The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-03-10
the MINES OF MONTANA.
A New Discovery Of Ore Reported
in the Iron Mount
ain.
Half Interest in Barker Mines
Sold for q Good Round
Figure.
The Ups and Downs OF Elizabeth stock
In ~. LOuis-Granite Growing
Wenkcr.

STOCKHOLDERS in the Iron Mountain mine
were jubilant yesterday. The cause WAS a
telegram barely announcing that "a new ore
body had been struck in the new tunnel.
Fuller details were promised in a letter,
which is expected to-day. This is all the
information President Hale had. A vigor-
GUS search was made for shares, but no
body had any to sell. Buyers were numer-
GUS and offered az high as 81 cents per
share, but none could be had for less than
fl. The ore body encountered il an en-
tirely new one. It WAS found in the tunnel
which WAS being driven to tap the regular
vein. Pending the result of this work the
stock had been weak, but the assurance of
the new body has given the stock a farmer
tom than it has had for a year. Mr.. Hall
expects now that the Iron Mountain will
prove a second Granite Mountain.
II ia learned from a reliable source that
MI. G. ID. Mcclure, of the Granite Mount
ain company. has purchased a half interest
at Barker. The consideration was $2OO,00 0
A three compartment, 800 foot shaft is to
be put down in the Moulton without de-
lay. Heavy machinery has been ordered
and work will also be prosecuted on q sim
ilarly extensive scale on the Benton group.
L uAb 40 OAO VI An luObU lUdAlV 6a&AOb yGV
made in the new mining district, and the
fact that such experienced men as Mr.. Nc
Lure are putting their money in there,
speaks we'll for the camp.
st. Louis Republic. 6:-The feature of the
mining market WAS the heavy selling of
lowed. Ever since the disappointing assays
of the strike in the north cross-cut the
market has been in a weak and demoralized
condition, but it was not until yesterday
that any serious decline took place. The
slump, however, was the greatest that has
occurred in this stock, the market breaking
from W, at which the opening sales were
made without a check on sales of 1900
shares, to $1.85, q decline of 17hc a share
from the closing sales of the day before;
$1.85 proved to be the bottom, however, as
there was q reaction and the closing sales
we're Sc better. At the afternoon session
the market was fiat rs far as trading was
concerned. The situation was entirely
changed, however, whereas during the morn
ing there was free selling. During the after
noonthere was not q broker on the board who
appeared to have a share for sale. There
were a m of buying. orders, but. al
though no urgency was shown, $1.921a was
at $l.95, and this offer was apparently made
to draw out sellers. The early decline was
wholly ~unaccountable. There was. no news
of any kind to cause it, and brokers could
give no reasonable explanation. It was
said that most of the selling was on orders
from grain traders who were short on wheat
and had given orders to sell out their Eliza
beth in order to raise money to margin
their short wheat, and still another report
was that certain brokers who had been
carrying the stock on margins for custo-
mers, upon being called upon for margins,
refused to put up, and the stock was thrown
upon the market.
Notwifhckn v,1inr tho otrop,1o,,c offorfc
made to bolster up Granite Mountain stock,
it looks now asthough it would reach a lower
figure than the most bearish broker on tn
street predicted when the slump first start
ed. At that time it wal freely predicted
that the stock would sell as low as $25 per
share. When the dividend of 25c. was an
nounced the disposition to sell was less
marked and quite a reaction took place.
Yesterday, however, there was more of a
pressure shown to sell than on any day
since the first great break, and it ooked as
though the parties who were said to be
awaiting, an opportunity for the market to
to let her 60. AT the close Wednesday the
stock, which had been holding up
remarkably we'll. was offered in lots
of 100 shares at $27. so, with no bids. Yes
terday with hardly an effort and on sales
of twenty-three shares the market broke
500 a share, from $27.50 to 1927, and there
we're offers of 800 shares in 1OO-share lots at
$27, with $25 bid. After the close of the
regular board there wal another and more
disastrous break reported, a sale of over
fifty shares being reported as having been
made privately RS low as $24.5O. 1t was
said, however, that this sale was a fake
and no such trade had been made, and was
given out for the purpose of influencing
the market. At the Office of the company
the mine ia said to be looking splendid, and
especially in the east No. ID level, where
the indications are such as to lead to the
belief that they are now under the horse
that has been giving them so much trouble.