Daily Arizona silver belt., August 15, 1909, Page Page Four, Image 4

About Daily Arizona silver belt. (Globe, Gila County, Ariz.) 1906-1929

Image provided by: Arizona State Library, Archives and Public Records; Phoenix, AZ

                
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'a : -4 -DAILY- ABIZONa- S ELVER- BELT"
Sunday, August 13, loog
gfn'fT T" "TiW,r',lPr'flTV--
3 - '
Mining and Financial 'News
ALL STOCKS
III THE UPWARD
I
E
SHORTS ARE DISCONCERTED BY
FAILURE OF EXPECTED RE
ACTION TO OCCUR
METAL PAIGES REMAIN STEADY
BIG DEMAND AND HEAVY RAINS
POROE WHEAT PRICES HIGH
ER CATTLE MARKETS "
" NKW YOKK, August II. After 11
brief ttliow of hesitancy at the opt'niiij;
today during which small fractional
losses were jenernl, the market turned
front and roso in n buoyant manner un
til almost every stock of market in
terest was ruling between 1 and "
points above yesterday's closing.
The stability of Union Pacific dis
concerted shorts, the expectation of
sharp reaction in the stock market be
nig entertained in consequence of tlio
pressure; against it in London, wheie it
was down over a point.
Except for a decline in the lirst few
wiles of Union Pacific, the rise in the
stock was almost continuous until it
reached IMS1..
Bonds were steady, total sales, $.1,
040,0(10. United States bouds,-ls regis
tered declined ' per cent on the week.
METALS
XKW YOKK, August 14. With the
metal exchange closed and in the ab
sence of cables, no fresh developments
were noted in the metal markets. Tin
was steady at 20.70 to 1!!.7!J.
Local brokers quote laku copper at
33.25 to 13..")0; electrolytic at J3.12-. to
13.23; casting ut 12.S7. to 13.00.
Lead remains linn at 4.35 to 4.13.
Spelter is selling nt 5.05 to 5.80.
GRAINS
CHICAGO,. August 14. Urgent de
mand for cash grain hero, and addition
al rains in the nortlnvest caused
strength of wheat today. Conditions
inspired active buying the entire day.
Market opened strong at gains of
to ""(, and with the exception of a dip
early in the day, due to selling by sev
eral influential houses, the sentiment
continued bullish throughout. Septem
ber ranged between' M and 00. The
close -wi8 strong' at 'almost-1 lie highest
point,
Weather conditions wero the chief
factor in tho corn market and ns
drought still prevailed in tunny se
tions of the com belt, the sentiment in
the 'pit was bullish all day. The mar
ket closed strong, juices being ', to -7i
above yesterday's che,
LIVESTOCK
CHICAGO, August 14. Cattle: ito
ceipts 200, maiket steady. Beeves, 4.35
to 7.50; Texas steeis. 4.00 to 5.50;
western steers, 4.00 to 0.00; stackers
and "feeders. 3.10 to 5.15; cows and
heifers, 2.05 to 0.30; calves, 5.30 to
8.25.
Sheep: Ifeceipts 3,000, market
steady. Native, 3.20 to 5.20? western,
3.30 to 5.25; yearlings, 4.50 to 5.70;
lambs, native, 4.75 to 5.10; westerns,
0.00 to 7.85.
close. The weekly
made a much better
expected.
bank statement
showing than was
STOGK QUOTATIONS
AND GOSSIP ON
EXCHANGES
BOSTON. August 14. The market
opened at approximately last night's
final figures, followed by n, slight rally
throughout the list, with Union Pacific
btoeks the feature, its usual, common
reaching 218M.., preferred 117K. The
apprehension caused by yesterday's rap
id movement of the stock is lacking
today and its strength stimulated the
entire list. The market broadened out
in spito of profit taking sales and
showed strength and buoyancy at the
Phone 1001
(Established 1904)
P. O. Box 282
THE H. H. BRU CO., Inc., Brokers
Correspondents with Members of Boston and New York Stock Exchanges.
SPECIAL ATTENTION GIVEN TO BOSTON COPPERS AND ALL
CURB STOCKS
144 TRUST BUILDING GLOBE, ARIZONA
CLOSING STOCK
(By Wilson
American Smelters ...
Amalgamated
Anaconda ,
C. F. & r
Ch. & Ot. West ...
Krie
M. Iv. & T
.Missouri Pacific, .... .
Hock Island ..
Heading
Southern Pacific .
Union Pacific . . .
U. S. Steel, com ,
Utah Copper ,
Arizona Commercial ,
Boston Corbin ,
Boston Con ,
Butte Coalition
Cal. & llccla .-.
Calumet & Arizona...
Copper Kange
Centennial
East Butte
Frnnkljn
Greene Canancn ... .
(liioux
Hancock
Helvetia ,
Isle Hoyal ,
Keweenaw
La Salle
Lake
Michigan ...,
Miami
Xewhouse ,
Nevada Con
North Butte
Nipissing
O.jihway
Old Dominion
Superior Copper
Shannon
Sup. & Pitts .
Sup. &, Boston
Tamarack
Trinity
U. S. Smelting
Utah
Ariz. Colorado ..
Arizpu
Arizona-Michigan ....
Bay State Gas
Black Mountain .. .
Hutto & London
Huttc Balaklnva
Butte Ely
Chino"
Chief Con
Cumberland
Chemung
Cordova $2
Cordova full paid
I actus
Calumet iV .Mont.
Benn Arizona .. ..
Davis-Dal v .
Ely Central
Gila
Globe Con.
C.oldlield Con.
inspiration . .
QUOTATIONS
& Cash.)
Bid.
. ...102.12
... . 80.12
49.75
... . 45.50
3.00
... 37,37
.... 42.12
.... 75.25
41.50
..104.25
. ..137.37
217,02
... 78.50
n
El
paid..
... .')'-'.( o
... 45.00
. . 20.75
... 10.00
.... 25.87
....000.00
, ..107.00
.... S4.00
.... 35.50
.... 12.02
.. . 17.00
.... 10.00
.... 10.00
.... 10.87
.... 7.12
.... 28.5(1
.... 3.50
.... 15.00
.... 37.00
.... 10.50
.... 10.02
.... 3.50
.... 24.75
.... 5S.50
.... 10.02
.... 11.25
.... 57.50
58.75
.... 10.02
.... 17.00
.... 10.25
.... 74.0Q
.... 13.50
.... 50.37
.... 40.25
".'.!". "".Hi)
.... 1.37
57
.23
7.25
1.80
8.12
1.37
7.44
10.75
1.50
3.50
4.35
.82
4.50
7.00
1.00
S.25
3.75
0.S7
7.50
Asked.
102.25
80.25
50.00
45.75
3.25
37.50
42.50
75.37
41.02
104.37
137.50
217.75
78.02
53.25
45.25
21.00
10.50
20.25
1$8.00
84.50
30.50
13.00
17.50
10.12
10.12
11.00
7.37
20.00
4.00
15.50
37.25
11.00
10.75
3.75
25.00
50.00
10.75
11.75
58.00
50.50
10.75
17.25
10.75
75.00
13.75
30.50
40.50
.15
.55
1.50
.58
1.12
.2S
7.75
1.00
8.25
1.50
7.50
17.00
1.02
4.00
4.50
.88
4.87
7.12
1.12
0.02
4.00
7.00
7.50
t
8.25
S.02
3.02
2.00
, .41
5.10
La Rose rJ,...
Live Oak, call pd ..
1j. S. & A ..........v......
Mason Valley
Nat. Miu. Exp. r-w-
Ohio Copper . . t
Pinto .....
Ray Consolidated 20.50
Ray Central 2,87
Superior & Globe 08
San Antonio ,..
Shattuck -10.87
Savannah, call paid 1.50
Warren 3.25
Yuma Copper ...
Keystone ..
Wolv. Ariz
Dixon Copper
Bye Copper . -
8.37
3.87
2 25
".45
5.25
.27
21.00
3.00
1.01
10.50
20.25
1.87
3.75
2.75
1.50
1.12
.2i
.20
r it r
1
The Globe. National Bank
Cash Resources, $108,000.00
This represents money in our vaults and on deposit with banks in Los
Angeles, El Paso and New York, together with money loaned on demand
Tt is available for IMMEDIATE USE.
NEW I
II GLOBE FIELD
(Continued from Page One)
nd the Arizona-Michigan properties.
So far, no water has interfered with the
work.
The Arizona-Colorado Copper coin
pany's plant includes a good air com
pressor for operating' the machine drills
and the development of tho mine is be
ing pushed at a rapid rate by the single
shift now working. On the S00 foot
level of rho verticnl .shaft, a vein was
struck and much of the ore found there
ran ns high as 0 por cont in copper,
with good percentages in other miner
als. A shipment of twelve tons to
the smelter a few months ago brought
returns of 3 per cent copepr, $1 a ton
in silver, with traces of gold and 27 K
per celit of iron. This report shows to
how great an extent the ground here
is mineralized and it is reasonable to
bsuppose that the iron deposits will be
replaced by higher copper percentages
at a lower level. The crosciittiug 011
the 000 foot level at present is ex
pected to strike tho same vein encount
ered at 800 feet and that the ore at tho
additional depth of 100 feet will bo
much higher grade and better concen
trating material even thnn that found
nearer the surface, is the ppinion of
mining men who have seen the proper-
It is now considered practically 'cer
tain that more men will be added to
the Ari.ona-Colorndo force in a few
weeks to hosten the development work,
and there is every indication that this
mine will bo one more added to the list
of producers in tho Globe district dur
ing file coming year.
Arizona-Michigan
The Arizona-Michigan shaft on the
first of August was 510 feet deep. A
station has been cut and crosscuts start
eil both northeast and southwest from
the shnft.
Working three shift a day, each cross
cut will advance about fivo feet oery
twenty-four hours. As far as can be
estimated, the DeWitt lode, v'-Vh i
north of the shaft, is about 250 feet
from the shaft and the Telfair lode on
the south is less than 100 feet away.
After building eleven houses, a board
ing house, erecting a gallows frame, and
buying machinery, oflico supplies, etc.,
there is $57,000 left in the treasury.
No payments are duo on the property
until February 1, 1010. Everything is
very encouraging to stockholders.
Inspiration
While drilling operations on the In
spiration property have already demon
strated an enormous body of ore. tho
most notable development, as indicat
ing the existence of sulphide ores
capable of mining by steam shovel, has
been through the sinking of the .Too
Bush shaft, which is located about 800
feet from Miami end lines.
In sinking this shaft the ore was first
struck at a depth of ninety feet.
The depth of the ore body is diflieult
to estimate. At various points 011 the
property the diamond drills hnve dem
onstrated a depth of over 000 feet of
sulphide ore. Inspiration developments
to date have all been with a view of
determining the extent of the oro body
and defining its limits. Development
to date have been such as to warrant
tho belief that in time the Inspiration
will take its place among the large low
grade steam shovel producers.
Old Dominian
The energies of the Old Dominion
company management at the present
time nre being directed chiefly to the
reduction of operating costs; very satis
factory and tangible results are being
achieved in this direction, and moro
are in sight. A higher percentage of
recovery from the ores will be given
immediate attention.
At the present time it. is costing the
company about 10Vi cents per pound to
make its copper from ore which aver
ages better than 8 and 10 per cent for
tho first class and about 3 per cent for
.the concentrating ore. About 75 per
cent of the company's mine product i
direct smelting ore and the remaining
25 per cent concentrating ore, so that
it is safe to figure the entire average
at between 0 and 7 per cent, which
with perhaps a single exception is the
highest grade ore in quautity being
treated in any miifing camp in this
country.
The new pumping plant, to be in
stalled during tho next two or three
months, is expected to reduce costs by
one-third of a cent a pound, based on
the present output. At the present time
between 3,500,000 gallons and 4,000,000
gallons of water are being pumped
daily.
The Old Dominion management is
also lowering mining rosts appreciably
and already u reduction of $1.50 per
ton hns been made in this department
from the figures of a year ago. A con
siderable portion of this reduction is
brought nlrout through tho saving in
timber expenses. In the new ground
the introduction of a new system of
mining is contemplated which should
result in still further savings in tim
ber costs.
As the company gets into higher
grade ore, this also should have a bear
ing in the further reduction of oper
ating expenses.
Old Dominion has a 'larger supply of
ore in reserve tlinn at any time in its
history and for every ton of ore taken
out, at least one ton, and in some
months a great deal more, is put into
reserve. An eight cert cost for Old
Douiinioti is tho ultimatum of Dr
Douglns of tho Phelps, Dodge L 1
properties.
Recent costs have been higher t)
would ordinarily have been the c:u,c )V
reason of the inclusion in the opcrat t
account of some items which cou!(
properly be classified as capital chargw
and which will not make their appear
ance again for many years, if CVet
on the compny'8 cost sheet.
The company Is still compelled
purchase sulphur for smelting purpose,
only about 55 per cent derived from its
own ores.
The technical position of the stock
is very strong by reason of the otb
eiship of 100,000 shares, or sbgbih
over 50 per cent of the outstanding,.;,
ital, by Phelps, Dodge & Co., the total
number of shareholders being less than
1200.
At the present time there is no div
position to force the output on the pre.
ent relatively low price of copper, anj
the current production is Mimetliit
over 3,000,000 pounds per month.
production at the rate of 50,000,00
pounds per annum could be easily had
were the management disposed to forre
matters. Even on the prevailing baiis
of costs, this would make possible earn
ings on the present copper market of
only slightly less than $0 per share
e .. ,, vT"T7
tL. r. Hutton cfc Ux
112 West Third St.
LOS ANGELES, CALIF.
Members New York Stock Exchange
31, 33, 35, 37, 39 New St., New York
CORRESPONDENTS, HAYDEN, STONE & CO.,
Members Boston Stock Exchange
Direct Private Wire
TO CHICAGO, NEW YORK AND BOS TON
SPECIALISTS IN COPPER STOCKS
Arizona Copper traders will find our facilities unequalled. All In
formation concerning copper mines and stocks always to be found In
our offices. Correspondence invited.
JL Jp JL JL JLJLjJI.1l JL JL' JL JL J? W v Jws & JL JL JL JLdwr
TATION
1 II1
IS
e Laiumet
err o Gordo Mining Company
1 n
Capital 300,000 shares par $10. 100,000 shares to be sold at $2 subscription. Will
have a working capital of $125,000 and the management is confident that no further
money will be needed. The property is located m Inyo County, California, within
nine miles of Keeler, in vicinity of the famous Cerro Gordo mine, which has produc
ed twenty-eight million dollars worth of ore; three-quarters of a mile from the aerial
tram of the Four Metals Company. Arthur Houle reports very conservatively, and
advises the management that the property is practically asured of success.
.. ' -
Over one hundred and fifty thousand dollars worth of ore already
developed. Houle's average samples run $27 per ton.
.fr
Large force of men will be started to work as soon as possible. Captain James
Chynoweth is at the head of the organization and expects to give personal attention
to the property. j
Books open Tuesday, August 17, for subscriptions.
h
Stock subscriptions taken through QJJ VALLEY BANK & TRUST 0.
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