The copper era., 1909-11-18
MINING NOTES
Pertaining to CIiftOn-MOrenci Dis.
 trict and Surrounding Camps.
The New England Company.


 Under date of November 5th, Ed mund M. Bristol, managing director of the New England company, issued circular letter to the stockholders prise not only to the stockholders, but to the outsiders who are inter ested in the success of the concern. The statement is made that as a matter of fact the company has been losing heavily on it's ore shipments ever since last April, since which date the ore has averaged about B per cent. This was a surprise as it was understood that the company was at least making a standoff since the price of copper was low. MT. Wizard, who was employed with the company as consulting engineer, has not been connected with it since last October, and Mir. McDaniels, who recently resigned as manager, gave it as his opinion that the com- pauy should not attempt to continue shipments, but engage in develop ment work.
 The unsecured indebtedness of the company is given at $22,OOO in addi- tion to a bonded indebtedness of S145, 1000, and as MT. Bristol has failed to induce more capital to in- vest in the bonds of the company he expresses his opinion that it would be better for the company to offer its property for sale rather than be forced to go into the hands of a re- ceiver, as the creditors of the con- pany are almost certain to force payment of bills that are now past due. It is stated further in the cir Cular that it will be much better for the company to sell than attempt to continue business under present con- ditions. And under the circum- stances MT. Bristol feels that he is of no further use to the company and wants to be relieved at the next stockholders meeting. MT. A. W. Hoyt has declined to accept his re- election as director of the company and E. Rollins Morse has rendered his resignation as director, which has been accepted. Likewise has MT. Wambaugh resigned, leaving the company in state of shipwreck, with it's officers deserted. Messrs. A. A. Wyman and P. NJ. Longan have consented to act as directors.
 The French stockholders of the company have offered to make good their portion of the stock which they represent, but as the board of directors can see no prospect of in- inducing the American stockholders to do likewise, the board has author ized sale ot the company's proper ties upon sealed bids, to be sent to the Stare Street Trust Co.,, Boston, Mass, on or before December 16th, 1909, to be opened by the directors at the stockholders meeting at Port land, Maine, on December 17th. If no sale is made by bid the stockhold- CTS will be asked to authorize the di rectors to sell the same at public auction or private sale. Bids will be received for all or any part of the property of the company. Permis- | SlOu IO CAduluC LuC pIOpCI y may DC obtained from A. A. Wyman, Boston, Mass, or John R. Hampton, attorney Clifton. All bids must be accom- panied with deposit of 10 per cent of the bid, which will be returned if bid is rejected.
 The above is the substance of the circular, which is a lengthy docu- ment, and places the New England company in a rather embarrassing position. It is clearly stated that there is no further hope tor the suc- cess of the company, and as the larger stockholders of thls country are willing to lay down there cer tainly is no hope for the small ones to protect themselves. The New England company owns some of the best mineral property in the Clifton Morenci district, and some of it is worth a goodly sum, but it is doubt ful if a public sale will bring any more money than enough to meet the obligations of the company, conse- quently the stockholders will have to be satisfied by surrendering their in- terest for q small, if any, return of their original investment. Under the circumstances it appears that unless a sale is made willingly a forced sale will be the result later.