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Show WHY RAY CENTRAL AGREED TO DEAL I Owners of Stock Evidently Disapproved Disap-proved of Equipping the. Propprty. ,.,SALT LAKE,' Feb. 15 Meyer Schamberg, president of tho Ray Central Cen-tral Commcr company, has Issued a statement to the shareholders, in which the consolidation with the Ray Consolidated company Is exhaustively explained Local shareholders will be Interested in the following: extracts j taken from this circular: Negotiations have been had at various times for a number of years with the offlcers of the Ray Consolidated Consoli-dated Copper companj looking to some equitable basis for uniting the properties, as the economies which might thuB be Introduced have at all times been apparent to both parties, but no satisfactory basis has ever been arrived at heretofore Mine Must Be Eqeulpped. Prior to this offer from tho Ray Consolidated Copper company, It was the opinion of your directors, in recommending rec-ommending ihe recent bond Issue, that the Independent equipment of your proportles was necessary it anything any-thing was ever to be secured In a practical way for Ra Central shareholders, share-holders, as manifestly nothing could be thus secured without mining and treating tho ores. It is fairlv to be inferred that this emphatic declaration declara-tion on the part of the Ray Central company that it proposed to equip its mines has resulted In the present offer from the Ray Consolidated Copper company Your dhectors have also been influenced by the fact that tho workings of the Ray Consolidated' Copper company extend practically P to the boundary lines between the I two properties, close to the ore bodies In the properties of this company. Tho Ray Consolidated mine has been largely developed, the company has a concentrating plant full equipped, Its own railroad, and has all conditions favorablo for a cheap and most eco-1 nomical production of copper, and under the plan proposed tho shaie-holders shaie-holders of this company would be enabled en-abled to oxchange. on a fair basis, their present securities for those that certainly will he placed on a dividend paying basis long before this company could expect to be In such a position under any Independent plan of Us own In view of the fact that tho recent Issue of bonds, amounting to ?1,S00,-000 ?1,S00,-000 par value, was offered for subscription sub-scription to all shareholders, and only $83,000 par value of the total amount was subscribed for by sold shareholders, sharehold-ers, your board fail to concludo that i i mrrniii ' i n i 1 i- i i n nr- said iss-ue and the plan o'f Independently Independ-ently equipping tho property did not moot with the approval of tho shareholders share-holders It has been brought to tho attention of tho board that many, If not all, of the largest shareholders in tho company have expressed their approval ap-proval of the the plon of exchange, and their desire to exchange their stock if theroffer be- made. Youc directors di-rectors do not desire to convoy the Impression in this communication that they are attempting In any way to minimize the value of the company's com-pany's holdings, hut only to state that in the opinion of the board the profits to be derived by this company's pres ent snarenoiuers ouder tho plan proposed pro-posed will be greater than would be I possible otherwise. Engineers Are Agreed. This matter has been presented to and fully dlscusspd with Messrs. Weed ' and Probert. your consulting engineers, engi-neers, who are favorably disposed to tho plan as outlined, Inasmuch as It eliminates any questions of right to mine all the ore developed, of "water and transportation, and such difficulties difficul-ties as from time to tlmo would necessarily neces-sarily arise owing to tho location of the Globo Isabella group, whlqh Is situated in the middlo of the Ray Consolidated property and In which all the fully dovclopod oro llqa The economical operation. Including Includ-ing deelopment and equlpmeiUsAOf tho Ray Central properties as an"Tn-dopendent an"Tn-dopendent mine has always been "a serious problem, and thati with the other difllcultles referred to and the loss of interest upon money Invested during a period of from two to three cars, which experience nas provqa is always necessary beforo properties of this character can be brought to n Hjg, producing and dividend-paying basis, B7 has naturally Influenced your direct- E& ors In fnvor of recommending the ' proposed exchange. , It is assumed that soon after the m5h meeting of tho shareholders of the Bs Ray Consolidated Copper property, to Wr bo held on Tebruary 28, an offer will B be communicated to you by that com- S'a pnny through your secretary, on the 9s lines above stated, giving you full in- my structions as to when and whero such ,P an exchange can be made. If such an jUir pffer bo made, it is the Judgment of wis your board that It should be accepted JH! by you. Wpfc |