Arizona silver belt., 1906-12-23
Option on Old Dominion Stock Not Exercised by Boston Broker Lee Higginson,
NOT ENOUGH ORE
 IS BLOCKED OUT
That's What Engineers Report ed-COmpany Will Place Another Issue of Stock on on Market in Near Future,
(From Wednesday s Daily)

(From Wednesday Daily)
 The Silver Belt announced in its issu, of last Sunday that the option on the pooled stock, commonly known as the Phelps, Dodge interest, in Old Domin ion would not be exercised. In confirm ation of this prediction the Silver Belt yesterday received the following spe' cial:
 ''Boston, Mass, Dee. IS, 1906. "Arizona Silver Belt:
 "The Lee Higginson option on the Phelps, Dodge holdings of Old Domin. ion stock was not exercised. as the en. aineers who examined the property for the prospective purchasers reported they could not measure up sufficient ore to warrant the purchase of the stock at the price, which was slightly under $6O per share"
 It is presumed that Lee Higginson & Co. acted merely as agents for those to whom the option was given and whose names have not been disclosed. The statement of the examining engin. eers that they could not measure up sui. hcient ore to warrant the purchase at the price named is not surprising, nei. ther does it detract from the value of the Old Dominion property in the opin- ion of those who have knowledge of its value. The rule in mining is that lore in sight" and which can be mea sured is that which has been "blocked out," and must be exposed on three sides. According to this hard and fast rule the Old Dominion would hardly measure up' to the valuation named in the option, but if the history of the mine, the tonnage of ore already pro duced, the geology of the mine and dis trict, the location and equipment of the property, etc, be considered, a fair es- timation of the valuation of the Old Dominion property would be arrived at and fully justified. Measured by the same unyielding rule three years ago Old Dominion would have made a sorry showing. Phelps, Dodge & Co. would have refused to undertake the task of rehabilitating the property and devel. oping it into one of the greatest copper mines of the southwest, as the Old Do minion unquestionably is today. The average mining "expert" takes the same position as that assumed by John Hayes Hammond, who was recently quoted as saying that he could better afford to turn down ninety-nine mining properties examined by him than to recommend the purchase of one, a state ment that is not at all to the credit eff MT. Hammond s ability as mining en- gineer and geologist.
 The announcement that the Phelps, Dodge company will retain their large interest in Globe district and that Old Dominion will continue under the same management that has built it up to its present splendid standard will be re- ceived with very genera. satisfaction here. The Old Dominion management is recognized as amongst the ablest in the entire field of mining and the plans of Dr. l.. D. Rieketts carried to compile tion will within another year place the Old Dominion we'll up in the list of the great copper producers of the world.
 The directors of the Old Dominion | Copper Mining & Smelling company now have under consideration-with the | that it will be adopted-a of further issue of 12,000 | shares of stock, making the total issue 30O,0 ,000 shares, which new issue at $50 | per share would return to the company $600,000, enable the company to dis. charge all of its indebtedness and com menee the payment of quarterly divi- dends of $l or more per share.
 The Silver Belt understands that this action will very likely be taken at an early date.