New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-25
financial
70 THE STOCKHOLDERS OF THE
poston & Montana Consolidated
Copper Mining Company.

was little better than a prospect or until
rararers becoming aware that the company
70 be sued because CT ore taken from the
-, OF adjoining property, purchased this prop
40 for $4,000 not because 1t was particular
:. valuable. but to prevent litigation This
~-,,srtv developed very rich. and Montana
-, rapidly advanced from below 500 to 500.
80, 500 II broke TO $50. aid from there ad-
..rced to S249. The directors. managers and
..,s,ees during this time have been directors.
o~1rs and trustees Of Butte & Boston. a
,,onertv larger than Montana, and at the be-
.,,r,,e and for some time recognized as hav-
T., brighter prospect than Montana. While
vontana has prospered beyond all expectation
putte has made no headway so far as giving 10
&c stockholders any return on their invest
mont. this Notwithstanding Butte owners have
,,d over TO its directors. managers and trus-
...s number OF millions of dollars cash for
r,rking capital Montana directors. managers
,,a trustees. during the time they. as directors.
managers and trustees OF Butte were expending
millions Of dollars from the Butte treasury
have paid to Montana stockholders millions Of
,,lars in dividends. and TO some OF their MEM
hers as commissions and in other ways for dis
,,,hutjng the product OF these mines millions
more.
lam aware that my advice and my reasons
therefor will meet with the usual criticism that
.ornes 10 ali who state unpalatable truths, but
I, tventy-nine years active operations in State
and Wall Streets broker and critic OF
.ornorat,on worth. have never unfairly,
ANONYMOUSLY or for personal gain attacked
security. have never attacked security
u,rhout a deep feeling Of regret for losses that
believed would result to holders I have never
~sttacked" security until after by careful, un-
biased investigation l was convinced that time
would bring heavier losses to holders than
would result from my attack" and may be
hardened for recalling in each end every case
srer-events have demonstrated the soundness
Of my course.
Montana stockholders will do we'll to remem-
Der when they are told by friends of the stock
that this is only another bear attack that
when Lamson was selling at 100 and first
class investment" when Bay State Gas was
selling at IS and the street favorite. when
General Electric was selling at 10 and safer
than a Government bond" stated publicly the
first was issuing false statements. that it was
NOT worth 80 and that court proceedings would
demonstrate it: that the second was on the
verge OF a trade war with STANDARD Or thai
would carry the stock to 20; that the third vas
an imposition on the investing public and the
s,ock would IN a short time drop tC %. They
will do well to remember that while in each
case my statements were met with deniais'
abuse and libel suits. Lamson shortly dropped
TO 80 and was recognized. Bay State Gas to
Sc. with havoc to security holders and chaos To-
the earnings Of one OF the most lucrative gas
fields In the country. and that General Electric
dropped to under 90 causing widespread ruin
TO spectators and investors.
Montana stockholders. in Judging OF the
soundness OF my advice. should keep in mind
that have had from its beginning nothing but
:he friendllest words for the property and its
management; that in its first rise TO 800 had
prediced that owing TO market conditions ii
would have sharp break to $50. that it did
break to $50 shortly after and that only my
purchases Of over 10000 shares in the Venezuela
panic from SEQ down to $50 prevented serious
calamity TO banks that were overloaded with it
as collateral: that l. In a series Of pamphlets
went on record when Il was selling at $50 that
Il would sell at $50 during 1897, and that IN
January. 1895 unqualHedly advised investors
10 purchase because 1t would sell at over SOD
during 1895. They should bear in mind that
am not responsible for the events which | pre-
dict: that | simply recite them for the benen'
OF those who hold stock. and that II my adNic"
is sound their duty 10 themselves is to sell theii
holdings while they have a market If 1t is un-
sound to hold them for future profit ana that
abuse Of my motives will not change the result
ing consequences.
New England SPECTATORS and investors have
lost hundreds Of millions Of dollars because they
cid not properiv weigh timely warnings con
corning their stock holdings, and their hundreds
Of millions have passed into the cofferS or
few persons because they were able 10 prove
long enough 10 unload that timely warn
ings" were bear attacks"
advise all holders Of Montana TO sell at any
thing like the present market price because
believe that regardless OF the amount or ore
now in the ground supposed to be owned by the
Boston & Montana Company Montana s'ocN
will decline rapidly $50 500 or even $50 per
share because | believe stockholders VIII WITH
out warning awake TO the fact that some New
York court has taken thu affairs OF the company
into its hands. cntoineG the payment OF fur'her
dividends. and the requirement or olSposai u
property until 1t hos been ascertained Whe'hel
large portion OF the property now heiu
by the Montana Company and large poi-