The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1896-03-15
Butte Department.
CLEAR OUT OF DEBT
Inside Of Six Months the B. & B.
Will Be on Its Feet.
SO SPEAKS AN AUTHORITY
But II VIII Take Every Cent of the
Assets and the stockholders
VIII Whistle-M ontana Min
ing News via st. Louis.

I'm six months the Indebtedness of the
Butte G. Boston company will be all paid
off, but IL will consume every cent of the
assets to do it, and there will not oe a
cent left for the stockholders" said n
man who has long been connected with
the affairs of the company to STANDARD
reporter yesterday. THE stock will rot
be worth cents a SHARE" he continued
for the bondholders and other creditors
will take everything IN sight" The Davis
estates 10000 shares, II was also state.
are already as good ms worthless, and IL
has been intimated that the resipita ;lcn
of the troubles of the company was in
part Influenced by a scheme % freeze the
estate out. After a sale o. the property
under the attachments and foreclosures
the company will be reorganized per-
haps under a new name, Ii Is said, and
will be one of the largest mining compa-
MES in Montana and backed by Butte
capital and the men chiefly interested in
the Boston a. Montana company. 1t is
also stated that no attempt will be made
TO operate the property of the Butte &
Boston until the reorganization has been
made.
The Butte & Boston has a capital stock
of $1,000. O00 divided into 100000 shares at
a par value of s25 per share. A large
quantity of the stock, IL is said, is held
by laboring men. clerks and servant girls
in Boston. New York and Philadelphia.
The several issues of bonds, secured by
mortgages including about 900 of ac-
crued interest, aggregate s2,700.000, and
the floating Indebtedness is very close to
100000. including the attachments of
$685.. 900 levied during the past two weeks.
The condition of the company's affairs is
alleged to be due to bad management and
part of the country, to keep up which the
Butte mines of the company have been
drained and the profits dissipated.
In going away for home for local min
ing news the following from the local
pages of the st. Louis Democrat
may be of some interest:
u. p. Meyer. secretary OF the Leo. the
old Major Bud. has been in Montana for
couple of weeks, arranging for the re-
sumption of work. He had a number of
propositions to consider but the company
intends working on its own account. on
account of the developments at Butte, the
Leo is now regarded as one of the most
promising properties there. The COM
pany has ample capital and will sink 100
feet to begin with.
Henry Semple Ames is in receipt of a
letter from the New YORK and Yawk dis
tricts of Montana which indicate a great
deal of important work as soon as the
snow goes off, Development work only
has been done during the winter and
there is a large number of prospectors
now who are only waiting for the snow
TO go off to go in. A stretch of country
IS miles wide. and running north 60 miles
TO the British line will be worked. There
Will also be considerable prospecting
south of Troy.
"A $4,000 bond, TO run IS months, and
allowing 60 days for the beginning of
work, has just been taken on the Timber
line. in the Wickes district, Montana, by
st. Louis and Western parties. The prop
erty is not much more than a prospect
so far as work done Is concerned but IL
is expected TO develop into one of the big
gest concentrating mines in the state. IL
will require extensive development. The
ore is low.
&C. d. McLure's mine on the porphyry
dixie at Rimini near Helena, is sending |
good returns. The l0-stamp experimental |
mill is running steadily on ore giving 50 |
10 ~ in free gold. That now being milled |
Is taken from an open cut just above the |
hill. A contract has Just been let for a |
90 horsepower engine. The only draw |
back Is the necessity of pumping water. |
which is only TO be had several miles /
from the mine. There are now three of /
these experimental mills at work on the 1
dixie. one of them being of Is stamps. and |
they are all doing well. The water prob /
lem VIII now be given attention, and as |
soon as IL is mastered stamps will be /
added TO the number of several hundred.
The ore supply as now developed would
run l'oOO stamps regularly for an .nLef-
mite period. /
The Granite Mountain people are cred
ited with having obtained some very
promising property in Montana recently
out Just what IT is is kept a secret for
the present The purchase price is said
10 have been heavy. while a large amount
Is also involved I'm the plant that will be
erected. There is one report that the
Granite mill may be used. as II IS admit
ted that the Granite itself cannot one
rate with silver below 90c. The property
is located i'm the Philipsburg district. IN
the same section the Golden Scepter
The development of the latter mine has
done great deal TO open up properties
mere lts showing being very promising
The mine is located on Harvey creek but
its mill site is about six miles away lis
owners have just contracted for a 100
stamp mill. each of the stamps weighing
Wv pounds and for six miles of rails for a
cable road from the mine TO the mill. II
VIII also have a 300 horsepower electric
engine, which will furnish power for tho
trolley cars and light for the camp. A
force OF 200 men is TO be put to work
within 60 days"
The Butte owners Of mines I'm the Trail
creek country have received in the last
few days additional reports of rich
strikes In their properties but they have
also received notice that the government
has determined to put a tax on the output
OF the mines. A bill providing for a . per
cent. tax on the gross output OF the mines
had been introduced in parliament. but
the mine owners secured a reduction 20
per cent. on the smelter returns of the
mines.
The Harris mine, near the Harris &
Lloyd tunnel. has been bonded to William, |
Wilson OF Deer Lodge for 100000. The
property has been developed by n SHAFT
down go feet. but IL was filed with v,ato-
when Mr.. Wilson took hold OF the prom
erty. ana ne has been working the past
month on getting the water out The loca-
ion OF the mine is favorable to II deveIon-
ing into a valuable piece OF property.