The copper era. (Clifton, Graham County, Ariz.) 1899-1911, 1908-09-10
ANNUAL REPORT
New England and Clifton Copper Com.
pany by Managing Director Bristol.
Time Table No. 81.

am sorry that more shareholders
are not present to-day to show that
they take an interest in the affairs of
the Company, because it makes it
difficult to conduct d business of this
character where large part of the
shareholders apparently are willing
to leave it to a very few shareholders
to do all the work and raise all the
money necessary for this undertake
ing.
The Company, since it was reorgan-
lied, has had S250,O00 of working cap
ital furnished for it. A large amount
of this working capital was used by
former directors for the purchase of
additional properties. The working
capital was small even for the devel-
opment of the ore bodies at that time
partially opened up on seven claims.
without taking into consideration the
large number of other valuable claims
with excellent showings upon which
no work has been done.
Early in 1906 the working capital
WdS uoCO up ID lnhiOdlOhs
but it was possible to keep the COM
pany progressing because we had 4
rich body of copper ore at the Cop
per King, which was ready to ship,
and we obtained till August, 1907, d
good price for copper. Then came,
as you know, a financial crisis
throughout the world and copper fell
to about u cents. Many mines had
to shut down, and we did also for a
short time till we found that Copper
King ore was useful to other mines
for the purpose of lining their con-
verters, and that we were able to get
better smelling rates for converter
lining ore than for ore for smelling
purposes only. This enabled us to
operate the Copper King at a profit
with copper at be.
We have been advised that we
could mine the Antietam ore profit
ably for smelling purposes because it
ran about 20 per cent. in iron and
about 20 to % per cent. in sulphur,
and if this ore had continued to run
10 per cent. in copper we probably
could have robbed the mine of its
rich ore and made a profit with cop
per at 12c per pound. We did send
considerable Antietam ore to the
Shannon for some time, but when we
were able to get along financially
without doing so we stopped andwent
on with development work only. 1t
is important to keep mines in opera
ton. A mine like the Antietam gets
full of water when shut down, and
the water causes tunnels and drifts
to cave in, and means large expense
in again reopening the property: also
the chattel property is liable to get
stolen, and your tools, your houses,
your plant and your machinery get
injured or destroyed.
To avoid shutting down the Antie-
tam last October your directors ad-
vised the placing of a bond mortga &c
of $4,000 on the Antietam group.
This mortgage was taken up to the
extent of about $4,000 on this side
of the water, and the balance, to the
extent of $43, 900, by the French share
holders, leaving about Sl2,0 900 still to
be placed, but not INN ediately
needed.
Through the retirement of Messrs.
Veitch and Forbes the cost of Operat-
ing our properties has decreased about
500 per month.
On Mr.. Veitch's recommendation
we appointed Mr.. Moses, the foreman
at the Autietam, to be superintend
ent of our mines at 4 small increase
of salary, and our former foreman,
Mr.. Perry, at the Copper King NINE,
to be assistant superintendent, and
they have been working well and sat
isfactorily.
We have had during the past year
considerable litigation, which | can
now report as successfully settled;