The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-10-30
Ray CON. GROWTH
C0MPELS CHANGE
Proposition in Arizona Too
Large for the Clothes First
Provided.
ALL MUST BE DONE
ALONG LARGE SCALE
President AIdrich Tells Why
New Bond Issue Should Be
Authorized.

Sherwood Aldrich president of the
Ray Consolidated company, has issued
a statement 10 stockholders In which he
enters into details In regard 10 the pro-
posed bond Issue. One item demanding
eniphssIs is that the books for tho sub
scriptiou close on November r, Instead
OF November IL. as FIRST reported, Pres
ident AIdrich's statement follows:
Enclosed herewith you will find notice
of special meeting of Tic stockholders
OF your company, TO bo held on the l6ii
day OF November. 1910. from which notice
it appears that you will be asked 10 act
upon r proposition 10 Issue threo mil
lion dollars par value in tcn-Ycar six
per cent. first mortgage, sinking fund,
convertible gold bonds, bearing date OF
January 1, 1911, secured by "A first mort
gage upon nll Of the real estate and min
ing property OF the company. and also TO
act upon proposition TO increase the
capIt5l stock 10 the extent Of two hun
fred thousand shares, one hundred and
fifty thousand shares of which arc TO be
set aside for the conversion of the bonds
above referred to, leaving fifty thousand
shares unissucd, available for future
use,
vclopment and equipment OF The com
pany's properties is fully set forth in
the second annual report OF the com
pany recently sent you, and IL Is deemed
unnecessary TO repeat at this time the
details of the equipment and develop
mont which are very fully set forth IN
the report OF the general manager Of
the company as it appears In said an
nual report The development of such
enormous ore reserves has satisfied the
management of the wisdom of providing
reduction plant, Smeltcr and electrical
power plant of much larger capacity than
was originally planned. and in order 10
meet the financial requirements OF this
larger operation and TO provide ample
working capital. the issue of bonds has
been determined upon.
The entire authorized issue OF stock
OF the company at the present time Is
twelve million dollars. divided into ono
the par value ot ten dollars each. all OF
which is Issued and outstanding save
less than three thousand shares. which
are held for the exchange OF the re-
manning outstanding stock OF the Ga
Copper company.
II the proposed bond issue and The in
crease of tho capital stock be authorized
ut the special stockholders meeting
Hoove referred TO. each StockhoIdcr OF
record at the close OF business on the
Eth day of November. 1910, will be en-
OF said bonds on tho basis of one five
hundred dollar bond for each two hun
dred shares of stock. The said bonds
shall bear date January l. 1911, and be
convertible at the option of the holder
AFTER January i. 1917, up TO and includ-
ing January I. 1917. into stock of the
company at twenty dollars per share and
be subject TO redemption ut the option
OF the company on any interest day on
and after three years from their date
al ITO per cent OF par plus accrued In
1erest. upon ninety days previous no
tcc. All OF said bonds arc TO he Sc
cured by first mortgage upon all the
real estate and mining property OF the
company.
II said bonds and stock be authorized
al the stockholders meeting as afore-
said there Will be issued and mailed TO
cach stockhodcr OF record as OF No
Nember B. 1910, subscription warrants
representing rights TO subscribe To snid
bonds al par, accompanied by full di-
icctions as TO remittances. Stockholders
of record on said 5tli day OF November
1910. VIII be permitted to make subscriD-
tons up To and including the 10th day
or December, 1910. the terms OF subscrip-
ton To be as follows:
twenty-five per cent of par TO accom-
cember 10. 1910:
Twenty-Five per cent Of par on or be-
fore February Is, 1911:
Fifty per cent of par on or before
April |, 1911.
:, said payments to bear Interest from
tle due dates above stated at the rate
OF six per cent per annum. The purchase
OF the entire Issue OF bonds has been
underwritten. Arrangements have been
made Tor the receipt OF subscriptions
from foreign stockholders al the Guar
anty Trust company 33 Lombard street.
London. e. c., England.