The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-02-14
MINING.
stocks.
BOSTON. February rs, 1893
More Butte 4 Boston.


Butte gravitated further toward zero,
the suggestive point. suggestive OF low
temperature for weak holders. and OF
probable reorganization.
NJ, writing from Boston, February 5,
to the Engineering aud Mining Journal
regarding the Butte 4 Boston mining
company, says that which Boston people
will want to read, az il gives a version
somewhat new in financial particulars:
The recent drop in price of the Butte &
Boston stock has given rise to wild ru-
mors at the Boston exchange. No off,
cial statement being made, it might be OF
interest TO your readers 10 have some
facts. The exact amount of bonds is 81 =
100000 due December, 1898; $1,000
600 consolidated bonds, OF which $780,
900 were sold and are in circulation,
while S400, 900 are in the treasury. and
s1.000,000 kept to beexchanged against
those due in 1898. Practically. there are
only 81 100000 issued; there il further
floating debt of 1858, 900, TO which
NAV be added $40, 900 loaned. but not
used up yet, for the purpose OF develop
ing the properties and opening up suffi-
cient ore reserves during the next six
months TO allow the smelters to operate
without stopping in future for temporary
lack of ore.
Hence the financial condition OF the
Butte & Boston is by no means az bad
as described. The copper properties OF
the company are excellent, rivaling 10
value with any other Butte property.
The causes for the present muddle are the
Encouragement Of Supt. Palmer ana Di-
rector Coram. The first one resigned
some months ago, and the earlier the
company gets rid of the second one, the
better for the stockholders. Not only
were no Developments made and ore
bodies opened uD in advance, but proper
ties we're bought and leases given without
even consulting the Boston dir ectors.
Happily a most important lease runs out
next September. understand that the
parties working on this lease took out
immense quantities OF the very best cop
per ore, and that this part of the proper
" shows up splendidly. The reasons for
leasing such ground can ONLY be surmised.
Your journal always clamored for
official statements. aud 40 did the Bos-
ton Herald (the only one among all Bos-
ton newspapers To do so;) however, the
~ ockhodern were indifferent and the
spectators on margins have tn blame
Quantities. Ia tiue, the properties owned
by the company are excellent, aud the
former mismanagement has given place
to "a competent management cOmpOsed
of such trustworthy officers IA Captain
Couch, for the mining part, aud Klepet-
ko of the Great Falls works, for the
smelling"
Remarks. II seems quite improbable
that properti's V, r. bought and leases
given without consulting the Boston di-
rectors; but when u concern makes no
Olnflul ttfbllN VI iir uOiiikrs W uO
saying what may or may not have been
done.
II had hrcn hoped tbatt The Boston Stock
Exchange might ask the Butte & Bos-
ton management for an official state
ment of fnanrisl condition, but there
seems az little chance Of this being done
IA of the New York stock exchange de-
mandiDg the same from the American
sugar-rehning company.
The relations Of trading pools and
stock exchange members TO the Sears
building mining offices are 40 agreeable
and have been so profitable that IL
IL probably too much TO expect that any
thing will be done 10 disturb the status. |
There NAV be more MERGED and Old Do |
minion deals. or rather their counter
parts, TO be brought out, and 1t might |
prove iojudicious TO aDtagonize the pro-
moters OF such undertakings for so email |
an affair as Butte K Boston.--Bosfon |
Herald.