The Daily Alaska empire., 1929-08-08
ADMIRALTY ISL.
 COAL COMP ANY
 REvEALSPL.ANS
R O d n Tells Chamber of Commerce of Aims of
 New Program


 the operations program of the Ad- miralty Island Coal Company and that amount will be solicited locally through stock subscriptions, the Chamber of Commerce was told today by Henry Roden, who has charge of that end of the com pany's activities. He, F. A. J.. GallwaS, President, and John Reck, i Treasurer pro-tem, discussed the , company's present position, putting its needs and aims frankly before the members.
 It was made clear by them and President Faulkner that the en- dorse,nent of the Chamber was not sought. The company merely de- sired to lay the facts before the membership as individuals.
 Reviews Its History
 The history of the company's ef- forts to explode and develop coal mine at Harkrader was recite q briefly by MT. Roden. Capitalized | for $15O,000, the company has float ed $75,000 worth of stock. Of that sum, $30,000 went in payment of the purchase of the patented coal lands of Harkrader estate and to purchase a lease held on 2,560 acrns of coal bearing land adjoining the patented acreage. The remainder If the sum has been expended for exploratory purposes and other ex- { kenses incurred in handling the i jlroject. Considerable work has zen done and between $8,000 and ,0OO worth of coal sold. A slope ! s0D feet long has been driven.
 Amos Slater, nlfning engineer 10 spent three weeks investigat- ling the property. has submitted comprehensive report to the com pany on which it bases it's opera tions program This report said the company has developed ready for production 90,0o0 tons of coal land through the same 800-foot slope it l. estimated. that 100000 tons can be mined. The report esti- i mates 1,750,000 tons on the leased acreage. This, Mr. Roden said was purely conjectural but was hased on MT. Slaters study of the ground and his experience in the coal lining industry.
 Considers Developed Area ! in siTanging it's financial sched- | lule however, MT. Roden said the 1 company is not taking into consid- ] sgatiou anything except the coal which is in sight. The 90,000 tons ready to mine and the remaining 10000 tons on the patented ground i MT Skaters report said, can be mined for $2.50 per ton and deliv cred to ships tackle at company docks at an outside cost of $4.15 per ton, at a production rate of 30 tons per day. MT. Slater sug- gested sale price of $8.50 per ton, or a profit of $40 per ton and this profit insures an annual dividend of approximately 50 per cent on the total capitalization of the company.
 The same engineer fixed work ing year of 250 days which would make the annual production 12,500 tons. There is ready market in Southeast Alaska for that quantity of coal, MT. Roden said And in- stead of selling at $8.50 1t has brought $10 per ton on the dock. Even if MT. Skaters figures, which are conservative, are cut in half, it can be readily seen that the mine can be worked at an annual profit of $25,000 for the next seven years without developing any coal in ad- dition to the 90,000 tons that is ready now to be taken out" he de- clared
 1 Funds For Debts
 The company, MT Roden added, has sufficient capital to meet all of it's current indebtedness but it needs additional funds to go ahead with it's operations program. It requires finances to put the prop erty into workable shape and for equipment. He declared it could sell today for sufficient money to repay the stockholders in full for their investment and give them interest on it.
 MT. Reck amplified MT. Roden's statement slightly. He said eight men could produce 50 tons daily The additional funds required, he said, were for the following pur- poses: Constructing an air shaft without which no mining was per mitted by law, s5,000; new dock, s5,000; and to put running water in the workings, s2,OoO. When these funds became available these faciii- ffnc ppfrId l,a .-~1,iIa1 and flaa r,1it1o