Bisbee daily review., 1904-02-11
WILL SELL NO
 STOCK IN
SYNDICATE WHICH BOUGHT THE CLAIMS FEW DAYS AGO IN
 THE WARREN DISTRICT.
WILL DEVELOP THEM
Purchasers Say They Will Sell No Stock at Any Price-And Declare They Are Able to Carry Out the De- veIopment of These Claims Upon Any Sized Scale.

l any otzeo scale.
 Attorney Albert E. McManus has re-
 turned to Duluth from Bisbee. Arizona,
 where he succeeded in closing negotia-
 tions for the purpase of the Leo and
 Roy copper properties, on which a number of Duluth and other men have had an option for several months. Those who, with Mir. McManus, are interested in the deal, and who have become owners cf the property, for which S1,05r,GO0 has been paid. are Archibald N. Chisholm of Duluth, Bar tin Pattison of Superior, Thomas Bar don of Ashland and A. Guthrie of St. Paul, contractor who built a great deal of the Great Northern railroad ] The property is known as the Shat tuck group In addition to the Leo and Roy claims it includes a number of minor properties, which, however, are said to be valuable. The work of devel- oping the property will begin at once. The group of claims purchased is surrounded by the Copper Queen. Hig- gins, Calumet & Arizona and Pitts burg & Duluth properties, all of which help to make up what is known in the ! Bisbee district as the bonanza circle | The company will be a close corpora ] tion. with not more than six original | stockholders, and no stock will be sold. It will be placed in escrow by the original holders under an agree ment that it will not be transferred for at least two and one-half years. The purchasers say that they will | sell no stock at ony price, and that they are abun6a antly able to carry out their plans of development on a large scale without outside financial assist ance.
 Several months time was consumed by Ar. McManus in consummating the deal whereby he and his associates were able to buy the Shattuck prop erty. About a year ago Mir. McManus heard that Mir. Shattuck and those in ] terested with him would be willing to
 sell the property if a satisfactory price could be obtainued 1 Upnn visiting Bisbee MT. McManus | found that a dispute over the owner ship of the claims on the part of Shat | tuck and Martin Costello would have ' be concluded He at once set to work 10 bring about an amicable set clement of the difficulty, and short time ago was successful. In the mean time he had secured an option on the property. and when he had patched up the differences existing between Shat tuck and Costello, he invited Messrs. Chisholm, Barton, Pattison and Guth- 1 rie to inspect the property.
 They did so last week, and after the purchase. It is said that the Cal umet 6 Arizona people tried to get possession of the property a short time ago, and offered nearly a million dol
 lars for it. The offer was refused. In speaking of the deal MT. Me
 Manus said: We closed the sale
 Saturday, and we are satisfied that to-
 day we have one of the richest prop
 critics in the country. The reason
 that the Calumet & Arizona crowd
 did net finance the deal was that there
 was a dispute on between Shattuck and Costello, and we secured an op- tion on the property before the dis lpute was called of.
 We have such confidence in the property that we have decided not to place any stock for sale. The Copper
 Queen, which is noted as a bonanza,
 has developed it's properties to the side line of our purchase, and right up to the line they took out high grace
 of ore.
 "The ore will average IS per cent at the smelter, some of it running as high as 80 and 90 per cent. We in tend to begin the work of development as soon as the necessary arrange
 ments can be made for getting the
 machinery on the ground. Capital
 from the northwest, and particularly from the head of the lakes, is playing an important part in the development of the Bisbee district, and those in the district who are familiar with the
 property believe that the Leo and Roy claims will add materially to the value of the property in that section. Min ling Gazette.