Bisbee daily review., 1904-10-15
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IRON ORE RESUME,
E6it0r Nswett wrt.s About sonan

Circle Properties.
 Thursday morning Iron Ore receiv- ed the following telegram from Bis bee:
 "Bisbeo. Arizona. Sept. 2s.-Drift on the 1100-foot level Lake Superior & Pittsburg struck ore yesterday. Ore is of fine quality, and there ap- pears to be a large body of it. Con gratulations."
 Ore has been looked for in this drift for the past several weeks. There was delay owing to a flow of water but pumps ere secured and this tfou- ble cleared away The drift is not quite so far from the Cole shaft as where ore was found on the 1000 foot level. which indicates the de- posit will have even greater width here than where cut in the upper lev el. It is very good news for holders of the stock. It shows that there IS a block of ore at least l60 feet thick at this point, and there is good reason to argue that it win be found at still greater depth. The ore here is of the best the Bonanza Circle giyes. The stock has been in active demand since the news was announc- ed. the insiders seeking it in all the markets where it is handled. About 8 thousand shares were picked up by local stock brokers the day after the news came out. Stoch has stiffened in price and is bound to go higher In a conversation with James Gayley, vice president of the United States Steel corporation, few days ago, he made the prediction that shares iz this company would be selling above $500 in a short time, he considering 1t one of the wonderful copper show- ings of the whole world Us great territory, all within the Bisbee mm- eralized basin, suggests many shafts and mines. It has. as is generally known, a mile square of claims. 640 acres, the cream of the location. Now that the ore has been found on the lowest level there will be an cxua effort put forth to get the Cole shaft into shape for active production. Al ready there IS a large force engaged in eating down the ends and sides, it being attacked from many points, and soon it will be completed New smelters will, be going up to care fo. the ore, too. and dividends are not SC far away as many would think. This crowd mike great headway when they get stesm up Underground the conditions are now of the most satisfactory. Besides the great find just located. other ore bodies have been found to the north and north west. This is on the 1.000-foot level -I.o l-sFt be started on the 1100-foot level. Re member that Calumet & ArIzona is finding rieh ore at depths much greated than these finds on l.. s. & P.
 Lake Superior 6 Pit.sburg will soon have air connections with the Oliver and Congdon shafts. which will be a great help in ventilating it's underground workings. Many of it's shareholders are saying the property is big enough to make two Or three mining companies. There is more ground than one can give proper at tention It is hardly probable that there will be any divisions. however, It is too good d thing to split. One capitalist of Michigan las bought
  burg during the past few weeks. and IS in the market for a big block if he can secure it He has had agents in Bisbee looking through the mine, and ne is showing his faith in it by invest ing more than a quarter of a million dollars in it's shares. He says he nas bought them to keep, and no price such as now quoted will tempt him to dispose of them. He believes he can make no better investment with his surplus. It looks inviting at present figures and holders in this region are not parting with any of this portion of the Circle.
 The discovery of the ore on the 11O0-foot level is of the greatest value, and makes all the friends of the com pany feel particularly good.
 Pittsburg & Duluth has made a great advance. over 100 per cent in the value of it's shares in three weeks. That's pretty rapid, but the property now has the ore. and that's a great point in it's favor. It is the object of all the work and all the dollars placed into the venture. It is in the Circle, and the finding of the ore proves the correctness of the reasoning of those who insisted that it should be taken into the group. There was a time, ve know. when certain gentlemen in sisted that Lake Superior & Pitts burg should not be taken in under this Bonanza Circle umbrella. That