The copper era., 1907-10-03

company has laid off very few men,
the ajority of whom were employed
on development work. 1t will take a
continued copper market below ten
cents to materially effect the A. c..
company, as it has formerly operated
at very cheap price. Under pres
ent conditions the A. c.. company
cannot produce copper as cheap as in
former days, but it is in a position to
take care of itself very satisfactorily
to its stockholders.
NEW ENGLAND AND CLIFTON COPPER
COMPANY.
Edmond Bristol, managing director
of the New England company, issued
the following circular to the stock
holders, dated SEPTEMBER 2lst:
lowing to the delay caused by the
caying of the Shannon company's
tunnel which was not repaired until
September 9th, we were unable to get
9rtain material which we required
for the completion of our upper tram
way and therefore, have not been
able to ship any ore of consequence
from the Antietam up to the present
time. Furthermore, owing to the
slump in the price of copper it has
become Improbable under existing
conditions to ship ore from the Cop
per King mine, except ore already
broken. We propose to shut down
the Copper King mine, until such
time as we are able to install the i'm
provements which will enable us to
work proftably the large ore body al
ready in sight. Our engineers report
that the property is looking well but
hou 81 l,-il ~ -,
operation and an aerial tramway to
handle our ore from the mouth of our
mine to our surface tram and until we
have also a smelling plant of our own
it is not wise to take out this ore, as
we would be only operating the mine
for the benefit of the custom smelter,
our teamsters and our miners. The
cost of the Improvements necessary
for the profitable operation of this
mine are estimated at $4,000 in
which is included a sum of $50, 900 for
a smelter.
Before going to this expense we are
advised by our engineers, Messrs.
Veitch and Forbes that it would be
advisable to sink a new working three
compartment shaft on the Antietam
to depth of 500 feet and to cross
cut and drift on the ore at intervals,
thereby placing a further large body
of high grade ore in sight and for the
purpose of getting out economically
the ore already in sight and referred
to in my report of August 18th, 1907.
To sink such a shaft in the cheapest
and most expeditions manner it will
be necessary for us to install hoist
ing, an air drill and d pumping plant.
The cost of this work and equipment
is estimated at $50, 900 and the time
necessary to complete same ten
months from the date of installation
of the plant. Messrs. Veitch and
Forbes advise US that the showing
made on this mine at the present
time would Justify a much larger ex-
penditure. They state that the in
stallation of a smelling plant costing
$50, 900 would save us 800 per ton on
Antietam ore over present contract
rates. They also advise US that it is
almost if not entirely impossible to
take out the present ore in sight on
the Autietam except by means of the
proposed new shaft and that the eX
.traction by such means would yield a
profit over present costs of mining,
transportation and smelling, of from
$500 to $500 per ton, depending on
the price of copper. The showing
on the Antietam at the present time
is very satisfactory. At the 235-foot
level north drift which is in 80 feet
from the shaft, the ore body is nine
feet in width and averages II per
cent. copper. while the south drift
has steadily improved and is now in
So feet, with the face in ore of 4.86
per cent. copper.
1t is no longer possible to pay for
these necessary improvements out of
net profits and your directors have
decided to place a mortgage on the
company's properties, covering par
ticularly the Antietam and Sharp
shooter groups, for $4,000 payable in
two years, securing bonds for that
amount divided into sums Ct $500
each, dated October 1st, 1907, and
bearing interest at the rate OF per
cent. per annum, payable halt-yearly.
Each bond of $500 will carry with it
on subscription and payment of the
amount thereof to the company a
bonus of $3.50 fully paid preferred,
and $3.50 fully paid ordinary stock of
the company. The whole bond issue
is now offered to the stockholders of
the company for subscription at par,
payable as follows: 80 per cent. on
October 1st, 1907; % per cent. on
December LIST, 1907; and the balance
on April lst, 1908, with right of pre-
payment if desired. 1t is bs0lutely
necessary for the protection of the
shareholders interest in this COM
pany that these bonds should be taken
up Immediately"
In the first paragraph of the above
article Mr.. Bristol states that the