Bisbee daily review., 1906-06-24
CALUMET AMI

Calumet & Arizona's value has not been greatly over stated even by its most enthusiastic friends. IT impress es me as being every inch "as big and rich as advertised" There is an aston ishingly large amount of ore in sight in it's two mines, and I believe its present phenomenal record of produc- ticn can be maintained for a considera- ble period of years.
 The advance in it's dividend rate to 8 quarterly was in every way war r;.nted by the strictest interpretation of all the rules of conservatism. Cur rent net earnings are at the rate of more than S4,000, GOO annually, or bet ter than $20 per share on it's 100000 shares of stock; and it's surplus now amounts 10 approximately S3.000, 900. It is making about 36 900, ,0OO pounds of copper annually from it's own ores at gross cost of 3-4 cents or less Der pound. It is easy to see, there fore, that dividends of SIP per share could be earned and paid on a 14-cent copper market. The company can pay SIP per share this year and in- crease it's surplus to s4,000,000, and certainly the most exacting could hard ly ask for a greater achievement than this.
 The Calumet & Arizona property ad- joins the Copper Queen, and the two companies are mining ore within a few feet of each other at different points along the boundary lines. Cal uinet AriZona'S ores are of exactly the same character and just as rich as those of its big neighbor. Indeed, the Lowell shaft has opened one of the richest mines the Copper Queen OWES on claim that lies directly be- tween the Calumet & Arizona's two mines.
 There are a considerable number of miles of drifts in the Calumet & Ari- zona mines and a surprisingly large proportion of the total openings are iii 8 good grade of ore. One drift shows 10 feet of 40 per cent ore, and another 65 feet of 50 per cent ore. At one point what is practically the same ore body is opened by the drifts on the SIh, 9th, 10th, and 11th levels.
 The first development work done by the company was in the Irish Mag claim, and nearly all of the 105 .000,- 900 pounds of copper so far produced has come from that mine. During the past two or three years a new mine has been opened through the Oliver shaft in the Senator and Senator No. ? claims, which now promises to be almost as large and rich as the one that made the Calumet & Arizona fa- nous. The two mines are connected underground by a long semi-circular drift from the south end of the Irish Mag through the Pride and Senator No. claims, and this drift is in bar ren lime and leached ground almost all the distance. At the time it was orened it was considered a somewhat discouraging showing, as nearly all of the openings in the north half of the Mag are in ore. It is now known that leached ground, as it is called, is equivalent to an underground gossan Or ore capping and also that drifts sometimes pass by, over or under great ore deposits without revealing ltheir location.
 Exploratory drifts have now been ex. tended south into the Buckeye claim. and one of them is 172 feet in an ore body which shows only few streaks of waste. Another drift has been ex- tended through intervening ground. owned by other companies, to the com. pany's Hope and Wagner claims. some distance farther south, and these will be explored immediately. The deyel- opment in the Shattuck property sd- joining make it appear certain that the