The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-03-02
SALE OF THE REVENUE
4 Mining Deal That is of Much Import
alCa.
THIS IS A FINE PROPERTY
Some Butte Gentlemen Have Made
Turn at a Neat Profit-An
English Syndicate Organized
With a Big Capital.

BUTTE, March 1.-The Revenue mine,
the rich gold producer of Madison county,
passed into the hands of Denver syndl-
cate to-day and what promises to be one
of Montana's biggest mining deals was
partially completed. The mine was for
merly owned by Boston parties who went
broke in the panic following the repeal OF
the Sherman bill and the mine was sold at
sherlff's sale about year ago to Mayor
E. o. Dugan, p. A. Largey and c. L. Booth
of this city and r. b. and Frank Turner
of Bozeman for Sl1, 900. Three months
later the property was bonded to a rich
Denver syndicate, of which L. A. Durham
is manager and Sam Newhouse one of the
principal hackers, for a figure that is un-
derstood to be $4,000. These parties went
to work in earnest at once and sunk an
additional 100 feet, making a total depth
of $50 feet, and were rewarded by finding
large body of much richer ore than that
on the upper levels. Following this pleas
ing discovery the erection of
new mill costing between $4,000 and
$4,000 was commenced and il was COM
pletcd about two months ago. Tho first
run of % days with the new mill yielded
SIS, 900 in gold, and it was this rich show
ing that finally determined the Denver
syndicate to take up the bond.
The lease and bond expired to-day, and
the owners of the property were earnestly
hoping that tho Denver parties would be
unable to raise the necessary sum and
that the mine would remain their prop
erty. The Colorado parties did not pro-
pose to lose the bonanza, however, and
yesterday afternoon the bond was taken
up and the sale completed. One half of
the price named in the bond was paid
down, and the remaining $4,000 is to be
paid on July l.
The Denver men do not propose to hold
the mine, however, as they evidently fig
ure that they can make as much by sell
ing ii as by working it and get quicker re-
turns on their investment. Immediately
after the first exceedingly gratifying run
with the new mill, sam Newhouse went to
England to place the newly acquired prop
erty, and it is understood, on reliable
authority, that he has just negotiated the
sale of the mine to a sydicate of lords,
"dooks" and capitalists for $4,000.
The Revenue is unquestionably very
valuable property. and the English capt.
talists will probably find that they have
made a good investment, even at the
largely increased price they have agreed
to pay for it. The ore found near the
surface was of low grade but extensive in
quantity, but recent developments by the
Denver syndicate shows that the ore
rapidly grows richer as depth is attained
and it is reasonable to suppose that with
further development work the mine will
prove an immense bonanza. 1t is under
stood that the property will pass into the
hands of the English syndicate at once
and that it will be worked on an extensive
scale and to the full capacity of the new
mill. The Butte men regret exceedingly
that the bond was taken up, although they
realized handsomely on their investment.