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Show uu RAY CON. EXPECTED TO PAY BIG PROFITS When Georse U Walker made his roundup of western mining camps a few months ago ho remained for some time at the Ray Consolidated properties prop-erties in Arizona. Ever courtesy was extended to him by the management and he made a thorough inspection of the large estate owned by the Ray company. He announced that ho was greatlj surprised at the Immense amount of work done in so short a space of time, and he stamped it as the second largest porphjry deposit In tho world. In his copper letter Walker gave an interesting account of tho Ray. Ho said he was sure that It would make large profits for it6 shareholders for at least twenty-five years, and possibly pos-sibly for double that time, lie says at this time that the property is coming up to his fullest expectations, and that it Is a much more valuable estate than Is indicated by its present market mar-ket valuation. Otber engineers share with him In this view, and for the benefit of local shareholders of the eompnn. Walker's statement 1 3 given, giv-en, as follows: "Ray Consolidated's low price with a greater tonnage 'of ore demonstrated dem-onstrated and two and two-thirds the roncentratoi capacity completed and financed. It is selling for $10,000,000 less than the combined properties of tho Miami district is due largel to the fact thnt the lowebt average ores in the property arc being treated in the Initial stages of its productive operations. op-erations. At tho same lime it has been handicapped by tho losses in concentration, which are always incident in-cident to the breaking In of a new plant ' 'The ore that has gone throught the mill so far has averaged onl about 1.S7 per cent copper, and th recovery re-covery has gradually increased from -Go per cent .at ,the start Jo" G9 pqr cent In the past few wecks.Witliin six months the company should bo treating 6000 tons dally, recovering 73 per cent of the values from 2 per cent ore, producing 5,000,000 pounds of copper monthly and earning at the jate"of $2 or ?2.85 a share, the amount depending on whether copper Is then selling at 13 or 15 cents a pound. "Within fifteen months or two years Ray Consolidated should be in a position to bogin paying regular dividends of 52 per share annually. I can see no reason to doubt that $2 will be its minimum disbursement for thirty years thereafter. Producing to its full capacity. It will be able to earn over $2 on a 12 1-2 cent metal market, mar-ket, and on 15-ccnt copper ?3.75 a share. "Those who revel in amortization figures claim that 1 annually Tor thirty thir-ty yearB Is worth only J29. and that $3 for twenty-five years Is worth $40, payable, of course, in advance. Tested Test-ed by any and every system of figuring, figur-ing, Ray Consolidated appears to be exceedingly cheap at Its presont price. "As a further illustration, Its 75.-000.000 75.-000.000 tons of 2.17 per cent ore proved up. partly developed, fully financed fi-nanced and equipped and production under way. Is selling in the market for 27 1-2 cents a ton. John D. Ryan has just undertaken to buy Live Oak's 15,000,000 tons of 2.5 per cent ore, undeveloped, unflnanccd and unequipped un-equipped for 19 cents a ton. payable in cash. When he has financed, and equipped it to the Ray stage It will have cost him 40 cents a ton at least." 00 |