The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-12-30
Former Owner of Inspiration
Property Issues Statement
to Shareholders.
BOND ISSUE is
BEING ROUNDED UP
Company Prepares for Doing
Work and Meeting Some
Lawsuits.

f. A Hosier. president, and p. 7.
Wilder, secretary Of the Majestic Copper
company, formerly known as the lnspra
tion Mining company, under date of De-
cemher 27, have Issued a statement to
stockholders. In view of the scarcity of
and general desire for Information regard
Ing this company among the western
stockholders. this statement is here
given in full:
In case you have not already heard,
we take this opportunity Of advising you
that the deal with William b. Thompson
for the sale and financing OF the claims
near Globe has been completed.
or the 302.2l2 shares OF the stock OF
Inspiration Copper company which were
oy the terms OF tho contract under op-
ton to Mr.. Thompson at par, 100000
shares were released and turned over TO
the inspiration Copper company and were
used by ii in the purchase OF valuable
adjacent property: the 100000 shares un-
DER option until September is, 1910, re-
verted to the company and were later
sold at par and the 102, ,212 shares under
option until January is. 1911, were taken
up in October and S1,022,120 paid into the
treasury Of Inspiration Copper company.
This has put s2,022l20 additional into
its treasury. which will enable the com
pany to further develop its property and
erect a concentrating plant.
The stock of the Inspiration. Copper
company has been selling near and above
par for some time. so that the stock
holders OF the old company Jared very
well through the sale 10 Mr. Thompson.
The property now owned by the Ma
Jestic Copper company consists of a group
OF claims located about thirty miles
north of Tucson, near Oracle: Ariz The
assessment work has been kept up on
those claims which were thought TO have
the most prospective value, and we have
contracted for the assessment work for
this year on six claims lying in line, end
to end.
This district has had very little de-
velopment and our claims are prospects
only and may or may not contain an ore
body. The condition OF the treasury is
such that money must be raised for con-
tinuing the assessments. patenting the
property, doing further development work
and handling a suit which was brought
against the company early this year.
This suit was brought by c. V, Stewart
and l.. A Durham, who claim that dur
ing the life Of thirty-day option which
OF their principals presented the prop
erty to Mr., Thompson. This option eN-
pired six months before the time that
the contract with Mr.. Thompson was en-
l<rumb. the present consulting engineer
OF the Inspiration Copper company. Mr..
krumb and his associates were paid a
10 per cent commission for making the
deal, but Messrs. Stewart and Dunham
months after the contract was made. In
stituted a suit for s150,Oo0 commission,
claiming that they were the procuring
cause While we consider the suit is
without merit. 1T must be attended 10.
In order 10 provide funds. 1t is pro-
posed to place a mortgage on the prop
erty to secure two-year notes or bonds
aggregating not over SIS 5000; Individual
notes or bonds to be for not less than $50
TO bear interest at the rate OF S per
cent. payable semi Iiannualy and to be
issued at par. Any stockholder may sub
scribe TO such an amount at par as he
may wish. but in case OF an ovcr-sub-
scription, each subscriber Will only be
entitled TO his pro rata share as evil
dcnced by his holdings Of stock in the
company.
The amount OF tho mortgage will be
determined by the amount of subscrp-
tions received from the stockholders and
If the response be limited the mortgage
may only be mado for an amount neces-
sary to cover the cost of assessment work
and patenting. handling the lawsuit and
other expenses, and no development work
may be attempted. You will find enclosed
herewith the notice OF the annual meet
ing. and n proxy, which please I'll out
and return at once. j, .. Copen. the
former general manager. will probably
conduct the meeting. and his name has
been inserted in the proxy. II you wish
TO subscribe to the notes. please advise
the treasurer. F. T. Wilder, 202 First Ma
tlonal Bank building. Kansas City, Mo-
at once OF the amount