The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-04-17
HOW SINKING FUND
TO Be MAINTAINED
Mason Valley Company Con-
tracts to Pay Trustee So
Much Per Ton.

Thompson, Towle &. Co OF Boston and
New York have issued a timely state
ment In regard to the 81 900 600 bond is
sue OF the Mason Valley Copper company,
in which several new items are given not
heretofore fully made plain. The state
ment In part follows;
THE company retains in the treasury
100, 900 shares of stock 10 provide for the
conversion of the bonds and 246, 900 shares
for future corporate purposes. All or
any part OF the bonds are subject TO re-
demption by the company at any time at
1929 and accrued interest after notice
has been published for three weeks, the
last publication TO be at least thirty one
days before the redemption date. Each
$500 bond is convertible at the option OF
OF issue UP 10 and including April /, 1915,
unless previously redeemed, into Atty
shares OF the stock OF the company.
The mortgage securing this issue con-
tains sinking fund provision whereby
the company Is required 10 pay to the
trustee within sixty days after the Isl
of January In each year. beginning with
the year 1912. 20 cents for each net dry
ton of ore treated by il during the twelve
months ending on such first day OF Janu-
airy. provided. however, that the sum an
poses shall be proport,onately reduced
as the number OF bonds outstanding be
comes reduced either through conversion
or redemption. The mortgage securing
property water rights and franchises now
owned by the company, including all
equipment that Is now or may hereafter
be placed in or upon any Of the said
mines and real property,
The companys mining claims are To-
Gated in the Yerington district, one and
one-half miles from Mason City, Lyon
county. Nevada The general managers
report, dated January !, 1910, shows that
at that date the company had 100000
tons of assured ore assaying from per
ton a large tonnage OF per cent to
"a per cent ore, Since that report the Ore
reserves have been materially increased
and developments have been particularly
good In the lowest workings,
This issue OF bonds IS made TO take care
of the company,,s present floating indebt-
edness. amounting 10 approximately $780,
600; TO furnish funds for the erection of
a reduction plant. for further equipment
and development, and TO provide neces-
sary working capital. About 100000 Will
be expended upon the smelter., the site
for which, as now determined by the
company, Is located at Wabuska: four
teen miles from the mine. The plant.
which is TO have capacity OF from 900
10 500 tons daily. Will, In auulJion to
treating the Mason Valley ores. 90 a GUS
tom smelling business.
The Nevada Copper Belt railroad has
recently been completed as far as the
Mason Valley mine. connecting il with
Wabuska. on the line OF the Southern Pa
citlc railroad forty miles south OF Hazen.
thereby assuring excellent transporta-
ton facilities for the companys ore and
the custom ores of the district through
which this railroad Is now being extend
ed. This link also provides direct rail
road connection between the snelter site
and mining districts along the main line
of the Southern Pacific through Califor
MIA and Nevada. and on its branches run
ming southwark TO Tonopah and Godneld
and on through Mojave TO Los Angeles,
Cal
''The custom feature Of the proposed
smelter is most important one. as the
ores OF western Nevada arc now sub
jected to a long haul Of over 500 miles
10 Salt Lake City for tree tment. or 10
tance OF over 500 miles"