The copper era. (Clifton, Graham County, Ariz.) 1899-1911, 1908-09-10

workings you are likely to find in the
future, and I believe these views to
be correct.
1t is further perfectly plain that
we cannot handle our large low-grade
ore bodies or derive any profit there
from without a concentration.
If this concentration is crested l be-
lieve that the profit which Mr.. Veitch
indicates will be derived therefrom.
You will observe, on comparing
Veitch's estimate with that of Perry,
when you add to the profits estimated
by Veitch the sum of sixty dollars
per day being the value OF silver and
gold contained i'll each fifty tons of
ore, according to Perry, that instead
OF a daily profit of $1,000 for fifty
tons, or $3.50 90 for one hundred tons,
as estimated by Perry, you would
have a daily profit of S2I0 50 for fifty,
or 1921 60 for 100 tons of ore accord
ing to Veitch.
You will note also that copper has
already improved in price over the
sum of Is cents, upon which these
estimates were made.
To the above profits to be derived
from the concentration of one hum
bred tons per day must also be added
the profits to be derived from thirty
tons per day of ore shipped for con-
verter lining, estimated at $4,000
per day.
With the Improvements suggested
when installed, we should earn from
the Copper King alone 100000 per
annum and upwards.
Furthermore, these profits will be
largely increased if copper advances
in price, or the ore improves in grade.
Mr.. Perry's report deals with this
point. l shall, therefore, advise the
directors to authorize to issue 500, 600
first mortgage coupon gold bonds for
$500 each, payable on the first day of
September, 1910, with interest at the
rate of seven per cent. per annum
paying semi-annually, and with the
right to the company TO redeem such
bonds at any time on or after the
first day of September, 1869, upon
payment of the full amount of prin-
cipal and interest due or accruing
due on the day of such redemption
and a premium of five per cent: such
bonds to be secured by a mortgage
deed of tlust to the State Street
Trust Company, Boston, on what i
known as the Copper King group OF
mining claims, and the plant and
machinery thereon, including the pro-
posed aerial tramway and all the fully
paid-up capital stock of the San Fran
cisco River Railroad Company less
ten shares. being the company which
owns and operates the New England
Tramway from the mine terminals tc
the town of Clifton.
Each bond of 500 will carry with il
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 subject tc
prior sale will be offered to the share
holders Of thu company for subscrip-
ton at par payable as follows: Ten
per cent. on application. Forty pei
cent. on allotment, on or before first
of September, 1908. Twenty-Five per
cent. on November first, 1908, and the
balance on the first of February, 1906?
with the right Of prepayment if de,
sired.
! have no hesitation in strongly ad
vi-ing the shareholders to take VI
this bond i,-uc, and | believe the re-
port referring to this matter will be
substantially verified on the installa
ton of the plant pronOsed.