Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-12-29
tBy Horace ]. sterens.l


HOUGHT0N. NJ eh., Dec. 26.-EyerS
year sees at least q Thousand new
copper mines bora to the world, but
while many are called. few are chosen.
hence it always is pleasure to wei
come 10 tae ranks of the real mines
the few newcomers that qualify IN
this, the most costly and strenuous
form Of mining known to man. Copper
mines. when really good. are the mosr
profitable mines of any metal but are
correspondingly costly and cores
pcndingly scarce.
The annual report of the Superior &
! Boston Copper Co. 8 Houghton cor
Operation having mines four miles
northeast of the Old Dominion proper
ty.-fii tie Globe camp of Arizona. las
just been issued. and makes a highiy
creditable showing. both for the mine
and for its management. In this con
nection it may be remarked that the
plan of promotion employed In the
flotation of this company, two years
ago, was most unusual. in that the
promoters told the subscribers just
what the profits of the flotation were,
these being a ten per cent share in
terest, all of which has been retained
not a share of the promotion stock
ever having come on the market, des-
pite the 500 per cent increase in mar
ket price of SHARES above their cost.
1t is but rarely that shareholders are
given an opportunity of learning what
have been the profits TO the promoters
of mining venture, but in this case
, the Information was made public at
the time of organization. and the pro-
motors have made Infinitely more
money by retaining their stock than
lif they sad attempted 10 get out from
under al the start. as, unfortunately
sometimes IS the case in mining pro-
motions In fact by toting fair, :
ana keeping their stock. the ten per
cent promotion interest new is worth
considerably more than the amount in
cash OF the entire. originaI s.ioscrip-
ton. and that. OF course, is nine times
as great as the promoters profit. This
concrete illustration OF how it is pos
sible for a promoter 10 make immense
profits, while dealing with sharehoid-
ers in the strictest spirit OF equity,
and without concealment of any sort,
is one that might be taken TO heart.
with great advantage to all concerned.
by the rather too numerous class OF
promoters that insists on taking prot
its in cash. and letting shareholders
take all the chances. II follows. nat
urally, that any management thar
must make its profits. ii any are TO be
made, through the development CT .
valuable mine. is most energetic and
economical in its operations than pos
sibly can be the case with any man
agement that has but trivial finaI-
cial interest in developing property.
One year ago the annual report Of
the Superior & Boston showed an IN
debtedness of syst, 600 remaining IN
raid upon its lands. The repcrl -
this year shows all lands fully pait
for. and surplus. practically all ii
cash, OF $685., S42.36 over tine debts of
the company, which amount TO only
sl1,905, in current accounts. This
reversal OF FORM" from a quarter
| million Indebtedness. to more than a
quarter million cash surplus, within a
year, coming, as it does, at the end of
one of tie hardest twelve months ever
known in the copper industry, entities
the management to vast credit.
Although the property is not yet Z
producing mine. in the regular sensS
/ Of the wcrd, so much ore is being ex-
/ tracted in the cou. Sc of the heavy de-
yelopment work under way, that snip
me hts Of about thousand tons month
lly are being made. These shipments,
for several months past, have nearly
met the entire expenses of develop
ment and operation, and. in fact, ~
lone month, left a balance of several
Thousand dollars over expend lures OF
all kinds. No attempt is being mace
TO increase production, except as
greater openings give increased ton
mage.
The compauy's report, which is ad
nliratly clear and explicit, gives de
tailed figures of shipments. by months
from their beginning, last February
to tie last month, September, befoT'
the close of the company,'s fiscal yeai
and a brief comparison OF the figures
of shipments and percentages show
surprising progress. within a periot
CT only eight months The shipment
of February, 1908, we're only Sc tons
ard the ere averaged only ga per cen
copper and IS ounces silver per ton
! while the shipments of Septembe
were 1872 tons to the Ell Paso smslteg
returning 100 per cent copper eGs
~ ounces silver, and 6IS tons to thu