The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-09-05
|[CH0ES Of THE
/ F|NLAY REPORT
Estimate of Michigan Mine Val.
ues Is Rude Shock to
Stockholders.
BOST0N IS LARGE
HOLDER OF ISSUES
ontinual Decrease of Copper
Contents of Ore Was the
Handwriting.

In regard TO the Finlay report on the
Michigan copper mines. the firm of
thompson. Towlc & Co. says:
For many years Boston has been the
inter of mining share investment and
EJACULATION. and the great bulk OF the
|{ocks traded In have represented prop
lies located in MichiSans upper penin-
LA. Up to ten years ago there were
ew copper stocks traded In outside OF
|hc LAX. mines. There WAS the Old Do
rInIon and Shannon In Arizona the Bos-
al &. Montana and the Butte Boston
d Montana and the Utah Consolidated
4 Utah. Ten years ago the Standard
n interests aInalgamated the Butte
III. RYAN interests brought out half a
|ozen properties. and finally Boston be-
|1fue partially wcaned from the Lake
[opcrtes and invested heavily in out
de mines.
The "porphyry" mines have been looked
ID askance. and the 100000 shares In
he porphyvy mines all have compare
IreIy small ownership In Boston. not
that they have all been de-
r1oped and financed and are prepared In
112 10 produce at the rate of o00.00O.OO0
|onnds copper per annum, or two and
|1e.haIf times tho annual production OF
1e Lake II is not surprising, therefore.
nd Boston, which has been brought up
M the Lake mines. refuses TO believe the
bort OF j. r. Finsy who, after a care
M study Of the Michigan copper situa-
|on. helped by official statistics from all
a the mines Of the district and backed
n by years OF experience In the mining
IA, declares that Michigan mines have
EN- their best days, that the lodes are
|<ftins leaner with depth, and that while
nnnagc Is three times as much as II
led 10 be. earnings are less. not so much
|r account OF the lower price OF copper.
nd because of the lowering OF the metal
onfents of the ores.
Mr. Finlay places the value or all the
opper mines of Houghton county, Mich
IN, TO be s5s,sl5.0oo, or a little better
lam one half what Calumet g. Hecla
IS selling for alone in the open mar
Ia few years ago. As against this es-
mate of Nv Finlay,s however. even at
@e present deprecated prices, the Mich
gan mines are selling In the Boston mar
et for about Sl0o.0O0.0n0
The lower contents OF the Lake lodes
r1fh depth should not occasion surprise.
or II is known that the Calumet & Hecla
rs been getting gradually lower yield
or TON Of rock for years, the grade re-
ueing from forty hve TO twenty-slN
ounds. and other mines have been pass
ng through the same experience N Is
relI 10 look at the situation in a broad
ray and know that the Lake Is a de-
Ining proposition. and that under the
cw order OF things there are many
dichgan producers which never have
pd never will make profitable mines.
hey will not he wiped off the board,
owever. but will simply continue to be
I'D by people who hope for better
1Ipgs and believe that some day in the
Iunre. when there is another copper
com. thy will he able to shift these
EQcks to other hands.
Hr. Finlay has probably told some
<mely truths only people do not like TO
now such truths when the telling shat
=<8 cherished hopes