Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-07-13

of lcad-silvcr; the highest value above
$4,000 ton at the present price of
l"ad-silvnr. The average values show
about $500 q ton.
10 get our ores to the railroad they
have to be hauled 121. miles over q
good automobile road. The cost of
harlins the ore With the Company's
own teams is a fraction less than
500 per ton, by contract, little less
than $500 per ton. The cost of min
ing the ore averages $1.25 per ton.
Tho company has at the present time
a;proximatcly $4,000 tens of milling orc
on the dumps.
The two properties combined consist
of twenty claims, and arc equipped
with Miners Houses, two Boarding
Houses. Stables, Office, Storchouse.
well supplied, Blacksmith Shops, Ore
Cars, Tracks, Air Compressors, Ore
Wagons, Horses, Miners Tools, Steam
Saw Mill, Powder Houses. and the 80
ton Mill about to be replaced by a new
100-ton Mill. The Company owns its
own Watcr-right that at present has
155 horse power, sufficient power to
run 9 20O-ton Mill. This water power
can, if necessary, be developed into
more than 22o horse power.
The properties carry on them fully
5,G0o000 feet of splendid timber. A
very large pcr cent. of the timber will
measure 3 feet in diameter.
CAPITALIZATION.
The Company is capitalized for only
$J0J,000 par value of shares, One Dol
lar each. No promotion stock. No
watered capitalization no stock
given for property. No stock given
for services. The stock that is issued
is sold for cash, and the cash is paid
into the Treasury. Thus it is that
the Boston, Idaho Mining Company has
attained its present success.
When the new 100-ton mill is in
stalled and tramWays constructed from
the workings to the mill, doing away
with the present system of team haul
ing. the entire plant will then he COM
plete. These new improvements will
be completed by early fall. The Com
pany will then have outstanding not
more than $4,000 shares of its capital
stock. There will be left in its Treas
uTy fully 123,0C0 shares. The Company
has never allowed any debts to ac-
cruc. It's bills are paid promptly on
the 10th Of each month, and its credit
stands second to none. The new mill,
and trans Will be paid for spot cash,
tho Company accepting the benefits OF
cash payments.
The affairs of EoSton-Idaho Mining
Company are conducted on thorough
busincss principles. such as a success
f,l1 hJISinpSc hn1lSn WnII11 nnnlnct IL =
business.
If the properties of the Boston
Idaho Mining Company were in the
hands of promoting mining schcmcrs
it would have a capitalization of not
less than s2,50G,0o to s3,0oO,OO0 with
perhaps fifty per cent. Of its capitali-
z?tion in the Treasury, and the other
fifty per cent. in the hands of the pro-
motcrS. This very excessive capitaIi-
zation of mining companies is what
reduces the dividends to investors,
and spells disaster to most of such
promoters.
Within the last month we have
claimed, and still claim that, in our
firm and honest opinion. the Boston
Idaho Mining Company, with its rev
100-tnn mill in operation, will earn an
amount annually to warrant its pay
ing 100 Ter cent. dividends on all the
outstanding stock that the company
will ever have (377J, 900 slarcS), and be |
able to carry good round surplus into |
its protection reserve fund. This firm |
opinion has been reached after q most |
thorough examination made of the |
properties and ore shoWings in the sew
cral tunnels by two expert engineers |
during the early part of June in the |
presence Of Mr.. Diamond and an inter
cstcd stakeholder who accompanied |
him to the mines and who was present |
whcn the five year contract was made !
for the output Of the Lucky Boy
Miro. He was also present when Mr..
Diamond. on behalf of the company,
refused to contract the lcad-silvcr ores,
pr"fcrrinS to wait until the new mill
is in operation. so that intelligence ir