The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-11-04


is to the future OF the silver question.
SILVER the PAYING PART.
For the purpose of this inquiry. the
Standard gathered all the testimony 1t
could secure. showing the actual busi-
ness of the prominent Montana mining
companies. especially those in Butte
These. In many Instances. are presented
in the pamphlets known as the an
nual statements OF the companies-the
statements are made up from the COM
panies' books for the information of
stockholders. and they are used as the
basis for the reviews made by the min
ing and the technical journals in this
country and In Europe. In order to
express more clearly the point 1t has
in view. the Standard reprints here
with the profits-and-loss account which
is a part of the Anaconda company's
latest annual statement. We take this
company's report because II is much
more thoroughly itemized than that Of
any other mining company engaged in
business in this region. For instance.
the Anaconda report gives separately
the annual production of copper. silver.
gold: the statements OF the Boston
and Montana and of other companies
omit. as a rule. this segregation.
As it is with all great concerns. the
air is filled with fairy tales about the
alleged earnings of all of these large
mining companies. The stockholders
get the facts. the large public gets the
fictior The Montana public believes
the Anaconda properties to be well
worth the capitalization. The annual
statements of the concern show 1t to
be the purpose of the company to earn.
for dividends and kindred purposes. a
net ten per cent on the capital. Shall
in the hazardous business of mining?
That will not be the testimony of men
whose experience has given them a
practical knowledge of mining ven
lures: surely 1t will not be said by men
whose memory recalls the vast sums
of money and the weary years of time
spent on copper properties in Butte be-
fore a cent OF profit flowed from them.
Remember what the goldbug policy has
been. First it silenced the mills at every
silver property in Montana. In the
pursuit of grasping. gold ambition. that
policy will not stop. IL it can help IT.
until IL makes comparatively worthless
all forms Of silver productions: 1t will
never say it is satisfied until II re-
writes the history of Granite county. in
Montana. and makes 1t. line for line.
the history Of Silver Bowl
The TESTIMONY or THE BOOKS.
II you will examine the table you
will have presented to you the essential
point the Standard has in view. You
will notice as the last item in the left
hand table the profits for the year end
ing June 30, 1898 You will find, as the
first three items In the right-hand ta-
BILE. the earnings from sales of copper.
silver. gold. The profits are 1851, ,s4s. %.
The sales Of silver were 1929. .2775s.
That is to say. practically. the silver
sales for the year represent the Ana
conda company's profits for the year.
That is to say. also. that on the pro-
duction of Its millions Of pounds Of cop
per. the Anaconda company made prac-
tically no profit whatever; silver in
these profits is the saving clause. The
ever-present question with copper pro-
duction in Butte-the question Of prof
its. OF wages, of hours. of bulk of busi-
ness is this: what is the fu-
ture Of silver going to be. as
suming that copper holds its own
in the Industries and arts? The finan-
ciai world has spent much time in fg-
uring the point to which silver viii fall
in case the United States gives up its
free-coinage fight. No satisfactory con-
MINING rNMD