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Show i MIAMI TO MAKE u.. NEW STOCK ISSUE. Intends Ultimately to Take Over New i Keystone Mine, Is Belief. Directors of the Miami Copper com- I pany are considering increasing tho capital stock of the cooipanj, tho new issue to be offered to stockhold- I ers at a figure below the present market mar-ket price. An official says that the contemplated Increase is for capital expenditures in acquiring new land and enlarging the mill; that.lt Is not for the purpose of taking over the New Keystone Copper company. The Increase will be about lOO.ono shares, although but fiO.uoo will be issued now, present stockholders being be-ing given the privilege of subscribing for new stock to the extent of 10 per cent of their holdings, at $1 a share. The stocKholdcrs of record August 24 and bondholders who convert their bonds by August 2.1 will be given the same nrlvilere. This will leave ovr 50.1100 shares in the treasury, which will be available for the acquisition of now properties It is not stated what properties are likely to be acquired, ac-quired, but it is believed that the New Keystone Copper company, which owns 215 acres of land near the Miami Mi-ami will eventually be bought. Miami now has TOO o,0 shares of stock authorized, par value. $5: about f.OO.ooo shares ore outstanding. SX.ooo are reserved for conversion of bonds, and about 12,loo are lu the treasury. The $1,500,000 bonds of the company com-pany are convertible into stock at $17 a share The New Keystone company Is controller! con-troller! by the General Development company, which was the medium through which Miami was originally floated. It has nn authorized capital cap-ital of f..0,ooo shares, par value $5. f. Parke Channlnj, president of th? Miami, is lice president of the New Keystone company. The New Keystone company has outstanding C5o.oC2 shares, par value Last June .Mr. Cbanning estimated estimat-ed that Nw.v Keystone had 2,nOO,ono tons of 2 3r, per cent copper oro de- j veloped on eleven ocres with a like amount iwiicaiod ou eight additional acres. Tht combined tonnage of the j two properties would probablv be j rllghtly b-ss than 2n.ii00.ooo tons. |