Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-02-14
SANTA Re MINE
COMPANY WILL
ISSUE BONDS
Directors Recommend $780,
900 First Mortgage Real
Estate Issue; Equipment Is
Complete, Says President.

The directors Of the Santa Re Gold
q Copper Mining company. of the San
Pedro district, have recommended TO
the stockholders the issuance of
$4,000 seven per cent convertible
first mortgage real estate bonds which
VIII he Offered 10 the shareholders at
$40, according to the New York
Curb.
Here Is what the Curb has to say:
IT the issue is oversubscribed Il
VIII be proraied among the subscribe
ing stockholders TO safeguard the
bonds II Is the intention of the dl-
feclofs to place in escrow with the
trustees OF the mortgage deeds Of 4G,-
VOo shhres or grazing ana agricultural
lahd now adjoining the mining prop
erly or the company and owned by IL.
special meeting OF the stockholders
wiz ne called to act on the matter.
Whlle the proposed bonds win be
TOT " period or ten years. they will be
suplect TO retirement at the discretion
OF ,he company out OF earnings at
Sll0. Provisions will be made TO set
aSlue N55,V0o per annum for the first
three years, and a minimum amount
Of $4,000 thereafter until the entire
amount OF the bonds il retired which
amount will he paid 10 trustees Ia
purchase bonds at S11O or the best
price obtainable, This, in addition. to
land values, should be amply suffi-
clent to take care OF the principal of
the bonds.
lIaines Gridlcy Elected.
The largest stockholders have sig |
nliied their intention to subscribe FOR |
100000 Of the bonds provided the Is |
sue among the balance Of the stock |
holders is guaranteed.
AT the annual meeting of the |
stockholders OF the Santa Fe Gold a.
Upper Mining company held in Jer-
sey CITY Gin the latter part of Janu- /
lry) p. ". Eckhoff, Leon Ranheim.
liaines Gridley and Frederick c. /
FISCHER were elected to succeed q. Il
Van SAINT Herman Asendorf NJ
Kaufman, and @. h. White. retired.
The other retiring directors we're re-
elected
The balance sheet as Of December
81, last, shows:
'Assets--Treasury stock, S5g,5OO: 1
ash accounts, S20t real estate and
property, $l,750,000. plant and equip
nent, S23l,960. mine DEVELOPMENTS
'2S4. 243. supplies, coke. etc, on hand
O,i6O; accounts receivable. St.SSS;
lroiit and loss account. $2g7.692: to-
al, S2,6t7.G44.
'Liabillties-Capital Stock. $4,000
iOV' notes payable, st7I64i, total,
s2.G17,64i
President &C. C. westervelt In his
'eport says that the present overhead
Equipment of the mine Is now com
llete ~ every detail. Recently the
mart was retimbered new blast fur
race Installed and the power house.
'olling stock, company buildings. etc,
ire complete and intact in every re-
pect, but it is thought well to provide
or an additional l25-ton furnace SO
nat the smelling facilities of the COM
ANY may he In position to take care
! me additional production which the
hblheers state IS assured with fur | (
her development. The production of I
ne y NINE can thus be brought up to
V,OOd tons per annum, which the
resent high grade of copper run
lng between I per cent and per
ent tand a great deal over that fig
re) should give an estimated extrac-
ION Of 100000 pounds OF copper I
No Further Obstacles. !
IT has been proved by previous \
uns before the present tonnage of c
he ore was opened up that the com
any could produce copper at about
0 cents, President Westervelt saws. :
nd If we can arrange therefore TO
petate the mine when copper Is be- I
Neen II ana Is cents our profits y
Mould be $SS7506. and IL the price
T the metal should be between 15 y
nd l6 cents (Which was the average !
{ The year 1879 our profits should !.
Q S4l2,bO0. After the company has :.
opposed of all the bonds at sos there :,
ill be sufficient funds to continue v
peration on the large tonnage basis e
ithout being again hampered for "
orking capital, and we do not expect !,
make further additions for more !,
Intensive plans than above outlined !
Mess the mine should become an ex-
sedingly large producer .