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Show I 'l'wm I The Market and the Mines ' i In days gone by Boston sent out missionaries to convert the heathen and save souls; its missionaries mis-sionaries go out now to convert bonds and save sales. At this "moment the financial salvation of the Bingham Consolidated Copper company is a matter of grave concern to the good New Engenders Eng-enders and some of the bad New Yorkers. Sad as it is it must be confessed that Bingham Con. has fallen from grace. It is sunk in sin and a debt of about $1,550,000. Those to whom has been entrusted the duty of sheep herding it through this vale of tears have been busy seeking a plan of redemption and now think they have found it. Baptism, they believe, is the only sure road to mansions in the skies or as near the skies as Beacon Hill extends. But they do not propose to administer any more water to the sinner; that method has been tried and found wanting. Bingham Bing-ham Con. has been sprinkled, poured, dipped and finally immersed and the only effect has been to wash away its virtues. The latest decision is to baptize it by proxy, the Ohio Copper company acting as the proxy. They will dip Ohio in 500,000 shares of new stock and hope thereby to wash away the $1,550,000 of iniquity which .qlings -to Bingham Con. Laymen may not understand just how these vicarious atonements are worlced out, but the ways of theology have always puzzled the lay mind. & & & But theology, mysterious as it is, is big, clear print compared with the intricacies of modern mining financiering. The market necromancers have exhausted the resources of plain and compound com-pound necromancers have exhausted the resources re-sources of plain and compound fractions, algebra, geometry and trigonometry in conjuring wierd figures fig-ures from the vastly deep. And the Bingham Con.-Ohio Con.-Ohio Copper scheme is a masterpiece of the abstruse ab-struse and intricate. When a man says he understands un-derstands it his friends should put an ice-pack on his head, darken the room and send for an j alienist. The plan is something like this: The Bingham Con. will convert seven-eighths of three- ! fourths of a million of the bonds of patrimony into 7 come 11 shares of Ohio Copper irredeemable paper pa-per stock exchangeable at par for special delivery stamps based on the Panama canal issue of currency. cur-rency. In exchange for this the Ohio will levy an assessment of 1G to 1 which the stockholders can exchange for milk tickets issued by the clear- i ing houses, and these in turn will be tested by the Aldrich measure and used to pay the Fowler bill. The remainder of what is left is to be converted, assessed and disbursed in 30, GO and 900 days' in lieu of tithing house scrip drawing 4-11-14, which means that the canal will be widened to accommo- I date the largest draughts. The upshot of the mat- tor is that Bingham Con. stockholders will have to pay $i2 a share or go fluey. & & & After absorbing the above statement, plain and lucid as it Is, it is a relief to turn to the annual an-nual report of the Daly-West Mining company. This shows that the company had on hand January 1, 1908, something in excess of $30,000 after paying pay-ing all expenses and $378,000 in dividends. It realized real-ized $771,000 from the sale of ore and concentrates concen-trates during the year 1907 and produced 673,000 pounds of copper, 8,000,000 pounds of load, 1,000 ounces of gold and 1,000,000 ounces of silver. The output is something less than the record for 190G, but the Daly-West was not working all the year. Fully two months time was devoted to the production pro-duction of sound economic ideas in the heads of its striking employes. The latter operation was entirely successful and the -product should be listed list-ed among the assets of the company. & & & The Daly-Judge has also been invoicing its possessions and finds that it has realized a little more than half a million from the sale of ore and concentrates, paid out $645,000 for operation and improvements and closed the account with $127,-000 $127,-000 on hand. There is no frenzied financiering about this. The explanation is that the company began the year 1907 with $269,000 to the good. While the net result is a loss, the losses made up by the permanent improvements which have been made during the year. t & & Lower Mammoth will stand for a word or two this week. Since its failure to connect with the ore shoot at the expected place on the 1800 level Lower Mammoth has been very modest and retiring, retir-ing, but the progress made on the south drift from the 1800 is bringing back an air of confidence, not to say assurance. This drift has boon pushed along for something like 125 foot and the matter taken from the bore has been plentifully mixed with lead, silver, and sulphur. The sulphur is very good, taken with molasses, at this time of year, but it is really the silver and lead which appeals to the .management. A winze put down about 75 feet from the mouth of the drift showed the continuance con-tinuance of the silver-lead ore with depth and justified jus-tified the conclusion that the Lower Mammoth has something just as good as its original shoot, on this level. The Uncle Sam, another property linked with the name of Dern, is developing the riclwst ore in Its experience with a winze sunk from its lower level. To a full depth of 100 foot the body has retained re-tained the flattering values which caused a jubilee among its stockholders at the time of discovery. .f Superintendent Griggs is not ordinarily an enthur i ifl siastio, lilan. If he commented at all on a strike ill jH of common $25 ore he would call it rotten. Fifty I'flH to sixty dollar ore might dispel some of hif? gloom )ijtfH and secure the word "punk" in commendation. i'ii'B But even Mr. Griggs is cheerful when dis.cuss.ing 'i'lvB the disclosures made by the Uncle Sam winze and j he has been heard to admit that it is "not so bad j and promises to get bigger at depth." IImI j? & & mM Secretary Jimmy Shorten of the Mining Ex- IffiLH change is something like Griggs. Ordinary emo- i illjgjH tions do not touch him. Once or twice he has "lfl!!9 been known, in a mood that was for him one of j ISJjfl wild enthusiasm, to admit that stocks were "rather ilniH lively." But that was a long time ago. His reg- f ;jJB ular formula for describing the market these days i 'ijjf is concentrated in the one word, "Rotten!" There film is something to be said in favor of the secretary's 3i laconic description this week, but the rottenness j jlfi9 applies to the volume of business and not to the fflK value of shares. Prices have held with remark- f IBnitl able fortitude in the absence of buying orders and i Jjgflj there is no ground for the relief that the charity "JB quotations of early January will be repeated. So 1 iR'fl much depends on the metal market that its weak- I litpl ness affords a .satisfactory explanation of the in- j Wm -H difference of buyers at this time. ! if ; - y i$ i fl The goddess of fortune seems to be particu- im c; larly fond of "man who bear the name of Kearns, jj iiif and If their given name happens to be "Tom" she j .'M can't do too much for them. Having this happy '1 .M combination of cognomens a miner at Rawhide, Ira 11 Nev., has opened what is called by the newspaper - H - 1 correspondents "the richest goid strike ever made ! f in Nevada." It consists, according to the reports, j Hw of a six-foot vein averaging $300 to the ton in the J yellow metal. Fifteen-ounce ore is not extraordi- ;11 nary, but six feet of it Whew! That is going wM , some even in Nevada. j il |