deemed it wise and Just to give the
4 stockholders an opportunity to protect
i their respective interests BY becoming cred-
itors of the company.
" ISRh JnV,A ~ "A
! II will be noticed thatit is the trustees
1 "resident in ST. Louis who propose this
\ voluntarily loan scheme Of 10 cents 4 share
i FOR purposes Of exploitation. There are
4 two of the trustees Of the Elizabeth who
4 reside il Helena, A. nj. Hotter and II. M.
! Parohen, and neither Of these gentlemen
knew If this plan Of the st. Louis trus-
4 toes until the circular from MI. kumsey
was received. III fact, n few days ago the
Helena trustees wrote to their associates III
4 ST. Louis, saying they had rend reports in
4 the paners that an assessment Of l0 cents q
4 share son Elizabeth stock was contem-
plated, md if suoh was the case they pro
tested against ", and desired fuller lntor-
4 nation 10 this thefe has not been time
4 for 4 reply, but tho reception Of the clrcu.
4 lar makes the newspaper rumor Y u facts
There are number Of Elizabeth stock
4holaers in HnlenR, and Of tho hAlf dozen
who were asked their intentions yesterday,
without single exception they said they
4 would not Join in the voluntary nssess-
,nent, unless other reasons than those aa-
yanced in tho circular were given. They
\ sny that from the weekly reports of the
suparintendont Of tho Elizabeth. the work
4 during tho pust year has demonstrated that
4 there is MI abundance OF rich ore to hs
! shipped, and this Being SO, they can ace -
4 reason why the stockholders should put up
money for dovelonmant, work. Though
4 the Rumssy letter docs not say 10, there is
/ IN iutimation5 that unless the stockholders
'Inut up the mine will be shut down. 7IhAt
i|remniils II, be seen. lit ID probable that the
'Icuutrol of the property ID held i'll vt. Loais,
4 but there in nothing positive about this.
1.-The atooknoldefs nfe scattered allaoyer she
country, and there nra Il great many thou
i sand shares hed III Montana. The Mon
|thnians will stand together in any contest
|that may arise, and unless those who favor
A the 10 cant proposition have absolutely in
\ their own. hnuds sufficient ahayes to coli
troll, ii liz queationnbleSif they can persuade
4 enough small holders toloin them to carry
\ 1T a regular meeting their plans There
lhns heun no news from the mine since
A |Iuesaay, aud tho last quotations received
4 iii Helena from ST. Louis said the stock
A Was selling at T5. This was In the face ol
4 tho lucent circular. %5=G 5S ~ %@
"A r.
i In Behalf Of Hiaine, WI
a CnruAao, uee. la.---.In an interview to-da,
Y IA. Il. Conser, national republican commit
teetnnn, said no felt certain Blaine woult
ia tina nominee Ensmons Blaine and Gen
Russell A. Aleer had q long talk With Con
"A fer thia afternoon. $a wv EsM 7@F