The times., 1899-06-19
THE GREAT COPPER BOOM.
and Dividend Records of
the Big Mines.


enjoyed by the copper mining
interests has caused public attention to
be focused upon this industry as never
before. The fact that many of the copper
mining companies are able to show net
earnings of 200 per cent above the cost
of production is in itself calculated to at
tract universal notice to enterprises cap
able of being operated on basis producing
such fabulous returns for the owners
thereof. To the uninitiated profits like
these may seem to be the result of ficti-
tious conditions, but, on the contrary, the
enormous legitimate consumption of cop
per has not only kept pace with produc-
ton, but outstripped 1t, so that not only
has the output from the mines been rapid
ly absorbed, but the European visible
supply of copper has shrunk from % ,152
tons on February 2S. 1890, and 5S,1 1872 tons
on June 80, 1895, to 80 156 tons on May 81,
1899. The law of supply and demand has
been the prime factor in the present for
ward movement in copper, and the phen-
omenal consumption of this metal for cleo
trical and other trade purposes has le-
quired such enormous quantities OF the
article to satisfy it that producers have
of late been frequently obliged to decline
foregoing circumstances is seen in the
higher market valuation of copper for COM
mercial and manufacturing purposes. The
market has risen from IL 1-2 for Lake
Superior copper in August, 1898, TO the
present figures of Is cents per pound. Dur
ing the same period London has advanced
from $50 Is. Sd. per ton for standard cop
per to Els los. per ton. The highest point
reached in this country was - ga cents
-, u,,I he hfeyh. NM
tion for standard was SO 5s. in May.
London sales for the first five months OF
this year amounted to 195,950 tons, against
110275 tons for same period in 1898.
With the copper trade so prosperous the
mining companies, as matter OF course,
are reaping a rich harvest, and investors
are putting vast sums OF money into the
securities of the dividend-paying copper
properties. As an illustration OF what has
been accomplished in the field of copper
mining the following examples are among
the most prominent; The Calumet and
Hecla Mining Company, with capitaliza-
tion of S2,500000, of which only 81 ,200O 600
has been paid in, has produced during its
thirty-one years of existence about $780,
600 600 pounds of refined copper, and paid
So, $50, ,0G0 in dividends. This is the great
est copper mine in the world in several
respects, and still possesses enormous
put exceeds that OF any other American
mine; its dividend disbursements leave all
competitors far behind; its rock is hoisted
from a greater depth than is the case at
any other mine-4,y00 feet at its vertical
Red Jacket shaft-and it has the most
extensive and richest conglomerate form
alton ever discovered, from which it mines
the gigantic annual product OF from 3d.
000,G00 to 100,O60,000 pounds of refined
copper.
The Calumet and Hecla dividends for
the first six months of this year amount
to $50 per share, or 6,000000 If the mar
ket should hold at IS cents for the balance
OF the year the earnings ought to amount
to nearly S12, 100000, or $40 per share on
an estimated output for 1889 of 1oc.-.
pounds of copper. This income might be
slightly abridged, however, as during the
month of January the market for copper
ruled between 13 1-2 and II cents. Besides
there was a great deal of copper sold dur
ing last December at 13 cents for delivery
during the first quarter of 1899. AT a mar
ket value of $500 for Calumet and Hecla
shares the earnings of the company on
Is cent copper would be equivalent to 10
per cent on the above price for the stock.
With continuous copper market at is
cents the company ought to be able to
devote Si,000,000 annually to surplus ac-
the same being equal TO 10 per cent divi-
dend on a share valuation of $500.
The Quincy Mining Company is another
Lake Superior mine which has performed
the feat of laying down copper in New
York at fraction below cents per
pound. This corporation has been remark
ably successful, and has a most excellent
record in many respects. Cost of produc-
tion however is liable to be affected by
year amounted to 1921 2T7.01; but then the
Quincy management was engaged in erect
ing an up-to-date smelling plant at Han
cock Mich, which went into operation
last December The Quincy's output last
year was l6,354061 pounds of refined cop
per. upon which they realized net profit
of S649, 1888, or about $3.50 per share.
The total production of the Quincy COM
pany since the beginning of operations to
January l, 1899 was 232 667 200 pounds of
refined copper, for which they realized
$34, ,2O7, ,42S.29. The company has paid in
dividends the aggregate sum of SO, 40, 600.
These grand results have been accom-
plished from the original payment OF
5000, 900 capital stock. The Quincy had
surplus on January l, 1899, of 81 .229, ,275. Is.
The company is capitalized at 81, 800, 600,
divided into 100000 shares. With steady
copper market at is cents the Quincy
ought 10 SHOW earnings VI ABOUT SlJ.OU per
share annually. Recent price of the shares
at S160 on present strength of copper
should show at least 10 per cent return
on the investment.
One of the most successful money max
ers has been the Boston and Montana
Consolidated Copper and Silver Mining
Company of Butte, Mon. This is pre-
eminently a copper mine and one of the
greatest low-cOst producers in the world
1t has had a career of marvellous success
under the Bigelow Lewisohn management
1t turned out last year $4,000, 600 pounds
of "copper" and has enlarged its electrolytic
refinery until it has now maximum
capacity of 100000 pounds of electro
lytic copper per month.
During 1888 Boston and Montana paid in
dividends 2,400, GOO and increased its sur
plus by S1.031S43 Notwithstanding these
liberal disbursements ii began the present
year with a balance OF assets amounting
to S4,515 ,246.s9. Since January the COM
pany is paying quarterly dividends of Sc
per share, or S24 per year. On present cop
per market 1t should earn at the rate of
$40 a share annually, which would bring
profits up to the basis of 10 per cent on
a share price of $i00. Boston and Montana's S
/ capitalization is $3750. 600, divided into
$50 600 shares at $25 full paid. They have
enormous ore reserves at the mines, and
manage the properties with an eye to the
greatest economy and efficiency.
THE SYNDICATE'S BONDS.