The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1892-10-08
A BONANZA FAILING,
THE GREAT GRANITE MOUNTAIN MINE
NOT WHAT 1T USED TO BE.


Stock Now Quoted at $7.25-some Facts
About This Famous Mine and the Pre-
cious Metals it Has Yielded-The Rise
and Decline of the Big Bonamza
The following brief history and pres
ent condition of the Granite Mountain
mine is taken from the St. Louis Republic
Of recent date:
"Granite Mountain, which has yielded
a whole herd of golden calves for the
worship of the speculator, is to-day
struggling to bring forth mouse 1t
was a mine with millions in it and it's
history is the history of bonanza. The
small investor spoke of it with reverence
and the big capitalist rated it as bank.
An auriferous halo rested upon it, and
though not an ornament Of western land
scape, its picture was done in oils and
hung on the line in the gallery Of paint
ings at the exposition.
Perhaps after 4 time the people would
have made pilgrimages to the mountain,
and viewed it with the awe inspired BY
~ u11C 4'1 ulI SlAC1C1 dllt4 GllC uIuuu VAIL
yon Of the Yellowstone But about two
years ago something dropped. That
something was the price Of silver bullion;
and then came an output Of low grade
ore. Since then Granite Mountain has
steadily declined
Last week the best bid for the stock
was $3.50; up to date the lowest price at
which it has been offered is $725. Yet
there is little of it on the market, and
few sales are made. Its periodical ship
ments are no longer objects of eager
curiosity, and the mine as subject Of
conversation in polite circles has ceased
to be interesting. Meanwhile the big
stockholders are not complaining; they
are literally awaiting developments.
1t takes eight figures to express the
value of the precious metal dug from
this mountain since it was first pierced
in 1888 Over $20,0OO,OOO has been ex-
tracted, and, deducting expenses of
operation, this means that the owners
have received about $13,000,000. Thus it
has paid in dividends as many dollars
share ($33) as the shares were originally
worth in cents, and even to-day each one
of these shares is marketable at about %
times its first value.
1t was in 1888 that Charles Mcclure,
then a miner in Montana, got bond
equivalent to an option) on Granite
Mountain, at Granite, Montana, for $37,-
600. Altogether $4,000 represents the
total purchase price paid by the Granite
Mountain Mining company.
Not long after the sale miner who
happened along with mule was offered
500 shares for the animal by Charles
Clark. The stock was then worth nomi-
nally 30 cents, and it was pretty expen=
sive mule as it stood, even if Mr. Clark
did need it badly; but if the miner held
on to the shares till 1887 he received
100000 on that brute.
Granite Mountain had been offered to
the owners of the Hope mine, of which
Charles Clark was then superintendent;
but they declined to invest and the COM
pany was then organized. There were
100000 shares, rated at 80 cents, the par
value $40; and these shares were distrib-
uted about as follows among the promi-
nent St. Louis men here named: Edwin
Harrison and Jesse January, 100000 shares
each; Charles Clark and Charles Mcclure,
each $4,000; L. NJ. Rumsey, Moses Rum
sey, Louis Duestrow, August B. Ewing
and John R. Lionberger, each 10000; A.
f. Shapleigh, $4,000; Paul Fusz, 10000;
Andrew Warren, S,000 Charles Taussig,
5000; Samuel 7. Gaty, 1000. These fig
ures, though not exact and not equal to
the total number of shares issued, are
approximately correct.
The owners spent $115,00O before the
vein was found, aud were, perhaps, a
little disappointed with their investment.
Then, in 1884, the mine was first put on
the market. Ten thousand shares were
sold for 81, and later there was an ad-
vance to $2.25. In October, 1884, Mr..
Edwin Harrison became involved in
business troubles, and his 10000 shares,
10000 of which we're held as collateral
by kidder, Peabody 4 Co., and 10000 by
two St. Louis banks, were offered for
sale. They brought $1.60 and the mine
was then considered a good prospect.
In May, 1885, it had begun to pay div
dends, and the stock was selling freely
at from $500 to $3.50. By the end of
that year it had reached $21. Thereafter
it advanced steadily for two years, and it
was not until 1890 that the period of
decline fairly set in. The table here pre-
sented shows ut a glance the lowest and
highest quotations of the stock during
the past seven years:
Lowest Highest.
1886 S1S.O0 S5l.5Q
1887. $500 69.OC
1888 ......................47.OO 61.9O
1889 .........................40 1000 5l.00
1890 400 1850