Arizona republican., 1910-01-11

when the transfer to the new com , pany Is made. The Cactus Coppe, company, organized under the laws of Minnesota, has a capitalization oi | 100000 shares. par value $5 pei share. There will be 500.00e shares is- sued 10 retire the 500000 shares of Cactus Development company stock 5000 will be issued as an installment payment upon the lands and 50.000 un- derwritten for 1925 900 by Gay & Sur | gis of Boston, Mass, will be offered for subscription to stockholders of
 record January Is at $4.50 per share
 on the basis of one share of new stock for each ten shares of old stock.
 The Cactus Development company ori- ginally issued 20,00O shares as partial payment on the lands and 4S0,000 i shares at 50 cents per share by priv
 ate subscription. creating treasury fund of s2SS.0oQ. The deferred pay ments at that time were 5000 shares | to stock (now to be discharged) and ! s4l5, 900 in cash spread over a period of seven years. The original subscrip- tion was taken largely by the promot- CTS and there were no commissions or other fees. The quality of ore is meet ing expectations and the copper con- tent runs from the minimum milling grade up to 4 per cent It is expect ed with the metallurgical works ul. tinately to be provided that ore run ming as low as !. per cent copper can be mined at profit. The ultimate average now calculated upon is per cent copper and in a normal metal market of say I3 or l4-cent copper. it is estimated that this can be wrought at 8 net profit of s1.50 per ton of ore. At present Cactus is working seventy five men and is creating about 100 feet of new openings per month. repre- senting about e.500 tons of rock that is handled through the partially equipped Hamilton shaft As soon as adequate provisions are made. the monthly footage will be increased to 1000 representing about 7.500 tons per month. or 250 tons per day to be ham dled through the Hamilton and Pinto shafts.
 Of the properties lying in the vi- cinity of Winkelman. the London Ari- zona and the Gila Copper Sulphide company, the latter formerly known as the Saddle Mountain company. are the most active. Work on these two properties, recently begun. is contin- uing on an increasing scale and the developments are of the most satiss factory nature MT. C. E. Ffnney. president of the London Arizona, is considering bids for the erection of two powerful hoists at the two shafts which the company is now sinking on the London Arizona and the London Range ground. as we'll as for air com- pressors to operate the drills at these shafts. which are now down slxty-six feet. Preparations are also being made by MT. Kinney and his associ- ates to begin work on the property of the Ball Copper company. which adjoins the London Arizona ground on the south At the Saddle Mountain property. adjoining the London-Ari | zona on the north and east, MT. Long acre reports that work is progressing steadily and satisfactorily.
 It is quite evident that the Ray Consolidated mine. located at Ray, in Pinal county. will in the light Of it's demonstrated ore reserves and the |
 
 record made by Utah Copper It Is estimated that Ray Consolidated can l treat its ore at total cost of $235 per ton or less and at a yield of 90 l pounds to the ton. which is the mini | mum estimate of Manager Jackling. | this would show a copper cost under ] cents per pound. It is ex- pected, however, that the copper yield | will average much nearer 8 pounds I 10 the ton. which would bring the cost | of production under cents per pound |
 Ray Consolidated has 10000. 900 tons | of orc blocked out and Manager Jack | property contains at least 10000, 900 | to G0.000,000 tons more of the same | grade of ore.
 Each cent per pound realized above | an Scent cost, assuming the annual output to be from 6O,000,000 to TO- 100000 pounds of copper. would mean | earnings upon the company's 100000 shares of from 60 to 70 cents with cop- per at 13 cents. prospective profits per share are estimated at from 8 tol s3.50 per annum. It's future outpu. will do much to enable Arizona to maintain it's position at the head of the copper producing states and ter- of the country.
 During the past few months the Im- periai Copper company. located at Silver Bell in Pima county, twenty miles south of Red Rock, and of which Frank NJ. Murphy was recently elect ed president to succeed F.. B. Gage,