Bisbee daily review., 1906-07-01
Says Good Ore Bodies Have Been Developed ir All Of Them and Formation Prom iSeS Profitable Producers.
SPENT EIGHT DAYS
 IN WARREN DISTRICT.
Consolidation Gets a Good Word Stockholders Should Not Expect Big Ore Bodies Just Under the Grass Roots,
Bisbee, Ariz.. May 27, 1906.


 The Bonanza Circle" properties at Bisbee, as the Calumet & Pittsburg, Lake Superior & Pitsburg. Pittsbufg & Duluth and Junction are comonly called. are in far better shape physic- ally and have brighter future prospects than is generally belived in the East. Good ore bodies have been developed in all of them. and the character of the rock formation through which their exploratory drifts have been driven furnishes almost positive proof that these properties will develop into large and highly profitable producers of cop per.
 spent eight days in the Bisbee dis trict and was underground in all four of these mines, and also in the Copper Queen and Calumet & Arizona. My study and comparisons of the geology and the charcter of the ore deposits satisfied me that all of these mines are developing as well as could be expect ed, everything considered. During the past two years the attention of the management has been absorbed by the work of sinking half a dozen deep shafts and providing modern equip ment. IL naturally had been expected by the more enthusiastic stockholders that big deposits of ore would be en- countered as soon as work began. Re suits came slower than anticipated and many stockholders were disappointed. I knew of this feeling and made it a point to find out whether or not there was real good ground for it and 1 learned enough 10 thOrourhly satisfy myself that the outlook is as favorable as could be expected.
 As the four companies are about to be consolidated, am considering them in one article. The action of the di- rectors in bringing about this cOnsoli- dation is commendable, it seems to me. as the properties can best be de veloped and operated collectively from one center and by one management. It should be recalled that the stocks Of these companies were put out prac- ically at cost, the public going in on the ground floor, and the men who re fused to avail themselves of an oppor- tunity 10 profit as promoters can ceT- tainly be trusted to work out an honest and equitable consolidation plan at this stage.
 Calumet & Pittsburg and Lake Su- perior & Pittsburg each has two shafts, spIendidly equipped. Junction has on- ly one shaft, but it's equipment is eX- celient Pittsburg & Duluth has one shaft and almost no modern equip ment All of these matters had to be taken into consideration by the off cials who shaped the consolidation plan.
 The companies had a comparatively small cash surplus at the end of the year. Assets, which included mining supplies, exceeded liabilities by only about S438, ,001, and as portion of the new equipment, installed during the past ten months, will probably be paid for this year, it is plain that the ST. 100000 to be raised by the sale Of 100000 shares of the new holding com panys stock, will be needed for a working capital. This should make it clear that the move for a consolidation was timely.
 Special attention is called to the fact that the combined acreage of the fous companies is equivalent to more than two square miles. All this ground is. in what is believed to be the miner alized district. The character of the ore bodies is such that practically all of this area will eventually be explored on four different levels, and to do this thoroughly will require fully 50 miles of drifts. Of course this exploratory work vii be stretched out during the entire life of the mines, production go- ing on meanwhile. This fact is men, tioned to make it clear that the three miles of new openings made last year would not have condemned the prop critics even had the results obtained been uniformly bad.
 Tn my walks through the several miles of workings in these properties I became convinced that approximate ly one-third of the openings were in leached ground and ore. 'Leached ground" in the Bisbee district means soft rock deeply stained with iron. There is only one possible explanation of it's existence. It is the result of the decomposition of the original chal- cepyrite ores of the district. Conse- quently the copper which was formerly associated with this iron will be found not far away in the form of carbonate, oxide. or enriched sulphide ores. This copper ore should properly be directly
 eContinued on Page 10.)