Bisbee daily review., 1909-05-23

500 ,000 shares at $500 and no bonds, as far as l know. but on the other hand have but POO acres. while the Ray has 1000 acres and has S000000 shares at 5000. With this difference Miami is too high or Ray Consolidated Is too low.
 inspiration Copper Company
 The Inspiration Copper company of late has bsen before the eyes of the public and the stock has been very ac- tive and firm for the last three weeks. The Inspiration Copper com pany was formed to take over the ,. opertses e the old Inspiration Min ins company of Globe, Arizona The corlpany was organized for S1o,000.- 010 Of this amount 100000 shares s,sre pSSserred and the remaining 109. .00o snaves were common, par value of SiO0o ptv snare All the stock is fully paid and non-asessibie. The pre- ferred stock Is convertible any time at the option Of the bolder into the like numbe- of common shares and entitled until conversion to 6 per cent camulal,ve G.v.deT ds. but have no reference over common shares in case of liquidation. Seyenty-five thou sand shares of the preferred and i17.- Z12 shares of common are now under option for S3.272,120 to be paid into the treasury of the Inspiration Cop per company as the shares are pur- chased under the option
 The company has no bonded In- debtedness except that some CT it's properties were purchased subject to a mortgage securing s15o000 of bonds executed by a former owner. The company has approximately 400 acres located about eight miles from Globe and adjoins the famious Miami prop erty The Inspiration Copper com pany, which was distributed pro rato among the old stockholders of the ln- spiration Copper company in the form of a dividend. One share of the Inr spirat'on Copper stock was given to the holder of each ten shares of h. spirat'on mining stock The name of the Inspiration was then changed 10 the Majestic Copper company. and when the stock of the Inspiration Nj ming company was turned in to the company in or der to obta'n the ln- spiraticn Copper stock issued the orig inal certificate was returned with this dividend, bearing the name of the new company. The Inspiration company and the Majestic Copper company therefore are two entirely different properties at the presnt time, tn for mer being located near Globe and the other near Tucson. There is prac- really DO market for the Majestic Copper company although l know of sales that have been made at 1 cents per share. There has been many in quiries as to the reason for the two different names. There may be one or two reasons to account for Inspira- ton Copper company having been issued in the name of the Majestic Copper company. This would serve as a convenient means to issue the stock in a case where the Inspiration Mining stock in the name of one per son and accompanied by an assign ment of rights was sent to the office of the company by another person without instruction as to the name in wh oh the stock was to be issued. IL is also probable that the Inspiration copper stock was issmed in the name of the Majestic Copper company or the Inspira.icn NJ ming company ceruh- cates which were not turned in inside the time set by The companq. This being done to take care of those who might be delncuent