Fergus County Democrat. [volume] (Lewistown, Mont.) 1904-1919, 1906-12-04
Subscriptions For Shares Of ReOrQdn-
lied Company Greatly Over
Subscribed.
DETAILS OF THE BIG DEAL
New Owners Expect to Greatly In
crease the Capacity of the
Mlll and Mine.

Butte Nov. 27.-Invesrors of Butte
worth Of the stock of the Barnes King
| Development company, which has TAX
en- over the celebrated Barnes king
gold property q miles from Lewistown,
| Mont Advices from New York are to
| the effect that the subscription has
been exceptionally strong in that city
| an daltogether the stock is greatly over
subscribed. The company is capitalize
ed at s2,OOO,OOO, the par value of the
shares being S. The subscription
| books opened simultaneously in Butte
and New York yesterday, and before
be had, and MANY who desired stock
were refused. Some of the most con-
| servative of Butte capitalists share IN
the first distribution Of stock, the order
of one investor being $4,000 shares. The
allotments of stock will be made De-
cember goth.
THE POMOTERS.
The promoters Of the company
through which the deal for the proper
| ty was made, are A. J. Campbell, Mrs
Marcus Daily, John c. Lalor, James W..
Gerard and H. Carroll Brown, the lat
| ter a member of the New York stock
exchange Articles of incorporation
will be filed in Fergus county today.
The board of directors will consist Of
all the persons named above, with the
exception of Mrs. Daily, and it will in
clude w. T. Hardness, G. F. Kelly. w.
Cheely and John E. Corrette.
The purchase of the property, which
| for years has been one of the best pay
| ing gold properties in the country, wa.
made upon expert reports sumbitted
| by William F. Word, of Helena; j..
Park Claiming of the American Smetl>
| ing and Refining company and Walter
H. Weed and assistants of the United
States geological survey.
GREAT PRODUCER
According to the expert reports, the
mine has produced gold bullion to the
! amount of 81, ,527 1851 between Septem-
Der / ,lJUl, anu tApIil louo. ICui lis
| the same period it paid $547, 800 in divi-
dends, an average of $4,000 per month.
The total tonnage of ore mined and
milled during the same period was 255.-
| 5SS tons, giving an average of 20 tons
per day for the mill The average yield
per ton was $5.97, and the average cost
per ton, including the cost Of develop
ment was $3.50.
| 1t is estimated that above the bottom
| of the present workings there are AGO.
| 2S1 tons Of ore ready to be taken out,
the estimated profit upon which will be
| 81, 26S, ,89O.77. The estimated values OF
the machinery and improvements upon
the property is $121 .495S4, making the
total available assets 1890. 1861.
The existing conditions, as stated in
the report, indicate that with develop
ment work the reserve tonnage may be
greatly increased and that with an en-
largement of the mill to a capacity Of
400 tons day the dividend may be
| doubled
The property consists of 23 claims and
fractions, all of which are either pat
ented or ready to be patented, cOverins
an area of about 200 acres, situated on
the east slope of the North Moccasin
mountains, in Fergus county, about q
| miles from Lewistown. The company
also owns the Lincoln ranch, in the Ju>
dith mountains, on which there are
| !. .O0O, 900 feet of uncut timber and saw
| mill.
| ROCK FORMATION.
The formation of the country
| throughout the North Moccasin range
of mountains is principally porphyry
| and limestone. the central and higher
parts being porphyry. and the sloping
| sides limestone. The claims are locat-
ed entirely within limestone, though
| but short distance from the contact
between the limestone and the pOrphy-
ry. On the companys ground the bed
ding plans of the limestone formation
| are found dipping to the south and
| east at an angle of about 20 degrees
from the horizontal.
! The vein in which the ore bodies are
! found appears to have been due to a
fissure along and parallel with the bed
| ding plans of the limestone. The foot
| wall of the vein is limestone and the
| hanging wall of a black shale varying
ten feet in others.
/ The shale carries good values in some
| parts of the mine, and above the shale
is a bed of sand stone ten to twenty
| five feet thick. Above this is the lime
| stone again. The ore is more or less
4 ~ Aol Al.