Arizona weekly citizen., 1883-01-07
ARIZONA COPPER co.
The New Owners Of the LOngfellOW
 Mines at Clifton.
Fir-t Meeting or the Stockholders in Ed
 inbur=h, scotland.

The Scotch cOnpany which has pur-
 chased the well known LOngfellOw and
 other mines at Clifton, had it's first meet
 ing of stockholders recently at Edin-
 burgh. The directors who started the
 company have printed the following re-
 port of the proceedings down to the
 present date: On September 7th posses
 sion of the works was Obtalned. At that
 date the large 40-tOn smelter was under
 repsIr, and only small one Of half that
 capacity was in use. By the beginning
 of October the large smeiter was at
 work. and the production O. copper IS
 now about 3Sl tons weekly. Another
 smelter Of go tons capacity IS being put
 up at au expense of S3,OOO, and should
 be ready for work by the close of this
 year. Detailed accounts have not been
 received, but the directors are informed
 by cable that contracts have been made
 for the delivery of 100000 pounds of
 refined copper at l7 cents per pound, or
 G7O per ton of 2OO0 pounds, the stand
 ard in use m America. That report, the
 chairman continued, had caused sOmo
 disappointment ln some quarters, and
 had been misunderstood. They had DO
 accounts to present, not even for the first three months Of tue company, and
 the directors were not quite sure wheth
 CT they shOuld or should not issue re-
 port at all. They had, however, given
 the shareholders a fair narrative of the
 proceedings, abstaining altogether from
 indulging m any promises or eLlarglng
 on the position and prospects of the
 company. They had endeavored to ab-
 stain from speaking in too extrayagant
 terms of the undertaking, although they
 themselves had entire confidence n it.
 They had not declared any dividead as they did not want to commit themselves
 on that subject without the warrant of
 MT. Underwood, the manager of the company in America. Since the report had been printed, however, he had re- ceived information from Mir. Underwood
 which he thought would be satisfactory Co the shareholders. In the course of a statement which the chairman then made regarding the situation cf tue
 works and the prospects of the com
 pauy, he said that they could walk over the Coronado mine for about two miles the vein itself, wbich IS several feet wide. being visible under them lt was possible that the vein was some lUO feet in depth. but they could not say. In that deposit alone there was certainly mass of rch ore, which would keep them working probably for a generation to come. There was no question as tO the abundance of the maternal the only ques tion for the shareholders was, how much were they likely to make by lt? From the information received from lI-. Underwood, he found that the first shipment to LO-dsburg was made on l2th, and between that date l and November 9th there were shipped | to Lordsburs 554, ,6sO pounds of copper, l which was equal to 21T tons. This | quantity was produced with only one shelter working for part of the tune; | aud at the present time they were erect | ing third smelter of larger dimensions | than the two they had already working During the month of September, with | only the 20-ton smelter working, they | had produced about 5 tons of copper | per week. while the manager in Amer | lea expected when the large smelter was | m operation they would produce at the | rate of 3Si5 tons per week, or probably | more. He tthe chairmanl however, | thought with more experience and a | more improved method for carrying on | the work, they should be equal Co a pro luction of about 40 tons per week Mr. showed that 1t might fairly be sad that the profit realized was equal .o E1OO0 Der week under the present. At present the 5ost was heavy, but the chairman said ne was m inrmed that when the rSiiroad Was opened their profits wouh be increased ly at Ieast e6 per ton. This being the .ase. if would be for me consideration of heir 1iraefors wh-ther they should not ,E once begin tc pay a dividend. Their Iesira hai leen that the dividends ,bould he ,jaid quarterly, and in that yiew tbev were in a position to begin at ,pea Ghere was the other view, and It nir-Is be a more cautious policy, to keep -bT money until they saw how they were l, get on: but the shareholders were en- tiled to 10 per cen. from the beginning Everything was ready now to start with ne railroad which the company pro-
 osed to construct, but the work had cen wisely delayed by Mr. Underwood l util he saw whether any of the great l would help in carrying ont be work. After referring to the differ mt proposals that were made for the 1 Of the railroad, the chair lau said that the question was to be de- ided definitely on December llth, i'm lediately after which operations would e begun.