Bisbee daily review., 1909-05-28
GETS CAPITAL
Stockholders Pay in Small As- sessment to Provide Work
 ing Fund
TRANSFORMATION PROBLEM
 C0NFRONTS MANAGEMENT

BOSTON. May 27.-The 100 stock holders of the Helvetia Copper Co. arc paying an assessment of 50 cents per share to provide the company with working capital. There are 190.000 shares outstanding, of which 10000 shares are fully paid stock. On the remaining lS0000 shares, sli per share has been raid in up 10 the pres ent time.
 The immediate problem confronting the management would seem to be that of transportation. The mine is located l9 miles distant from railroad transportation. and it costs 8 per tor for teaming the ore from the mine to the railroad station of Vail on the outSnern Pacific. from which point the ore is taken by rail to the Old Do minion smelter. If the recent under ground improvement continues. 1t is not unlikely that the directors will soon take up the question of financ- ing a railroad from the mine to Vail. whereby at least s2.50 of the above mentioned g per ton cost of hauling may be saved to the company. President Prindle has made a re- cent report to the directors of the company which We abstract:
 Our ore shipments to the Old Do- minion Copper Co. at Globe com 1 menced on October 12. 1908, and from that date to February F we shipped 2459 tons of ore which averaged 5.19 l per cent copper. After deducting smelter charges, cost of teaming and railroad freights. there was a net profit on these shipments of sl3. 800. The cost of hauling and railroad | freights. together with leakage and
 moisture losses, made the cost of | transportation s5-3S per ton from the | mine to the shelter, figured on the | dry weight of the ore. The net smelt- CT returns on the above shipments were s5.1S per ton, from which must be deducted sl.s9 per ton for cost of ! mining. timbering and hoisting. leav- i ing s3.S9 ger ton net. which has gone i toward development. No. charge is
 made against this ore for general ex- i pense or for power. air, pumping, etc. | It is safe to say that mining on large | scale can be done for not to exceed a total cost of s2.50 per ton, all ex- penses included
 From Feb. 1s to March 21 We ship 1 ped from Vail about f1.50 tons and
 from March 2I to April l. we shipped | eibO0N t' toi5 f1i leAs eAid NAl1O ldNt i still continues. There are in the
 stock pile about 500 tons of sulphide ore and 2500 tons of carbonate ore
 averaging 5 l-4 per cent. On the pres.
 ent copper market of F l-2 cents, New York. our shipments are netting us
 PFC per ton after subjecting the ore
 to the excessive transportation charge
 of $5.40 per ton.
 l Our contract with the Old Dominion | Co. provides that We shall be paid for 90 per cent of the copper con
 tents of the ore less 1-2 cents per pound from the New York price. We are allowed compensation for iron,
 lime and magnesia at five cent: per unit, sulphur in excess of copper at | six cents per unit. while We are charged 10 cents per unit for insolu- | bles. On this basis we received on i the shipments above mentioned a bo.
 nus over the copper proceeds of our | ore of 70 3-i cents per toin. The smel. l ter also allows us over 95 per cent ot the silver, if the ore contains two | ounces or mere per ton, and We are
 allowed Si9.50 per ounce for gold ii l the ore contains .15 ounces or more per ton. As our silver runs only
 about enc ounce and gold about 20
 cents per ton. we receive nothing for | these values. If We matted the ores | ourselves. these values would be | saved
 We are now paying out large part
 of the ore values for freighting, losing
 1 l-2 per cent weight through leak.
 age, and all of the precious metal 1 values. Therefore We must soon
 think of a cheaper method of trans
 portation or of reducing the ores a,
 the mine.
 The mine shows great improvement
 since my last visit and I was not only pleased but astonished at the quantity
 and quality of shipping ore in sight
 and the very large quantity of non.
 shipping ore.
 An exhaustive report has recently
 been made on the property by Engin eer Steubing and filed with the Bos. ton Stock Exchange. He says:
 I believe in the next four to six
 months sufficient ore will be produced
 blocking and developing to pay the
 entire operating costs provided tn,
 price of copper is above F 1-2 cents.
 Inside of a year I believe the mine
 will have blocked out an amount of
 ore that will necessitate either the building of a railroad to the Southern Pacific main line at Vail, an inde