The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-04-25
MILLION IN DIVIDENDS.
The Profits tho Elkhorn Mine Has
Paid lis Fortunate Stock
holders.
No Property on the English Market
Gan To-Day Show q Better
Record.
Despite had Management In the Past the
Mining Industry Near Argenta Fromi-
sss Well for the Futurs,

Despite had Management In the Past the
Mining Industry Near ArgentA Promi-
sss Well for the Faturs.
The third annual meeting Of the Elkhorn
Mining company was held recently in Lon
don, and Money and Trade. . financial
paper OF that city. gives she following II
the address of the chairman. Hon. A. q.
Brand. M. r.:
Gentlemen. I have to say with reference
ia the report which 10 presented TO you to-
day. that. following the precsdents that the
board have adopted in former years. Va
have given You us full q history ~ possible
of tho working Of tho mine during the
twelve months under review. With refer
snoe to the balance sheet which accom-.
panies the report the only remark that ]
have to mako at the present momsnt 10 that
the cash nov In hand will cover all our
liabilities both hero and on the other side.
Then with regard to the G17,O0O that was
placed aside. according to the resolution
passed last year-f12. 900 in one year, and
the remaining G5. 600 in the following year
Il have to say that We have got Gig, 600 Of
that 917,OOO intact at the present moment.
this being represented in stoi %, and In
bullion in course Of transit, and not yet
realized. Then ! think IL right to draw
the attention Of the shareholders to the
dividends that We have paid.
1--WE have paid you up to the date when
this report was issued !f179. 600 in dividends,
which is q little moro than the capital value
Of tho concern. In addition to that wo
p0utod vnatAp1av . fr,kn~. AirjJ>~l- - O..
making just under E2OO. 600 paid away in
dividends. l think it right. just to say one
word with reference to tho promise made
when the company was started, and l
should like to draw -FOUR attention to the
fact that that result is far in excess of what
was promised at that time. I think. gen.
tlemen, that w may claim credit for the
fact that scarcely any, if any, American
mines on The London market at the present
moment can show such returns and such a
satisfactory position as we are able to.
(Applause.) Possibly, it might not be out
of place for me to say a word about silver,
but that is a very dangerous thing to touch
upon. When l was in America I was be-
quarters-certainly from the silver states
with regard to the future leRisla-
tiop in the matter Of silver
in this country. Since then we
have had the international confer
ence. debates in parliament. and an enorm-
Gus amount OF literature thrown brondcast
to anybody who is willing to read IL. and I
think it would be exceedingly dangerous ON
my part. and, indeed. OF that of anybody
else, to mako any forecast with regard to
the future of silver; bnt it does not require
amy remarks OF mine to emphasize the fact
that silver has very seriously fallen since
this company was started. In the report
you will see that In the year 1890 it was
nearly 47Md. per ounce, in the following
year 10 1-l6d.. and in 1882. 80. 13-16d.. and
quence of that. we have had. to q moderate
extent. to make inroads upon our richer
ores to maintain the level dividend that We
have given hitherto, but from all that we
can learn and from every Indication that
We have from tho lower developments of
the mine, We believe that in the future
prosperity as great as we had in the past
will come to the shareholders in this con-
Germ.
The working of the mine has been, as
pensive than it has been hitherto. That
has been the outcome Of deeper working.
and more expense has been incurred in
pumping operations. as we'll as prospecting
and development work. l should like to
say a word or two with reference to my visit
out there-(Hear. hear.) and as to the
change of management which has taken
place since l came back. and in accordance
with the views / took then upon the mat
ter. Of course. l cannot speak to you of
the mine as an expert, or in any other way
than as q business man who has been look
ing to see If our affairs ont there were oon-
Quoted in a thoroughly business like way.
Well. gentlemen, l. can say that / myself
was really surprised at the thorough way
in which everything was worked there, duo
efficiency; not only did l form q very high
opinion Of MIR. Nelson. from personal CON
tact with him, but l also heard incidentally
in New York and elsewhere of the verv
high appreciation he had been held In
wherever no had been employed in a bust
ness capacity:
"Ths journey that Capt. Plummer had to
take between the two mines was one of con-
siderable labor. and. in consideration Of
the very high opinion that l and others had
formed of Mr.. Nelson. we thought it only
right to acoede in the fullest possible way
to Capt. Plummer's application that he
should sever his official connection with the
mine; he added. however. that he would al
ways be ready TO go over there or our ap-
plication II anything should happen that
we considered sufficiently important enough
to require his presence. and the SEQ etary
reminds mccullough l had not forgotten
tt-that he does not ask in this respect any
remuneration whatever. l think, gentle
men. that we ought to feel very grateful to
Capt. for his past services, and
a'so Aok ZIG generous OHer tbat ne has
made.
There 10 one other gentleman who has
done a great deal for us. who. however, is
not here to-day. l should just like to say,
on behalf Of the board. and l maj say on
behalf of the shareholders. too. that we
thank Mr.. Bratnober very much for the
services he has rendered to the company.
Hear. hear. ! believe that NO have q
VERY favorable future in front of US. or
course, 70 hould like to seq silver ut a lit
tie higher price. and a little more steady
than it il, but, Notwithstanding the luc.
t~uations which continually take place, l
believe that even at the present moment.
md when taking into consideration the
very heavy dividends that you have 10.
ceived, which now amount to more than
he full capital of the company, there ia
still a p osperous future before ss. Jap
,lause. ~
MINES NEAR ARGENTA.