The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-06-10
MINING.
stocks
Our Boston Letter.

BosToN, Mass, June &, 1896.
The re1uct on Of the dividend rate by
the directors of the Tamarack mining
company has been the only startling de-
yelopment in local copper circles during
the past week. The managers OF the
Bigelow Lewissohn mines have contract
ed habit lately of issuing emergency cir
culars explanatory OF official actions
which might be covered in regular quar-
terly, semtannual or annual reports, but
which is omitted. The reading matter
in the annual reports has been unsatis-
factory and mystiiyIng, owing TO later
DEVELOPMENTS, which have been contra
dictory to what stockholders have been
led to expect from a perusal of the limited
and irregularly issued annual reports,
issued by the management. The circular
accompanying the official notice of the
declaration oitbe reduced Tamarack div
idend says that new heads of stamps are
TO be built as il will be necessary to
stamp more rock in order to make the
desired product. From this il might be
inferred-and there il nothing to offset
the opinion-that the rock taken out OF
the Tamarack's shafts is poorer in quail
ity that formerly and that it contains
smaller percentage of mineral. Otherwise
the stamping ola larger quantity OF rock
would increase the product; but the circu-
lar says that it is to main tain the desired
product which makes 1t necessary to in
crease the stamping facilities. OF course,
the 50 dividend is better than noue, but
stockholders have been led to expect an
increase in dividend rate, rather than a
reduction, which makes the disappoint-
ment 20 much the greater. The manage
ment OF the Tamarack and other mines
with headquarters in the same office has
become a fruitful subject for criticism
among financial writer's.
That holders of Pioneer gold mining
stock are becoming dsgusted is not a
matter for wonderment. The untold
stories which have leaked out after the
stock had been placed on the market have
gone far towards destroying confidence
of investors who subscribed for it. The
Pioneer subscription brought in $780,
900, and now it appears that only $751;
600 was paid for the mine. That some
inquiries should be made az to what was
done with the remaining s175, 900 is per-
fectly natural, and the fact that the
whole matter is likely to be brought out
publicly in the courts soon is good
thing for the holders OF the shares who
paid anywhere from 50 TO $40 for their
stock. The stock vas doomed on the
idea that the management was exceed
ingly frank and fair with the sharehold-
ers and that everything was square and
above board; also. on the excellent re-
turns from the mine and the prospect of
early and regular dividend payments.
Now, that IL is said that there have been
disagreements among the original pro-
moters and quarrel az to who should
have the commission for bringing out the |
property, the street il quick to jump at |
rumors Of any unfavorable nature con
corning the mine and doubts have been
expressed that n dividend will be paid
this year. At the time the Pioneer mine
was noated here, there were some con-
mining men who refused to
take any stock in il and who expressed
doubts az 20 it's value. They were said
20 be prejudiced and sour on the man.
,gement, but recent events have given
eason enough for their previous efforts
o discourage investorsf from putting cap
tai into the scheme.
Anaconda rumors have been in circ,ila-