The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912, 1901-07-10
Butte s. Boston.

The esteemed Boston Herald whic,
probably knows more about Homeric
poetry than it does about copper, makes
an attack on the Butte & Boston mines
in answering letter of inquiry con-
corning their history. The Herald's
mining department has this:
All the history of Butte that need be
given is that people loaded up with It
at 81 and upward per share. and un-
loaded on the Amalgamated at the
equivalent of $124 per share. with only
one dividend declared between the 81
and 1924 appraisal, or before then, for
that matter. The dividend was proba>
bly, earned some time, though what sys-
tenn of bookkeeping obtained while it
was being earned nobody knows. Nor
can any outsider guess what money
Butte will earn for the Amalgama.ei
company. No uninformed person can
imagine and no informed person prob
ably does Imagine, that Butte will earn
8 per cent Uhe present Amalgamatei
dividend rate) on it's cost Of $50, O00, 900.
Butte is probably not dead horse"
but some other concern will likely have
to help pay its stable bills in the ANAL
gamateQ stud.
The above statement is replete with
error. In the first place people did rot
load up with Butte & Boston at 50. as
there was SIS assessment added before
any transactions were possible. AS to
the rise in the price Of stock since that
time, it is much less than the increase
in many a Michigan stock in the early
days of development. Calumet & Hecla
rose from $25 to $500 in a less period
than that during which Butte & Boston
rose from ST. to 1924. The Herald
should remember that when the old
Butte & Boston company retired under
the Palmer-Coram regime, copper was
low and the mines had no reserves.
Since that time, under energetic man.
agement, the properties of the concern
have been opened with splendid results
in the matter of pay ore, and cope !.
has nearly doubled in market value.
At present there are few mines in this
district of greater value and richer
promise than those of the Butte & Bos-
ton. Every man in Butte knows that.
It is evident that the capitalists of the
east know it, or there would not be such
a scramble for mining ground imme-
diately east of some of the Butte & Bos>
ton mines. Mr.. Franklin Farrell re-
Gently paid $750,0O0 for a piece of ground
adjoining one of the Butte & Boston
properties. and later acquired another
piece still farther off, but on the same
ledge. Within four days Mr.. Johr
Lloyd was offered 100000 for a claim
through which the Silver Bow No. :
ledge is supposed to extend, and refused
it. Last fall a commission was appointed
by the district court composed of three
reputable and intelligent business mer
of Butte, having no relations with any
big mining company. to appraise small
section of ground claimed by the Butt
& Boston company. Its members insis:
ed on a personal examination Of tn
underground workings of the property
and reported to the court an estimats q
value Of $780, 900. That estimate wa!
based upon ore in sight, and the name
of the appraisers are a sufficient guar
anty of the correctness of the figure;
1t is true that but one dividend ha
been declared. but that was .becaus
when the new company took hold heav
expenditures were required to open u
new reserves, the mines having bee
"gophered" in the upper workings by tn
old concern.
In this district, where the mines a:
located, SO long as the companies NEE
their pay rolls and find enough ore t
insure profitable and continuous opera
ton, the fate of Boston stock speculato1
is not of absorbing local interest. Blu
1t may be stated that the Butte & Bos
ton mines are of permanent value an
productiveness. If the Boston stoc
sharps entertain a contrary opinion, the
can make a barrel of money by short
ing the stock, for no stock can Ion
survive heavy expenses and little PR
duction. The Herald should send
commissioner out here to write up til
truth instead of guessing at the situs
ton and doing injustice to great mir
ing district.