The Washington herald., 1916-02-09
COPPER BONDS
HOLD INTEREST
Cerro de Pasco Corporation
Is In Excellent Finan-
cial Condition.
OWNS ITS OWN SHELTER
Haggin. Morgan. Mills, Frick, Sloane,
and Vanderbilt Are Among Heavy
Holders of Its Securities.
Special to The Washington Herald.

New York. Feb. S.-With the al
most unsuitable demand for copper
here and abroad. resulting largely
from war orders. the public Is showing
marked interest in the marketing of slo'-
COO 900 ten-year convertible six per cent
bonds OF the Cerro de Pasco Copper Cor
poraton. the stock of which is hoverlns
around forty in the active curb list
The bonds are convertible after Novem-
ber |, 1917 into stock at $50 par value. the
capital stock OF 100000 shares is issued
as non-par value stock. The corporation
will retain in its treasury S33.31 shares OF
stock for the conversion OF the bohds.
The bonds and the remainder OF the
stock have been issued to the original
holders OF the property. among them the
estate of the late J. B. Haggin. d. o.
Mills. Henry C. Frick. J. p. Morgan. F.
w. Vanderbilt. II. NICK. Twomoly. the
estate of George Hearst. and William ID,
sloane. The bonds were purchased by
J. p Morgan & Co.
The corporation was organized on its
present basis in payment OF ninety-hve
per cent of the stock OF the Cerro de
Pasco Copper Company and all the stock
OF the Morococha Mining Company. Ac-
cording to the promotion literature, the
mines OF the CORPORATION are located 1900
feet above sea level. in the Andes Noun
tains, Peru, South America: and OF the
80 miles OF railroad connecting the
mines with the seaport city OF Cslloa. lo
miles are owned by the corporation.
SweIter Near Mines.
The ore Is direct smelling ore carry
ing from per cent to Is per cent copper
which. on account of favorable mining.
smelling and transportation facilities and
the values in gold and silver, can be laid
down in New York at cost OF about
6 IL per cent per pound.
The smelter owned by the corporation
is located near the mines. The hydro
electric plant, recently constructed at a
cost of 10000, is located at Oroyo. the
junction point OF the Central Railroad OF
Peru with the Cerro de Pasco Railway.
The group OF mines owned In the Moro
cocha district also benefits from the
economic operation by this electric pow
er The coal mines owned by the com
pany are located a short distance from
the smelter The coke from this coal is
very valuable to the smelling plant, which
pra ctically controls the smelling business
Of Peru and is a source of large addl-
tional income, through its contracts with
other operating companies In Peru
Although the properties. now owned by
the corporation. have been producing cop
per to the extent OF many million pounds
its important increase in output was
started the early part OF this year. The
mines are now producing about 6o,"N.cC
pounds per annum.
The net earnings of the companies
owned by the corporation, for the year
1915 (partly estimatedl will exceed 5000
Co., Expert opinion seems unanimous ir
the conclusion that after the European
war the consumption of copper metal will
be greatly increased
The American owners and managers
have completely rounded out the opera
| ton to a point of every possibly economy
The new corporation will be handled by
the same executives as in the past; L. T
| Haggin as president. and the executive
committee. consisting Of Mr.. Haggin, f
| H. Clark, OF the Hearst estate, and ]
Horace Harding, OF Charles D. Barney &
| Company