Bisbee daily review., 1906-10-17
CALUMET & AR|z. ADAPTS NEW
 POLICIES
Statement From Houghton, Mich., That Acquisition of Mammoth Property to Be Followed Elsewhere,

Roughton, aIich.-while 1t cannot be stated authoritatively that the first step in the way of territorial expan- sion, taken by the Calumet & Arizona by acquiring an option on q copper property near Mammoth. Arizona. isl the forernnner of further growth in the same line, 1t Is only natural to as sume that successive steps along such path of progress are more likely. now that the first one has been taken, than was the first one before any such advance had been made. The price to be paid for the Mammoth property has not been made public. but it is understood to be less than SS,000, with not over 10 per cent paid in cash to hold the option.
 Attention has been called to the fact that negotiations were on a Jew months ago for the sale of property at Globe to the Calumet & Arizona. but it was turned down. Since then Mir. Hovland and MT. Smith who were acting as intermediates in that deal. have taken over the Globe property for a company which they promoted and much confidence is expressed in iS &NOn, 53uCc lHC Calumet & Arizona. after turning the Globe property down. took up the Mammoth groupS, the natural conclu- sion is that a better prospect is dis cernible to the management in the latter than in the former.
 There are developments in progress in Calumet & Arizona's affairs, how ever, that are much more important 10 its immediate welfare than the ac- quisition of new properties These de- velopments consist of the ore show. ing made in the Buckeye claim. which is reached through. openings from the Oliver shaft. It is not unreasonable 10 believe that the Buckeye develop ments of the last three months have easily added one-third to the intrinsic value of the Calumet & Arizona mine, and there is no reason to expect itS discontinuance as the lateral or yer tical openings are extended.
 The cxtensiveness of the Calumet & Arizona's undeyeloped territory in it's original tract, or the limited area in which its developed ore lies. are very little appreciated. Practically all of its ore in tie past, until the Buck eye developments, was shown up in tbe two claims in which the Irish Mag and Oliver shafts are sunk, and a glance at a Calumet & Arizona map shows readily that these comprise a very small portion of the company's property.
 Furthermore, the Buckeye develop ments are along a line or the com ,pany's holdings which possesses Tar ticular advantageous location Those .swho are familiar with the Calumet & sArizona map will recall a long and iTather narrow stretch of ground, (Which might be termed panhandle, extending southwest from the l3rger tract upon which the two shafts are sunk The neck of this panhandle" 1" where it joins the larger tract, $ the Buckeye claim. and the crosscut in this claim is headed in the line of the longest axis of the panhandle
 The opening has been carried scarce ly more than half way across the Buck. eye claim, and it has the remainder of that claim to traverse, and then all of the GibTalter claim, which Is en- firely virgin territory. It is under stood that ;he Copper Queen workings, which approach the Gibralter ground from the other direction, are in as Scod ground at the mine possesses.
 IL is understood thal very con servative policy in o1e selection is followed in the present period of high priced copper. The prevalent high prices make it possible to send a grade of ore to the smelter hat would he pIohibitively poor during n period of low prices. and thus 3n opportunity y is afforded to extract at good profit ore that would, in a season of lover prices, drag down the grade of the mine to level near the danger point {; and at the same time the very high grade material is left 10 a large ex- tent. in place, to be taken out when the price of copper may recede. TLis policy will equalize the earnings of the company in such a manner that even neayy fluctuation in the price of the metal need not disturb the dividend rate.
 Gossip IS busy these days concern. ing the amount of the dividend 10 be declared next month There seems 10 be a universal opinion that the last dividend of s3.50 will be materially bettered. The predictions which are generally heard are haggling Between s4 and s4.5O. Some of the prognosti- earO-s on So far as to nfe6.cr. a eS