Bisbee daily review., 1906-02-04
uAl II
 Attn I DeldiiSO I bEy F Ii HS si $ ffGgI [ 10 II. 0gihS

'St"P iHeo oiIe -- Ae largest mir in our camp. Tn decision }r, ,,
 of the Greene ..- .ro-nnanv in .t
 was known L IalIenborg .' by the Supre .rl of inc r. a,, otates when Nsz aaimously i. sr favor, has final e. Lei a long ar x- pensiye huga-C E-I deyeIgr 1t ~orK Will be pushed upon be Sopre Grande -Osl -apidly than l. he past.
 buFlng the C@1- -=E months, ou ie- FeIopHent has shown a large incI Sc ID the amount f sulphur conten of our ores and has acceatuated the ed Tor roaSters al1 q t.ti0nal reverb ra- tcry capacity as recommended D. fir. D"lght and Mir. Lloyd in our last a,r- nual report. Plans and estimates TOT two batteries Of McDougal rOas CTS or four each have been prepareC as yell as for the second reYerber yry furnace. and this installation sh lid De pushed as rapidly as possible. In view of the large expenditure Do .es- sary for these betterments and ofb ,rs that are needed Tt our plant Il -er ! present conditions, your Fyecu .ve ] Committee have, after full consi -a- ton, recommended the calling of special directors meeting to be !. cid Saturday. February 2rd, 1906, and 50 a stockholders meeting, to be Ield on February 10th. 1906, to pass tl a resolution for the purpose of incT aas- Ing the capital stock Of the Company rom S64,000 shares to I,00O, ,OG0 shG .es, the increased issue to be cffere tu stockholders only at s25 Der share fin pro rata to their holdings, one half payable on date of subscription and oDe-half in sixty days.
 As shown by the last annual report the investment account of the Com pany at Cananea was $15.2f3. .S73.5S while the reserves and surplus Of the Company were s7,739, COG. .23. The pro- pSsed increase of the stock oi he Company to $10,000,0e9 therefore means the capitalization of a portion or the previous earnings which have been applied to construction at Can apea. The moneys realized from tfa proposed increase issue would enable the Company to at once install the following nluch-needed betIerments: Two batteries of four each of Me lougal roasters; a second reyerhera- tory furnace; to duplicate the present pipe line from the Sonora River to the plant, thus affording the water supply needed for our increasing de nands; to install electric haplage. steam shoVels and other appliances es needed at the mines for eheapenfng inning costs; for the installation Of eondensing system and for mechan- ieal stokers at power houses, at smest- CT and concentrator, thereby making large economy in power; to make in stallation of coo hlowatts additional esectric power needed; to further in crease our concentrating capacity; 10 extend our railroad tracks to the lura- Der yard on the Mesa as planned two years since; to install two additional stands of BeSSemer converters and re- serve blast furnace capacity and pro- vide additional house accommodations at Cananea as well as afforliing ana- pie additional working capital as re- quired by the constant increase Of plant and the growing magnitude Of the COmpany's business.
 The betterments above mentioned would immediately, upou completion, largely increase the capacity of the plant while the decreased cost Der pound of copper produced from the same grade of ore, which would fol- low the installation of the betterments 10 be made, together with the in creased product, would much more than pay the dividends in the in- creased amount Of capital stock, as yell as put the Company in position to produce copper at a lower cost and continually pay dividends without re- gard to nuctations in tEe copper mar ket.
 It has been suggested that the bet termeDts mentioned could be gradual iy installed from the earnings of the property without the necessity of in- C. eased capitalization; but in view of the immense bodies of concentrating ore developed, the large increase of sulphur contents and the immediate pressing necessity of the betterments proposed for the economical treatment of the sulphidc ores encountered with depth, it would appear the best policy to at once make The installation need cd as the reduction in cost of copper produced would many times repay the investment before the improvements ESeQeG cOulu De luSldiieu SnOutd IHc endeayor be made to gradually pay for them from the earnings from month to month The opportunity is also offered our stockholders to fa- crease their holdings at much less than the intrinsic Talue of the property as based on it's earning capacity.
 A large number of the largest stock holders of the Company have approved of the issue, which may be underwrit- ten, thus insuring the taking of the entire ussue.
 At the etookbolders meeting called for February 10th, the resolution for increasing the capital stock from sG4, 900 shares to 1.o0o, 900 shares will be submitted Io the stockholders for their appreciation. Copy for call. proxies. etc. will be mailed to all stockholders.
 W. c. GREENE,