Bisbee daily review., 1908-12-22
Total
=. 1922, ,s6S, ,77S.24

The difference between earnings and dividends is represented by eX- penditure on increased plant facilities, and undistributed assets, consisting of the larger stock of coke and fuel and the accumulated stock of ores at necessitated by increased operations; the works, amounting in value to over S1, ,00O, 900. as well as by increased cash and increased reserves.
 A large portion of the Company s mining property has as yet been uade- veloped, though situated within the recognized mineral zone of the dis trict, and. owing to the difficulty of hold ng up the soft shifting ground in whicl the ore occurs. it has always teen found impossible to block out ore reserves as large as mines of such capacity elsewhere have usually main tained. as nominally in. sight. There is. however, at the present time as much ore in sight as at any other period of the mines history.
 The valuation of the Company's property as of November 1st, 1908, exclusive of the mines, is as follows: Invested in plant ..... .$4,974.S66.7I Other Assets .....-.. 10, ,915. .49297 LiaD- -NtleS -.--.. ...-.... l,Zi0,Ot0.fu
 Moctezuma Copper Company.
 This property consists of about 2,5O0 acres of mineral ground in the State of Sonora, Mexico, on which has been opened the Pilares Mine. This is in a m.neralized body, oval in shape, and which retains approximate ly it's dimensions between surface and the seven hundred foot level It is about 1,700 feet in diameter from north to south, and 1,200 feet in di- ameter from east to west. and con- tains a large area Of profitable ore. A narrow gauge steam railroad five miles in length connects the mine through the Pilares Tunnel with the concentrating mill at the town of NacoZari. The tunnel itself. with its branches, is over a mile in length, and is large enough to allow Of the railroad cars reaching through il the different sections of the mines, and receiving their charge from largs bins
 xcavated out of the ore. These bins are of a capacity of several thousand chutes extending to the surface lev EiSs lIlb tlfulES dISO USiLS tACdA dlNh from the mineralized ground.
 The quantity of what may be con sidered ore depends entirely upon the grade which it is profitable at d given price for copper to work but the mine is at present opened up for an ex traction of 1,50G to 2,000 tons a day of ore of an average grade of three per cent. The Nacozari is a well de signed power plant, equipped with Curtis turbines of over 1000 horse power, for transmitting high voltage current to both the mill and the mine. For the time being 1t is found to be more profitable to convey the concen- tTateS and rich ores by the NacoZari Railroad to Douglas, Arizona, seventy miles distant, than to smelt them on the spot, the ores being treated at Douglas at the same profit to the Copper Queen company as though they were custom ores supplied by an upallied customer This feature of the Company's operations explains the comparatively small quantity of supplies carried by the Moctezuma Copper company as compared with the other companies.
 The old concentrating mill, waich is still intact, with it's very efficient gas engine and gas generating plant, w1 ch up to within a few months treated soc tons of ore a day. is now cut of commission, though it can be started at short notice as supple. mental plant to the new mill, should this course be desirable.
 The production for the five years past has been as follows: