Fergus County Democrat. [volume] (Lewistown, Mont.) 1904-1919, 1906-12-04
BUTTE END OF DEAL SETTLED Up
CONTINGENT SubsCribeS Heavily for
the BarneS-kinQ.

Subscriptions for stock in the new
Barnes King Development company
were closed at noon yesterday, ending
the first half of the most successful
flotation if mining shares that has ev-
er been pulled off in Montana, or pos
sibly any other country. The work was
practically begun Monday morning and
might not have been stopped at noon
yesterday had it not been for the fact
that A. J. Campbell, who is in New
York and is one of the head men of the
enterprise, telegraphed the Butte end
that the allotment for Montana was al
ready largely over subscribed and that
no further subscriptions should be ac-
cepted The subscriptions received pre-
vious to the notice will in all probable
ity be substantially reduced when the
allotment committee meets in New
York on Dec. 20 to make the allOtments,
although strenuous effirts will be made
from this end to protect the Montana
subscribers.
The excessive oversubscription is due
to the fact that although tohse handl-
inc the Montana end of the deal intend
inc mining men Of the district to par
ticipate in the flotation, news of the
carving of the juicy melon spread so
quickly that there was no such thing
as stopping the rush, and what was
first intended-a quiet subscription am
ong a favored few-grew in a few hours
to a tremendous total.
SOME CARVING IN SIGHT.
There will undoubtedly be much dis
appointments when the allotments are
made, for nearly two-thirds of the 4OO,-
900 shares have been subscribed for in
this city, and the Butte men interest
ed in the flotation feel certain that not
more than third and probably less
number of shares will be allotted to
Montana The New York allotment
will be distributed in large blocks am
ong the big interests behind the enter
prise.
When the books closed the total sub
scriptiOn in Butte, aggregated about
81, 400. 900, which is within $500, 900 of the
total capitalization. OF this sum drafts
calling for about 100000 We're sent east
last night. All of the Butte banks had
large sums of money on deposit in New
York, but the amount of the drafts
cleaned up every dollar of it and Butte
bankers had to send more cash last
night to accommodate their exchange
patrons.
RECEIPTS FOR MONEY.
Receipts for the money paid out by
subscribers will be paid out today ana
sent to those who paid it. AS soon as
~,
certificates representing the number OF
shares to which each subscriber is en-
titled will be issued and forwarded to
such subscribers. The certificates can
be issued on the curb the same as If
they were final certificates, but the
holder on March 5th, the date on which
the final payment of $3.50 per share is
due, will have to pay the $780, The
stock will be placed on the New York
curb Just as soon as the allotments are
made and the temporary certificates are
issued. The family of Marcus DAILY
have been active in the enterprise and
are heavily interested in it. Mrs. DAILY
holds large block of the stock as do
also H. Clark Brown and James w.
Gerard. her son-in-laws. John c. La
lor, manager of the Daily estate is also
heavily interested, and so is A. j.
Campbell, attorney for the estate.
1t the intention of the company to
increase the output of the mines and
consequently the gold by doubling the
capacity of the present plant, and will
likely make further increases from time
to time.
The mines are now welding about
$165, 900 a year.-AnacOnda Standard.
w. w. Cheeley and Roy S. Alley re-
ceived the following telegram from A.
j. Campbell yesterday in regard to the
subscriptions of the Barnes King De.
velopment company stock: 'Stock is
over subscribed by 100000 shares. We
are not trying to advertise it here at
all. Will have to cut the total sub
scription in Butte at least one-third
and perhaps one-half. We are getting
things in very nice shape at this end,
and holders who are not anxious to sell
will undoubtedly make good jrofit. All
appreciate very much the splendid in
dorsement of tn property and feel sure
that the confidence will not be mis-
placed"