The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-02-04
ThGD0St0l Tranynpt
On the Report that the
Butte g. Boston is
Played Out.
News From Lake Linden.
Houghton Comfy German Ala So
eIeties 60 Celebrate at Calumet
February7

February a
Qnite "A number OF our readers who arr
interested in Butte X Boston arr
considerably surprised at the fall that
has taken place in the stock with
in the last few days. One OF the
Boston papers contained a dispatch
from Butte stating that the deposit had
played out, and upon which the stock
naturally fell. For the edifcation OF our
readers we print what the Boston Trans
eript which, like the Evening News, is
generally of "a conservative character,
saws upon the matter in its issue OF the
LIST inst, and which is as follows:
THE announcement that the Butte X
Boston mine practically is worked out
and that an injunction has been granted
| the Anaconda prev enting the Butte from
working in one OF its properties, caused
heavy selling, and the bears held high
carnival line stock closed at 12A yes
terday, opened at 9h today, ran up TO
1OS. again Tell To Ok. rallied once more To
lOA and closed at 81, a net loss for the
day of 2k, tantamount, to a S5OO,0OO
marking down oil the selling value OF the
equity. Mr.. Bigelow says that the mine
IL still a producer, and will earn more Tor
it's owners within the next six months
than ever before, so he is informed. The
temporary injunction obtained by the
Anaconda people was to hinder the Butte
from working certain outcroppings OF
the Gray Rock mine, which is owned by
both the Anaconda and Butte companies.
The case comes on trial February 10,
and the lawyers acquainted with the
matter say there Is no ground on which
"A permanent Injunction can be had to re-
strain the company from working its
own property. The Boston News Blu
reau says that the Butte has been operat-
ing two mines, the Silver Bow and the
Gray Rock. The latter is considered the
richer property. The Anaconda mining
company has been claiming that the Gray
Rock development has been running into
the Wild Bill property in which the An
aconda and the Butte x Boston are Joint
owners. Instead of fling suit for an ac-
counting, the Anaconda secured an in
junction restraining the operations of the
Butte X Boston in the Gray Rock mine.
The Butte x Boston, therefore, will be
operated at present only from the Silver
Bow mine. This will restrict its produc-
ton about one-half, or TO about 700, 900
pounds per month, but the officials ex-
pect TO make az much net money from
thls reduced product.
As To the matter OF the street reports |
that the mines are worked out, that |
hardly seems possible. The Butte prop
critics have been worked "a much shorter |
time than the Montana or the Anaconda. |
The latter did find in some OF its work |
ngs that the ore gave out at n great |
tepth, but neither the Montana nor the |
Butte have got any where near SO far |
down az the much Older Anaconda, and |
even IL they had the same TACT should be |
true oil them as OF the other, namely,
abundance OF other mineral territory.
Diminishing street gossip that these |
stories are circulated az n part OF the |
against the price of the stock |
which has been taken for granted SO |
ong az part OF the program Of i'm |
'lders pending final settlement of the |
Davis stock, IL is enough TO say that if |
The Butte properties are worked out the /
Montana ones must be ia much the same |
shape. We do not believe that either /
has reached its maximum of |
development or production by an,
means, indeed, lack Of development has
been urged in the past against the Butte,
and It has been felt by many that it was
ofcompreheDsivede development
m much the same manner az the Mon /
lana. Practically the two are in the |
same territory and work under similar
conditions, the Butte not having re-
'eived anything like the broad develop
nent OF the other. Now it looks az il the |
irst steps were about to be taken to- |
ward making paying property of the
Butte.
ut was intmated in Yesterdays Tran
script that there might be reorganiza-
ion, and this seems quite probable in
view OF today's developments. There are
10000 shares of stock, and the propo-
'ition TO reduce this bv one-haIf and
nance the bonded debt should be wei
.ome To stockholders. There il ground
or belief that the project is getting into
shape, carrying with it ample provisions
or needed Developments work and all
he accessories OF a modern plant. With
4 production well over a million pounds
IL copper per month, the Butte ought to
De made "A dividend payer, and it should
lot take an over great amount of reor-
or rather reimbursement, to do
{. IL 10 property OF great possibilities
md handled like the Montana. by the
ame interests. it can be made paving
and we think that il will