Bisbee daily review., 1903-11-03

for Amalgamated giving $40 as the total value of that stock to which if if We add s20 a share to represent the SS,000,000 a year earnings of outside properties as above mentioned the act ual value of Amalgamated today, stat ed most conservatively, would be at least S60 share
 Anyway you look at it Amalgamated Is great big proposition, and must be cheap in the thirties for any one who has the money to buy and the courage to stick to the purchase.
 There has been tax in Butte be- cause of the threat made in court hy one of the company's attorneys to the effect that if a receiver vas appointed tor the Boston & Montana company all the mines Of the Amalgamatej company would be closed. Judge Clancy has the receivership matter unoer advisement, and a decision Is expected within a week or so.
 Just now all the mines of the Anal gamated company are running with full forces, and tbe output is almost down on July 1. when the Washoe smelter was turning out about 13.OO0.- o00 pounds of copper a month.
 No such action as shutting down of the mines is anticipated at this end of the line. because. even if Judge Clancy decides against 'he company. the matter is practically where it has been for some tipe. and no dennite result will be arrived at until the su- preme court passes on the matter years in the future.
 Right here it may be of interest to call attention 70 the present condi- tion Of Montana nugauon as con- pared with tha. of few years ago. Owing to recent changes in the laws of Montana, changes that have been largely brought bout since the pres ent Amalgama;cd litigation and through the efforts of AmaIgamated interests. it is Slaimed that it is -' longer possible Ter judge to actually put an adverse party in possession of any property in appointing a receiver. This it will be remembered, was done some years ago when Judge Clancy appointed one rf HeinZe's heutenants receiver for Boston .- Montana proper ties.
 The Boston * Montana company held possession of their property by armed force and very disagreeable condition of affairs existed for three of four days 5r unui the supreme court issued an in.unction against the receiver taking possession. But even then the supreme court could only take this action ctter it had been cer- tified to its satisfaction that the re- ceiver was in ;tual possession. by the new law Cf Montana, when in court the judge announces his appoint ment of receiver the opposing coun- sel have simply To say. we appeal, and he-eupOn ,h@ appeal instantly, mechanically and therefore absolutely stays all further proceedings until the final decision by ;te supreme court.
 Briefly perhaps. our readers would ike to know what amalgamated stock It s33 75 a share represents.
 First.-It owns about 75 per cent of the Anaconda Copper Mining company. possibly more by recent pu chases, the largest producer Of copper in the world. employing about 5000 men un- der normal conditions. This mine produces about lOO,000,00O pounds of copper year dt {; cost of about 9 1-2 cents a pound.
 We use the figures 9 1-2 cents as the cost of Anaconia's product simply to show that this would be the outset cost, because they are the figures that are given by the companies in their returns to the Gi;.te but it is so well known that these figures are purpose Iv made 10 corer many outside eX- penses that do I1t legitimately enter the cost Of prodIc'Cg copper, that we think, as do most copper metal ex- perts. that this cost should be cut from 1 1-2 to ? 1-2 cents per pound to get at actual ctsts.
 The mine has leen pretty thorough ly worked out ;o q depth of about a quarter of a mile, although the open ings are of such 5E extent that what would be immense ore bodies for smaller mines remain unstoped in the upper levels. Besides being the iarG- est copper producer in the world. the Anaconda is the seconu greatest pro ] than any but The worlds greates, 1 gold mines. It operates a sawmiil and has other exGensive enterprises including large tracts Of timber land, and sundry mining claims outside the strict limits of t1e Butte camp. SeccaG.--It owns tas Boston C Non tana mines, emDlGring 5000 mea and , producing 60,oJa.Gv0 to S0.ooD.oOO pounds of copper annually, and prob ably capable of turning out l~-, ,00o.0O0 pounds when working to full capacity
 and this at cost ot less thar 2 cents pound The value of gold. silver and bluestone rFcured as byproducts ! equals fully 3 ce- ,s a pound on the copper production.