The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-12-25

Lummon lode. Immediately beneath
and slightly south OF the nine-hour ore
body. The grade OF the ore exposed
at the time OF his visit was not very
high: IL ran from 50 to SO and sl2 per
ton: therefore they must consider this
as comparatively a low grade ore body.
However. its great width. running mp
TO 40 feet. somewhat compensated for
its rather low grade. and Mr.. Burrell
was of opinion that a profit OF at least
81 per ton could be derived from its
treatment. He did not want to over
rate the Importance Of the discovery
he had mentioned. for a great deal
more work upon II would be required
before they thoroughly understood IL.
In the matter OF the tailings plant
erected in 1896 to treat the tailings ac-
cumulated during the preceding ~
or 10 years. he found that to date they
had treated 122. $40 tons. which mad
yielded a profit of e26,072 after the de-
duction OF e7.149 for the redemption
OF the capital expenditure. on the
whole. he thought that was rather a
satisfactory result. CHear. hear.) The
profit per ton OF tailings treated dur
ing the past six months. as shown in
the directors report. amounted to ca
cents per ton. after the deduction Of
the inclusion in the working expenses
of IS cents per ton for the redemptlon
OF capital. That was not a very large
profit: but II they might take as a
guide the mont OF October. In which
the profit was ST. 500. or rather more
than $3.50 per ton. he thought the ag-
ures for the past half year would be
greatly improved upon in the future.
In regard to the litigation which had
been going on. the directors felt a lou
BILE pleasure in meeting the sharehold-
ers and explaining the position OF az
fairs-irst, because IL had relieved
them from a burden which they rad
been carrying for the past Il years:
and, secondly, because he thought the
shareholders would bear him out when
he said that the directors had consist
emily Informed them that they had 40
doubt as to the ultimate result OF that
litigation. The dispute involved n strip
Of land Of not very large extent. but
considerable intrinsic value, as ron-
high grade ore. The supreme
court of the United States had decid-
ed in their favor. and this would give
them an absolute title to the ground.
as well as enabling the other suits
against them tn he dismissed.
Not only so. but IL would enable the
company to proceed against
its opponents for the value OF the ore
that had been extracted from it's
ground by the 81. Louis Mining and
company. He had no hesita-
ton in saying that the litigation Gore
I'd upon the Montana company was
the most monstrous ever known in the
of the United States. 1t he'd
cost their company no less than $780,
in each case IL had been success
blu the costs recovered had
amounted to a very small sum. The
litigation was conceived i'm a spirit II
)lackmail. and pursued-when its OPP
discovered the Montana com
lany was not prepared TO
pay money on the account
iemanded-with the desire Ia
AXE from others property which did
lot belong to the 81. Louis Mining
md Milling company. Their opponents
he spoke with a full sense Of re-
iponsibility-had stolen ore from tho
Montana workings. and had hoped. by
he institution OF these suits, that they
get n verdict which would re-
'ult practically i'm a compromise Of
he action. Hear. hear.) In conClu-
lion. Mr.. Bayliss said he was pleased
o find 10Y smoothly and satisfactor-
ly everything was being conducted at
he mine. Mr.. Burrell had fulfilled ev-
ny expectation which was formed Of
lis management IT the date Of his
and had been most %
Applause).
The motion for the adoption Of the
eport was then put n carried unan-
mously. The chairman moved a vote
f thanks TO the staff both at home
nd abroad. which was seconded by
:. II. Crowther, n carried. Afcsr
ome further discussion, the proceed
ngs closed with a vote of thanks to
he chairman and directors.