Arizona silver belt., 1901-04-11

iuil pay meHe TUT out tOsUeiiO mines
 near Blsbee. Mir. Costello year ago
 received s50,000 from the company
 when the option was taken upon the
 property. The purchasers are the
 Lake Superior Mining company, and
 the company was represented here
 today by the attorney, Mir Campbell.
 Judge Reilly of Tombstone, repre-
 resented Martin Costello The mines
 were owned by Costello alone, who Is
 an old time Arizonan and we'll known
 throughout Arizona. Costello is sery-
 ing today upon the United States
 grand jury, drawing S2 per diem, and
 the half million dollars he received
 today does not seem to bother the old
 gentleman any. This is one of the
 largest cash payments ever made in
 this country.-Citizsn.
 Mir. Dorsey, from Silver Clty, who
 has been prospecting in Graham
 county as a partner of J. M Brown | field, brought in from the Grahams a
 piece of quartz literally filled with i gold. He claims to have foot ledge.
 Mir Dorsey first found little float
 which he puIverized with his ax and
 banned it. He followed the float pros-
 pecting it occasionally with good re- suits. Finally he found the ledge | from which it came and broke off this specimen rock. The float did not show gold to the eye, but the piece
 brought in which was broken from the ledge was specked with the pre- cious yellow metal The strike is al- most due east from the Clark district and on the Gila valley side of the mountains. The ledge runs nearly east and west.-Guardian.
 charter for the Santa Rosa Copper company has been applied for, of which Joseph A. Tanner will be presi- dent, l. x. Stevens vice president, and l.. S. Randolph secretary The company will purchase the well known Santa Rosa group of 12 copper claims in the Copper Mountain mining dis trict, which are owned and have been operated by MT, Tanner. Some of the mines of the group are producing some remarkably rich copper ore. Mir Tan her has returns from the Fl Paso smelter on carload of ore which averaged sll090 per ton. The com pany will be incorporated for S5OO,- GOO of which Sl50,000 of stock will be placed in the treasury and sold for de- velopment purposes. Metcalf people have subscribed for s25, 900 worth of the stock at 10 cents per share, which will be sufficient to commence the de- velopment work on more extensive scale than heretofore pursued by Mir. Tanner. When this money shall have been expended. another block of 25,- 900 shares will be put on the market, but at an advanced figure This is strictly home company, and all those who purchase stock are tor can be- come familiar with the property. and therefore purchase on their own judg- ment. The Era is pleased to see this company formed. because if it sue ceeds in opening up valuable mines. many other home companies can be formed on the same plan, and thus many prospectors will be enabled to develop their own property. This 1. plan of assisting the prospector has been in operation in Colorado and ! Utah for many years past, and i, one reason why those countries are so . prosperous.-Copper Era. ;
 At the annual meeting of the share holders of the Arizona Copper com | pany Limited held in Edinburgh. ! Scotland, on March 4. the chairman, i in moving the adoption of the report. which has already been published, and which recommended that a divi. dend of s. per share be paid on the ordinary shares, supplemented the in- formation in the report with regard to some of the larger items. As showing the great progress the company had made during the last ten years he gave a number of figures which had been supplied to him by the secretary. Tn 1891 their production was only 2,l92 tbns of copper; in 1900 1t had risen to D. 25S. The gross profit from all sources in 1891 was G55, ,527, aud in 1900 e325,- 5l6 The net profit was G45 .542 in 1891, and e30l, 2l3 in 1900 He thought the position of the company might also be illustrated by the interest which it had had to pay in those two years respectively. In 1891 it was e36, ,635, and in l9U0 it amounted only to Gl2, Al. The profit applied in pay Ing off debt or for capital outlay was f22 GOO in 1891, and it had risen to ell0,0O0 in 1900. As regards divi- lends, the progress of the company was still better shown, because in 1891 and for the three following years no dividend at all was paid to the share-s