The copper era., 1901-05-02

] which covers the Unlted Verde or
 bodies, it does not seem possible tha
 many of the companies working hereo
 can fail to be successful in their hun
 after the mettle. At the Verde Queer they now have the shaft down 435 fee
 aud the ground is changing so tha
 it has all indications favorable to tn
 approaching of body of ore. Th'
 ground is what the miners call pick
 ing ground, blasting not being neces
 sary.-Jerome News.
 All these rumors about the Ra. changing hands are groundless, say
 the Arizona Blade. The old company will retain the property and will prob ably resume operations soon, but un
 der an entirely new local arrangement Louis Zeckendorf and Albert StelnfelC
 retained a large interest in the prop
 erty when the Ray Copper Company ! Limited. took hold of it, because they ! had implicit faith in it. It has not re-
 turned to their hands for the reason that it never left them. only to lim' | ited extent. There never was any doubt as to the value of the Ray as a copper producer. t was neither lack ] O. ore or want of values therein that | caused the shut down, but bad man. agement. Twenty dollar gold pieces could not have been mined at profit under the management in vogue at the Ray. Had the money been properly expended, the Ray would have been on paying basis today. The manage ment was deficient in practical knowl- edge of mining and milling and there was neither order, system nor economy in the direction of work.
 Mir N. l.. Amster, the mining en- gineer of Boston, who has taken so much interest in the affairs of Old Dominion, of Globe, is indignant at the manner things were conducted at the late stockholders meeting. He says: ''I attended the annual meeting of the Old Dominion Mining Company and found a lawyer and one clerk in charge of the meeting and the stock holders proxies. There were also present three stockholders and a re- porter from the Boston News Bureau with proxy, and nobody else. The reporter did not vote. The stockhold CTS, so far as they were represented by myself and two others present, did not vote for the resolution to ratify all the acts of the directors for the past five years, although no acts of the direc- tors were disclosed. I demanded that my protests be entered upon the rec ords of the company, but of course the two corporation clerks holding the proxies sent in by the stockholders followed their instructions and put the resolution through. I consider such resolution put through in such a man. ner an outrageous use of stockholders proxies, and an insult to the owners of the property by their servants, the di- the Old Dominion, saying: "There is nothing the matter with the mine, ex- cept over capitilization: $1,O00,0O0 cash was paid for the property, and at the time of purchase, 100000 shares Of stock were issued, of which 60.000 shares were sold to the public at S25 per share, for which S1, ,500, ,000 was re- ceived, and 10000 were given to the underwriters. This leaves 50,000 shares of the outstanding stock unac- counted for, but it is certain that the company never received dollar for this stock, as the report just issued shows that only S5O0,OO was received from stockholders in addition to the $l ,00O, 900 which was paid for the prop erty. I have made inquiries regarding this extra 50,000 shares of stock, but have never received any satisfactory reply, but it seems to me that this is the colored gentleman in the Old Do- minion woodpile. This stock, how ever, is not in the original package, as it has been sold at various times in the open market" For some months past THE ERA has observed a tendency among eastern mining journals to boom Old Dominion. Never d week
 pasess without complimentary notices Of the property. Such notices fre- quently bore evidence of having been inspired by some one with large block of stock who could be induced to part with it if properly approached.