Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1904-09-17
The MONTANA
ANNUAL MEETING
A Satisfactory Report Sub
mitted.
New Discovery Of Rich Ore on 500
Foot Level Confirmed. Values
Over $4,000 Per Ton.

The second annual meeting of the
stockholders of the Montana Tono-
pah mining company was held at Salt
Lake on the 18th inst. under the pres
idency of Charles E. Knox president
of the company, who submitted fl
nancial statement prepared by r. p
Dunlap secretary of the company,
and also report on the physical con-
dition Of the mine by G. f. Badgett,
superintendent. The report of the
former showed that the receipts of
the year were 5000, AT ,03, over 1901,
600 Of which came from the sale OF
ores. Practically all OF the receipts
have been expended in the develop
ment and equipment of the property
and the payment OF $50, 900 divi-
dend, the balance on hand being, in
GLIDING the value Of ore now in tran
sit to the smelters, approximately,
$21, 200.
The net value Of all the ore ship
ped during the year was $76 81 per
ton. 1t was shown that there was
at the present time ID, 600 tons of ore
on the dump which would yield a pro-
fit OF close to $50 per ton, while the
ore now blocked out in the mine is di-
vided into two classes. OF the first
class there are IA, 166 tons. of the
net value of $98.25 or 1891 ,805; of
the second class, 40, 834 tons, of net
value of $25 or 81 no, $50, and it is
estimated that Is, 900 tons more viii
be added to the reserves during the
next twelve months.
The company was greatly hindered
in its shipments by the washouts on
the railroad but ore shipments were
resumed on Sept. 7th, and the COM
pany will soon be on strong finan-
cial basis. President Knox stated
that the crosscut fcom the 765 foot
level is rapidly hearing the great
Mcdonald vein and that the future
plans of the management included
the sinking of the Knox shaft 500 feet
north of the present shaft to a depth
of 1000 feet and explore the McDon-
donald vein on that level. while the
south ledge by the North Star work
ings has been proved to depth of
915 feet.
The following officers and directors
were chosen:
Charles E. Knox, president; A.
c. Ellis, Jr., vice president; r. P.
Dunlap, secretary and treasurer;
George F. Badgett. second vice pres
ident; Charles E. Morris, c. w.
Whteley, George S. Nixon and Geo.
A. Bartlett, who will, commencing
January, issue quarterly reports of
the physical condition of the mine.
The report was received with every
manifestation of satisfaction on the
part of those present, and President
Knox was highly complimented upon
the present condition of the mine.
A meeting Of the directors was
subsequently, held and Donald b. Gil
lies was appointed general manager
of the property. This appointment
is excellent. Mr.. Gillies has a splen-
did record in Butte where he man
aged the Parrott mine for Senator
Clark with signal success. A young
man full of energy he most favorably
impressed those who recently met
him in Tonopah and heartily wish him
success in his new field of duties.
The BONANZA last week published
news of great strike in the mine on
{ he 800 foot level, which is now posi-
lively confirmed, the ore running
from $4,000 to $40, 900 per ton.