Bisbee daily review., 1909-05-23
(By Frank J. Graf.D

tDN Etdun d. pAdA-'
 Of late there has been a great many inquiries rega .ding the Ray Consoli- dated. and for the benefit of the pub the following data has been worked up for their benefit.
 Ray Consolidated is capitalized at Ss.000.O00 at par of sl0.0O per share. Of this amount 615,600 shares have been issued and are outstanding and 8, 3,000,0eo of per cent bonds have also beea issued. The bonds are dated July l. 1097. and are due July l. 1924. The bonds are convertible in stock July 1. 1914 Of the amount Of bonds s1,1500o0 are issued and the re- maining shares are held under option by Hayden-Stone Company of Boston until July l. 1909. The company k controlled by the same people that have the Utah Copper.
 The Ray Consol dated is located at Ray. Arizona, about six niles from Kelvin and reported to be one of the largest low-grade, newly developed. non-producing copper properties In the United States. The company has ap- prox.mate;y 1900 acres. and of this amount 1000 acres are laineralizea The company's property is connected with Kelvin by railroad which has just been completed, but it is only a narrow guage. l understand that d standard guage road Is now under con struction-
 The property has been in stage of development for the last twenty years by the Ray and Sharkey shaft and of late a great deal 0. drill work has been carried on. Up ! the pres ent writing eight shafts gre on the property During this me vast amount of development hG been car ried on. and from reports of the very best engineers they have approxi- mateiy I2 GOO GOO tons of oze that will average about 2.44 per cent copper. If the present work of drilling has been carried on with the same yigor that characterized the last five months they will be able to discover much more ore, for at the present rate they are uptting down about 25 to 90 holes per month.
 Since drilling has been carried OF so extensively the engineers are ex- pected to report to the company that there is a grat amount of oe that may carry from 2.25 to 2.30 per cent cop per. u1u AhAat AS tNtl s7oDt- ANAA11AA AS believe thas the Ray Consoi dated will have by the m dale of the year at least 90 0000 ,0G0 tons of ore th". will run 10 2.35 or better. IL has becl admitted by many that tht Ray consolidated is a bigger mine than the Nj ami, and 1t has been practiialiy decided that the Ray Consolidated can handle their ore much cheaper than the Miami. The Ray Consolidated has acted wisely in using the old mill and are running about 900 tons daily only as experi- mental to obtain the best methods of treating their ore. At the present time they are haDdl 'ng ore that will run about per cent and have made a saving of 65 per cent and ratio of concentrtion of g to 1 il their result. On ore that will average 2.44 they should receive 70 per cent extrac- ton. The greater part of the con centrates are now being shipped to the old Dominion at G.obe. I under stand that pla-s have been under way for the erection of 2000-ton plant and will be so arranged tbat units can be added at any time. The stock at the present time is selling around S15 to SIG per share. Miami Is selling at s15 per share. The Miami has but