Show COPP ERMINES BOND ISSUE in a circular letter issued may 14 says the record of ely nevada the consolidated Copp ermines company is offering of the first mortgage convertible 7 per cent bonds of the company pro rata to stockholders of record may 13 1919 this is done for the reason that during 1918 while developing properties of a subsidiary the company produced considerable copper and its entire output was subject to government purchase at a fixed price of 26 cents per pound with the close of the war the company had on hand pounds of unsold copper which had been produced at a high cost of labor and supplies which it does not now feel justified in selling at present market price which would result in a loss of quick assets of about consequently the management believes it is good business policy to carry this unsold copper for higher prices with the view of saving a substantial part of the equity therein therefore in order to continue the cabai campaign n of development work in the deep workings of the alpha mine the management hass has decide upon issuing these bonds which are a splendid safe investment the following quotations in regard to the plans of the company are from the circular ciraula i r letter of may 14 issued to stockholders of record since stopping production we have con trued the development of the alpha mine DIM as extensively as heretofore in the last year this work has opened up valuable bodies of oxidized direct smelting smelling sm elting ores extending from the level down to the 1300 level now being opened up these ore bodies occur in altered limestone near a limestone porphyry contact we have several thousand feet of this contact wi within thin our properties and believe that extensive deposits of high grade ores similar to the alpha ores will be opened up as exploration is extended along the can contact tact te development of the 1300 level has only that tha progressed far enough to demonstrate the oxidized ore extends to this depth biti undiminished grade it is the he view viani of our engineers and also of independent en e 11 ners who have examined the property that we should during the period of depress 0 iti in the copper industry sink the alpha aapha shaft sm ot 0 no 2 deeper and push the development the alpha mine vigorously both laterally latera and at depth we expect that this 01 worl ol j will disclose the existence of r I 1 bodies of both oxidized and sulphide direct dir j sn sm elting ores prove in larger measure A ipha alpha territory and furnish a needed in constructing and equipping equip pioS adequate reducing and smelting smelling sm elting plant pa the treatment of our ores to carry the development program graid decided deci contemplated the company has provide the necessary funds by the Is and sale of said bonds money realized therefore will until the physical properties are acquired be loaned or advanced by the company from time to time tsi to the subsidiary company for paying floating indebtedness prosecuting said shaft and development work and for other essential corporate purposes the taking by each stockholder of his pro rata share of these bonds will put him relatively as to extent of jati interest est in the same position as at present and the management of the company recommends that the stockholders avail themselves of the offer in order to insure the money will be available for the aforesaid purposes the bonds to be subscribed for have all been underwritten under written subject to the prior rights of the stockholders by order of the board of directors JOSEPH B COTTON president Un watering unwavering of the alpha mine has been completed to 1400 level du do elopement elop ment is being carried ahead on 1000 1100 1200 and 1300 levels work on oil the latter has disclosed faces of ore varying in width from 2 to 10 feet and in grade from 7 per cent to 12 per cent on the 1000 level a new ore body has ben cut showing 15 feet of 7 per cent ore |