The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-03-05
THE MINES OF MONTANA.
An Extensive Copper Region Discov-
cred at the Head OF West
GallAtin.
The Ledge One Hundred Feet
Wide and Traced Thirty
Miles.

Wide and Traced Thirty
Miles.
Condition Of the Local Mining Market
about the None Such-Poorman
Anaconda.
Louis Kitchener, superintendent of Sena-
or s. II. Buford's cattle herds, arrived In
he city last night from Bozeman. He
. here for the PURPOSE Of organizing
company to develop and operate
mica mines on Meadow creek,
Madison county. On n of these proper
les they have 1Ox14 inches Of clear mica,
Iaid to be the best over found in Montana.
Kitchener brings news of the discovery
If great copper lode in the Gallatin range
1t the head Of the West Gallatin, about
miles northeast of Spanish creek.
Mr.. Nichsner is IN old time Montanian
and; experienced in mining. He says that a
ledge 100 feet has been traced
for thirty miles in length. The first assay
of the orc ave 70 per cent. copper.
assays were then made
from specimens across the width of
the lead and the average showed
IA per cent. "copper", eight ounces silver and
s dsysIo s1aoss Of s wori. A. force n T. now do has
taken up several Claims and ia enthusiastic
over the discovery. Copper ore carrying IA
cent, of the red metal is said to be
more than the average copper veins of
Butte carry. This is certainly a big thing
and will undoubtedly attract the attention
the copper kings Of Butte. Mr.. Kitchener
ia thoroughly reliable.
There il very little to note in the Helena
stock market the past week. The universal
nov storm seems to establish the fact that
placer mining in Montana will be more
vigorously prosecuted thar for several
years past, with the probability of a largely
increased output. This condition of things
will help to give the state Il greater promi-
nence than would otherwise be the case, for
1t is an undeniable fact that for good placer
grounds very few fields present as good op-
~portunities for investment as those within
easy reach of DEMONSTRATING the advantage
Of nearness to base of supplies, the govern
srs. and an assured water supply.
For quartz mining the outlook is more
than encouraging. The field is being
thoroughly canvassed, not only by foreign
and eastern investors, but by expert miners
from other states who know the superior
advantages of Montana mining over the
older states where it has been carried on
for years. when this state was comparative
ly unknown. Hence a greater degree of
activity than ever before known ia pre-
dicted.
Stock transactions in the future promise
to be based more on intelligent knowledge
of the properties offered, and their real
values, than on purely speculative chances.
In fact, there will be more business in it.
And SO it should be to insure any degree of
permanence in investments.
According to the stock market, Bi-Metal-
lis is now rated as a more valuable property
than the Granite Mountain. With a CAPT.
talization of $50, 000, 900, the. Granite Noun
tain is divided into 400, 600 shares, while the
Bi-Metallic, capitalized at 81, 1000, 600, is di-
vided into 100000 shares. The Granite
pays SO cent dividends agRregating $780,
900, and the Bi-Metallic pays 35 cents per
share, aRgregating $4,000, which in reality
is a larger income on the capital than the
Granite when the difference in the number
of shares is considered. In st. Louis I3i-
Metallic is quoted at $36, while Granite is
down to 500. Elizabeth stock has strength
ened in st. Louis. The highest mark the
stock reached was So per share. That was
when the assays of the strike in the north
crosscut cropped out. On Saturday the
stock reached 1925 from a previous decline
and 1000 shares changed hands at that fig
ure, and the market showed there was more
stock wanted than there was for sale.
When asked what was the situation of
Major Budd affairs. Sam Schwab replied
yesterday that they were in statu quo.
Nothing is being done. One of the biggest
stockholders, Mr.. WEIGH, did not meet his
assessment, and he is being given all reas-
enable time. MIR. Schwab says he is in no
hurry about starting in to work, until all
the financial arrangements are completed.
The None Such Co. expected to have the
Shaeffer mill working on their ore by March
l, but owing to the heavy now fall this has
been rendered impossible. It is expected,
however. to have the mill in operation by
the first of next month. The mine ia
still being worked, but the company is
short of funds: A voluntary assessment
has been levied on some of the larger share
holders. in order to raise funds to tide over
the present month. One of these offers
!, $50 shares at 10 cents and will give
q bonus of 1913 shares to the
person who will pay him 1926. He does
this because he is short of money. No treas
ury stock is on the market. 1t is expected
that the mill returns on the ore now on the
dump, will pay operating expenses until the
full value OF the mine is ascertained.
The snow fall of the past two weeks in
the Ceur d'Alenes has been very heavy
and the railroad is unable to reach Burke.
The Poorman company has been q serious
sufferer by this blockade, as its supply OF
wood ran short. Manager Patsy CLARK
said last week that unless wood was SO:
cured he would have to put the fires out
and lay the men off. The same state
of affairs exists at the Tigel
the mines would be flooded
1t is said to be within the power of thu
Northern Pacific to relieve the situation
The Union pacific Is running to the lowe
edge OF Burke, but is enjoined or prevented
from running to the Poorman concentrate
by the Northern Pacific. Therefore tn
Union Pacific cannot give the relief re
quired. The attorneys for the Poormal
company have been instructed by Manage
CLARK to apply for 4 restraining orde
against the Northern Pacific, preventin
them from interfering with the Unto
Pacific and allowing the latter company 7
run its oars to the Poorman mill. Th
court will III doubt grant the relief asked
II not, over 300 men will be discharged i
the middle of the winter. and the Poorma
and Tiger mines be damaged to the exter
of many thousands of dollars.
From the San Francisco Examiners bic
- ranhiC0I aketCh ~ tina lata Sauator Hanrst