Bisbee daily review., 1909-03-21
Black Mountain Company Asks Stockholders to Auth
 orize Debenture Bonds
WILL REFUND THE
 ENTIRE INDEBTEDNESS
Total Issue VII Be S25O.0OO and Stockholders Viii Be
 Asked to Take Them
CHICAGO. March 18th, 1909. ln nLnt.l. .hnlHnrs nf -rn lln.l


 Mountain Mining Company: On January 22nd a report was. made 70 tnc stockholders which vas iacoIn- pletC il-iJ5 description of the physical condition 0s Inc property, by reason of the fact t;at q new survey which had been started before January Is1 for the purpose of dctermining more ac- curaLely thc exact amount or broken orc in ae slcDes was not complete a. the time this report was issued. The survey was dnished iu-ing the later part O; January. hur the fig ures were not ready 10. presentation 70 che engineers until February I3th. The result oi tle survey !s embraced In thei- report. which is appended ns re'o as 2 supplement.
 By ij. Is shown that the amount of broken orc in the. stopes is increased from an estimated S0,000 tons, in oJn last report. to an actual measurco 9I .o0o tons. with an addition from 20.- 0o9 to 25,o09 tous of ore, which is SD located that l. cannot be measured, out is available for use.
 This orc cannot be sampled, but its average valUo may be considered as shown by the average of the stope as- says for the year, a5 shown in the rrDo--
 On account of the low yaIuc of the c.s milled during the past three r.ra1 -hs and some final construction c1s. .ugins, including the installation e appliances for burning oil for fuel, ard other cO5treducias devices, which ff---7;'s7-- zf-eNassaFs tfA -@szs.. .-.ita. sn@ -fr H a.. sa tiwa 10 min ore or low value during taa HaAI three O~ our mDn=hs, your directors regard it wise uo refund, so l1r 25 nay Dc GDlr, substantially, the Ca-Lrs tIicbtg1ness of the Company, and tho suts- -1ia-y cOulpanies jsOme of which indebtedness IS past due and must be paidJ, by an issue of deben- ture bonds, payable on or before three years, with interest at the rate oI seven per cent CD, secured by the pledge Of the stock of the BancO del Oro Mining Company, which is the subsidiary company, as you know, which owns the mines. the equipment and the ore, comprising the property above mentioned.
 The stock to bs pledged to secure the payment of these debenture bonds will 5e deposited with and held in trust for the benefit Of the bond hold CTS, under the terms Of the proposed pledge agreement, by the same tO simiiarb trustee, who has held the stock under au arrangement substan- tially similar. employed in financing the requirements Of the company dur ing sOmethins more than the past two years.
 The liabilities of the company and Of the subsidiary companies, as of March 1st. are:
 Current accounts payable. s107, ,f57.97 Notes payable payment of
 some Of which We are ad-
 vised is about tO be de
 msn1ed) --.... .........- 3t.652.21
 The latter are now secured by the existing pledge Of thg stock above re- ferred to.
 The intention Is to offer these bonds for subscription to the stockholders. in accordauco vita the plan. and upon the terms subRiittCA below.
 The bOCai issue of the bonds a1- hog iZed vii b. two handrei and fifty thousand dollars (s250.00J.50(, which is the proportion Of fifty cents tJ0- 1J0) for each share of stock of this compauy outstanding. The right and privilege is given each stockhOider of record al this date to subscribe for The bonds in proDoFtion to irs hold ne3 ia this company, as shown by the comp2ny's records at this date; l. C., for 9 cents t50-100) par value Of the bonds for each snare of stock held by him This right will be open tJ each sfDC k1OlTar V NhDzs suDeeriDtfor rl- gsthcr with a bank draft on Chicago or pOSJOGics money order or currency for the amount thereof s1au b. ra-