Fergus County argus., 1902-07-30
Ownership Of the Mines and Mill OF
the Great Northern Company at
Gilt Edge Not Changed.
BOND RUNS FOR TWO MONTHS
Belief That John A. Drake Will Close
the Deal, But Announcement
is Premature.


days ago published an announcement
that Supt. E. w. ing of the Great Nor.
thern Mining & Development Co. at
Gilt Edge had resigned his position
and that Mr.. Moore, manager of a
cyanide plant at Deadwood. would
succeed him in the interest of New
York capitalists, who had acquired a
controlling interest in the property.
Like a majority Of the dispatches
regarding Fergus county matters
which first appear abroad, the state
ment and the natural deductions are
both in error.
Mr.. King has been at Gilt Edge for
several days and when called to the
telephone yesterday stated that he
had not resigned the management
and that the control had not passed
from the hands of the company which
had so long successfully operated l..
He said that while il was believed
that the option holders would take
the stock, any announcement that
they had already done so was pre-.
mature, and although he had for many
months past desired to be relieved
from his position in order to give at
tention to his personal interests at
Kendall and elsewhere. 1t had been
agreed that he should remain at least
until the term of the option expired,
which will not be for two months yet.
The probable purchasers of the
Great Northern properties are not.
we learn, syndicate of New York
capitalists, but John A. Drake of Chi.
cago, owner of "Wyeth." the winner
of the American Derby, and son Of
Ex-Governor Drake of Iowa, whom 1t
was reported cleaned up one million
in the corn deal not long since. Mr..
Drake was here not long ago and made
personal examination of the prop
erty.
The option was taken by A. II. s.
Bird and A. s. Wright and If the deal
Is consummated the credit belongs to
these gentlemen. Mr.. Wright has
given a great portion of his time To
the deal for some months and con-
fidently expects success. Mr.. j. X.
Mckenzie. representing the option
holder and probable purchaser, has
been In Gilt Edge for some time. A
very successful trial run was complet-
ed some time ago and while the bond
runs still two months. as before stat.
ed, 1t is believed altogether likely
that final payments will be made soon.
er and ownership pass.
The Great Northern Mining & De.
velopment Co. owns some twenty
claims grouped under the name of the
Gilt Edge and in which is exposed
more than fifty thousand tons of ore
running from s6 to sll per ton and
being worked in a mill with a tank
capacity of one hundred and forty
tons per day. All the claims have
been patented.
Nothing could be learned of the
amount of the option, but 1t is con.
servatively given at a million dollars
and II consummated will be the big.
gest deal in the annals of Fergus
county
The Tribune report was as follows
E. w. King, manager of the mines
OF the Great Northern Mining & Dc.
velopment Co. at Gilt Edge. has ted
dered his resignation, to become ef-
fective next Friday, and will be sue.
ceeded, in all probability, by Mr..
Moore, manager OF a cyanide plant
at Deadwood, who is now enroute to
Gilt Edge to inspect the properties
for New York capitalists who have
secured a controlling interest in them.
Mr.. King. having great interests in
the Barnes King and Kendall prop.
critics at Kendall has long been de-
sirous of severing his connection with
the Gilt Edge company, in order that
he might devote all his time to his
own interests.