Salt Lake Tribune | 1918-12-12 | Page 16 | Iron Cap Copper to Enlarge Plant

IRON CAP COPPER TO ENLARGE PLANT Stork holders of the Iron Cap Copper company have subscribed to tho entire Issue Is-sue of $500,000 S por cent first mortgage bonds offered tlieni bv the company a few weeks apo. In the middle of lat summer Iron Cup retired its $125,000 first mortfcs'ago 7 per cent bonds outstanding, paying therefor 105 and interest. Thus, with the sale of this issue, tlie company gets substantially $.361, 000 nw money. With these funds Iron Cap plans to construct a high-powered transmission line from tho power-plant of the Inspiration Inspira-tion Copper company to ita own property, believing- It more economical to purchase current from Inspiration than to build Its own power plant. Construction of tflia line and transition of Inm Cap's plant from" steam power to electricity will cost in the neighborhood of $100,000. The balance bal-ance will be used for the build int? of new crushers, skips, steel had frames, etc. To the first of November this year Iron Cap(has produced 7.S00.O0O pounds of copper. cop-per. Including depreciation, depletion and taxes, per-pound-costs since January 1 have averaged about lS'-j cents, permitting per-mitting a. profit of slightly over S cents, or $620,50-1. At'ter bond interest for the ten months amounting to about $-1foo, thirf left u balance of $fil 6.094, or $4.20 per share on the 145,000 shares outstanding1. outstand-ing1. Since the first of the year Iron Cap has paid monthly dividends of 25 cents, or '$2.75 per share. Including unspent portion por-tion of proceeds from bond sales, Iron Cap had net cash and cash assets at the close of business October 31 of over $SO0,-000. $SO0,-000. Boston News Bureau.