Mohave County miner., 1916-07-22

acquisition of more than SO per cent
Of the capital stock of the Copperfeld
Porphyry Copper Mining company by
the newly organized Arizona-Copper-
fields, Inc, George Graham Rice of
New York says;
Following the announcement made
. by the house of George Graham Rice
on Friday that the offering Of 100000
/ shares of At'gona CopDerfelGs. Inc,
at % cents a share had actua'lv been
taken or reserved by customers, there
I ensued on Saturday initial trading IN
the stock on the New York curb. Fol-
! lowing an opening transaction at 30
cents. the stock quickly sold up to Al
cents and closed at the top, the final
quotation being 40 cents bid, As cents
asked. It has been stated in these col
umns that no porphyry copper offer
ing of such magnitude and promise
had in the memory of mining and mar
I ket veterans been made at any such
( figure as 25 cents a share. What hap
pened in the market was therefore not
only a natural sequence, but it was
made perfectly plain that the stock
has directly ahead of it market ca
reer that is bound to challenge com
parison.
Arizona Copperfelds shares repre-
sent a partially developed porphyry
copper property similar in every re
spect to such famous producers as
Chino. Inspiration, Utah, Ray, Miami,
Nevada Consolidated and Chile when
they were being developed. The dis
tinguishing feature of the properties
enumerated is that they were first de-
veloped by capitalists to a certain
stage. after which the public was IN
vited to participate in a reorganlza-
tfon on a much large capitalization,
whereas Arizona Copperfelds stock
is offered for public subscription at
about the same price the capitalists
originally paid for stock in the famous
producers just named.
In this connection it recently devel-
oped that the Chile Copper property
originally cost the Guggenheims about
81 100000. In other words, the stock
cost them only % cents a share, even
less than the figure at which Arizona
Copperfelds was offered to the public
Chile has since then sold as high as
s26. 621k per share. 1t is now selling
at s21. Nevada Consolidated was put
out at S4.75 a share, Utah Copper at
SO. Chino at Sc, Miami at SS.75, and
Inspiration at 81.
The porphyry coppers were but lit
tie known in those days. Since then
they have become so famous that they
are considered the soundest invest
ments in the mining shares list and
compare favorably with most other
high grade issues. In fact, the bonds
of copper companies are considered on
a par with most public utility and rail-
road bonds.
The ground of the Arizona Copper
fields, Inc, is situated in the Wallapai
mining district, Mohave county, Arr
iona. about % miles north of King
man and two miles from the Kingman
and Chloride branch of the Atchison,
Topeka & Santa Fe railroad. The
company is organized under the laws
of the state of Delaware, with CAPT
talization of 100000, divided into
5000, 900 shares of a par value Of 81.
The stock is fully paid and non-assess-
able.
Arizona Copperfelds, Inc, is taking
over more than 80 per cent of the capt.
tai stock of the Copperield Porphyry
Copper Mining company, owner of six
mining claims In addition, it is ac-
curing the ownership of Is additional
claims in the same mining district,
which seem to have the same charac-
teristics similar to those of the six
claims owned by the Copperfield Por-
phyry Copper Mining company.
The first group embraces 12O acres,
of which 80 acres appear to be under
laid by deposit of disseminated por-
phyry copper ore. Sixteen acres of
this group has been prospected by tun-
; nels, shafts and drill holes, which al
ready indicate approximately $685.
3O7 tons of ore assaying 1.85 per cent
copper, or 81 pounds per ton. This
tonnage, of course, is subject to fur
Their checking up.
The tonnage in the Is acres which
is already reasonably assured should
contain over 99,6OO,OOO pounds of cop
per, which, at Is cents per pound, the
average price of. copper over num-
bre of years, represent a gross value
of over $14,9OO,OOO, from which, Of
course, must be deducted the cost of
opening up the deposit, mining, smelt-
ing charges, etc. If the entire 80
Acres should prove of the same grade
Yas the ground already prospected, of
which there is indication, there is a
possibility of blocking out at least 49,
100000 tons on this 90-acre tract,
without taking into consideration the
other group consisting of Is claims,
embracing ahout 900 acres Such a