Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1900-03-14
sufficiently high to check consump-

one sufficiently high to check consump-
tion.
\ do not see where there can be n
increase in supplies beyond tho normal
increase. figure that there was less
TRAN 10 per cent increase in the copper
production OF 1899 over 1898. and some
people estimate that there will be less
than a 10 per cent gain in production in
1900, but l am willing to allow for the
normal increase of about 10 per cent per
II
THE Calumet & Hecla is preparing for
a smal increase next October. The Utah
mine will In time also increase it's pro-
ductton. 1t Is now producing about 7O0,-
600 pounds per month at a cost Of about
5 cents per pound. In fact 1 believe 1t
Is producing copper cheaper than Boston
& Montana or the Calumet & Hecla. 1t
Is making q profit of about 10 cents per
pound. or about SO, 600 per month.
The Boston & Montana Is to my mind
the cheapest copper stock in the world.
Just compare it for a moment With Rio
Iinto+ which sells for E53 los for It's Or
f5 shares. or about 1861 per ,Yaare,
or abouG he price of Boston & Montana.
Now there are only 1900 10 shares of Boss,
ton & Montana, and 1926, 900 ordinary
shares of Rio Tinto, or more thai twice
as many. But there are also in Rio Tin
to S25, 600 preferred shares selling at E7
OF go per share, and $4,000, coo, or $751;
ooo,OOO 4 per cent first mortgage deben-
ture ponds, OF which there are outstand-
A the Boston & Montana has $500. 900
bonds which would be paid off out Of the
treasury cash II they could be reached
and still leave the Boston & Montana,
with a larger cash surplus than the Rio
I1nto, 1t can be readily seen that Boston.
& Montana Is selling for less than one-l
half the ordinary share capital of the Rio
Iinto. and there is $25, 900, 900 ahead of
lilo T1nto ordinary share capital in bonds
n preferred stock.
The Boston & Montana, by the report
ISSUED to-day, shows a production of U.s.
O0O, 600 pounds of copper per annum. The
Rio Tinto produced only co. 900, 900 pounds
per annum. The Rio Tinto also exports
o $50. Oc0 tons of pyrites each year,
but this Is offset by h gold and silver
values in Boston & Montana not contain-
ed in the Rio Tinto ores.
Rio T1nto produces its copper a little
cheaper per pound than Boston & Mon
tana, b u Boston & Montana is making
very nearly as much net money at the
present time as Rio Tinto, and is selling
for far less than one-half the price of Rio
Tinto. -
Boston & Montana paid $50 per share
In dividends last year and there is no
reason why 1t should not pay as much
or more This year. I know of some peo-
pie who will pay $50 for this years divi-
dends. Montana is getting more for its
copper this year thar last as in the early
part of 1899 copper was selling pretty
low. and not knowing that the advance
would be so large, a good deal of it's cop
per was sold ahead at comparatively
lower prices than are now prevailing.
IF there was the speculative interest
in this country that there is all over
Europe Boston & Montana would be SELL
ing above $500 per share. but the people
of the United States appear to prefer
speculation in low-priced stock regard
less of capitalization.
Some Of us look to see copper start up
Wall street pretty soon.'