Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-01-20
BOSTON VIEWS
ON j. 5. MINING.
Company Blamed in a Mild Way
Keeping Shareholders in
Ignorance.
GREATER PUBLICITY BETTER.
Regular Annual Reports Suggested
Mines Are Making Money and
Are in Good Condition.

IN Boston, as we'll "a elsewhere, the
late attack on the United states Min
Ing company by the Bingham Bulletin
mas created a great deal Of comment.
The subject has been given considerable
space in the weekly market letter OF
Hayden, stone 4 Co., which firm in
the past has been friendly towards
Utah copper stocks The firm says.
The publication of some nauseating
correspondence between certain Of
lcials Of the United States Mining COM
pany, which correspondence had been
surreptitlously obtained by some rascal,
made a momantary impression upon
the shares of this company. We share
a feeling which is widespread through
out the community, that It is shame
lul 10 leave shareholders I'm such ignor-
ance Of the affairs Of their property
that they Jrc liable to be made the
prey Of any INSCRIPTIONS agent We
have endeavOred 10 keep fairly well
informed regarding the affairs OF the
United States Mining company and
We have no doubt that any well dis
posed shareholder has been welcome
at all times TO all reasonable informa-
ton. There are other and greater and
reasonable requirements, however which
must be met before the public can feel
secure IN It's investments and AaVe that
complete confidence In a property and
its administration which all officials
must desire and which Is conducive to
stable markets and good prices.
President Roosevelt has emphatical-
" stated the demand which exists
everywhere for greater publicity In the
affairs Of our corporations. We arc
not unmindful OF the fact that there
are periods when It may not be wise to
make frequent reports, or when It may
not be possible 10 give a truthful and
correct impression by publishing fig
ures, There is no reason, however,
why a property IN such state should
command the confidence OF any others
than spectators or the personal friends
Of It's management We believe that
the United States Mining company has
passed such a stage, and with all the
loyalty which we have for the ex-
cellent men who represent 1t In Boston
rs it's executive officials and board OF
directors, we fully agree with the de-
mand which comes from every quarter
for the publication OF regular and COM
pletc annual reports We do not think
that amy spasmodlc report at such q
moment as the present is necessary.
We would suggest, however that the
directors establish some regular fiscal
PERIOD and that hereafter the COM
rpsy shall make regularly full reports
for such periods.
"a word as to what we understand
to be the condition Of affairs with
the United States Mining company at
present; We believe that the United
States Mining company and Its sub
sidlary corporations have on hand today
In excess Of $4,000 cash or equivalent
In Boston, ia addition to which they
also have about Sl5O0OO due for bullion
sold but not yet paid for. and ma
terlals and supplies at the mines OF a
very large value. Against this the COM
pany has no floating Indebtedness, eX-
cepting only its pay roll, which Will be
paid at the usual md.monthly period
We believe further that the company
has no debts or liabilities other than
we have stated outstanding against its
properties except It's capital stock, the
100000 par value Of per cent notes
Issued last spring, and about $4,000
par value Of It's old Z per cent mort
gage bonds, which II could not call.
we believe that IN the calendar
year 1904 the company has made net
earnings In excess Of 100000. We be-
lieye that IS lead smeter Is virtually
paid for and that It has on hand
large stock of ores paid for TO be
treated in that lead shelter We be-
lleve that the companys mines never
looked better than today and that there
Is the best of reason for saying that |
the smeltng plant, which has so far
given q great deal Of trouble, now gives
every promise Of working smoothly and |
unintcrruptedly The net earnings I'm
December are estimated TO have been
SllLO00 This amount rs. Of course.
somewhat larger because OF the better |
prices now being obtain for copper
During the past four months there |
has been quite a change i'm the owner !
ship OF United states Mining shares. |
A very powerful New York interest has |
developed This New York buying |
was done only after considerable study |
Of the ccmpany's affairs and prospects. |
I'm connection with the New York buy |
ing not "a little stock has been taken |
for European account. IL has been In |
.'tIthtll'N NlldA III T'lllt way VI bAilfI |
these New York buyers have been hood |
wlnked into relieving two or three To-
cal large holders and anxious sellers !
of their stock. Now We have a much |
better opinion Of the sagacity Of these
New York gentlemen, I'm fact, we be-
llcye that they understand quite as
thoroughly the merits and possibilities
Of the United states Mining enterprise
Hs ANYBODY Immediately connected with
Il, Moreover It comes within our
personal knowledge that some Of the |
large transactions which have been
made outside the stock exchange aud |
In which Boston holders have appeared
ps the sellers, these same Boston peo-
Tle have been most reluctant 60 dispose
NJ their holdings, and have only been
persuaded 90 do so out Of their belief |
that the transaction would be OF great
general benefit to the company as a
who'll. And stIll further IL comes With
IN our own knowledge that other large
blocks Of this stock could have been
sold at what seemed 10 VS. like very
fun prices, either by the company or
by individuals, and that more than one
such tempting offer was declined. We
cite these facts merely TO show more
clearly the feeling which the largest
holders and closest insiders have with
respect to the intrinsic value Of the
shares
TuE GNnWEI lgr rAcp