Los Angeles herald., 1907-09-16
FIND RICH
GREAT YUMA
OLD sILvER,KINe WILL BE MINED
FOR COPPER
COPPER QUEEN REDUCES ITS
USUAL OUTPUT
Several Important Deals, Covering a
Large Number of Claims, Are
Made In the Arizona
Country

Special to The Herald
PHOENIX, Ariz., Sept. 15.-The May
hew Free Gold Mining comany of Yuma
county has made the first important
strike since it was bonded by Los Ange-
les and Pasadena men two months ago
for 100000, the new company being in
corporated at s1,O0O,00O
The ledge of nine feet averages $4940
instead of only $25 as first thought, and
kidneys from three-inch pay streak
run as high as $24,S00. These kidneys
| occur throughout the vein in sizes as
| large as a mans fist.
Many of the old-timers in Phoenix who
remember the palmy days of the old
| Silver King mine will be interested to
learn that the former great producer of
silver will be mined for copper some time
in the near future
The mine is just outside of the Globe
district in Pinal county and in it's day
was one of the most famous mines in the
country
No mine in Arizona was of greater
| Importance in promoting the early well
| fare of the southwestern part of that
territory than the Silver King, situated
among the towering ranges in lonely
| basin in Pinal county.
Gould Mine
About twenty. tons day of low grade
| copper ore is being now taken out of
the Gould mine eleven miles west of
| Tucson and shipped to the Douglas
smeter.
For some time work had to be parti-
ally suspended owing to the fact that
| sufficient number of teams to haul the
ore from the mine to this city, where it
| is placed on cars, could not be secured,
but now that the difficulty has been
| remeded a crew of sixteen men is kept
| constantly at work.
The mine is a low grade property en-
| tirely, but there is such marvellous
quantity of ore in sight that 1t is ex-
pected to be a great proposition In the
near future.
| The fiscal year of the Shannon Copper
company ended with August, and pres
ent indications are that net earnings for
| the year will be in the neighborhood of
| $780, 900 after all charges, the retirement
of 100000 bonds and the payment out of
| the earnings for the many improvements
| of the past year, including construction,
says the Boston News Bureau.
| This would equal $2.66 per share upon
| the outstanding 100000 shares. During the
year three dividends of so cents each
have been declared, calling for the pay
| ment of $450,000.
| The principal feature of the week in
Bisbee mining operations is the an
nouncement of the Copper Queen conra1
| pany that they will reduce their outpf
of ore to great extent by the end
! this week and will at the end Of abb
two months reduce their force of
ployes both here and at Dougles.
will mean a large number of idle me
| in the district. The reason for this iF
given as the small amount of market to
i be found for copper The movement is
general both among local mining COM
panies and copper mining corporations
| all over the country. The most encour-
aging feature of the week is the striking
| of ore in the Wolverine-Arizona tunnel,
| which was made yesterday.
| Shipments during the week with this
| company have been holding about the
same level as they have previous to this
time for several weeks, but these will be
cut down at the end of the month to
great extent Smelter production WHY not
be more than 60 or 70 per cent this month
| of what 1t was last month. Only SIX
| furnaces out of total of ten are work
ing in the Copper Queen smelter. Drift
| ing toward the Sacramento Shaft is peing
carried ahead from all shafts of the COM
pany to Join at the main hoisting shaft.
Mining Deals
Thirty-three mining claims, situated on
Copper creek in the Table mountain ols-
| trict about ten miles north Oh NAM
moth, were sold this week to an Eng
! Iish syndicate headed by Engineer Nc
1
| is 100000. 10 per cent of which was PAID
| in cash. The balance of the payments
will be made in three instaliments. De,
veopment work on these properties VIII
be inaugurated at once.
| Henry B. Hovland has arrived IN
Tucson for the purpose of making pay
ment of a mining property which mas
been taken over by himself, known as
the Reward, and other well known gem
tlemen The company which mas peen
| formed will be known as the Casa
| Crande Development company ana is
capitalized for $4,000 shares at the par
value of $40 each. The property taken
over is an old mine and one which mas
! been worked heretofore, and consists OF
| annroximately $50 acres of mineral
| ground located thirty miles in SOUTH
| Uesterlv direction from Casa Granoe
station on the main line of the Southern
Pacific railroad and sixty-fve miles west
| of Tucson. mn
| OF the 1000 shares capitalization, 4o,VVV
shares have been sold on which can aa
has been issued of 81 per snare W'vOo
| shares remaining in the treasury unis-
sued The 81 call will place at tne ois n,
posal of the company S40OVo' Wnicn WIN
| he sufficient to meet the expenditures ~
| the next two or three months A second
call of not over 50 will probably Dc miaue
navsble on or about December l. lSu'.
| Tbe Tucson chamber of commerce Ieeis
very certain that 1t will succeed IN Sc
curing the erection of large smeiter
within eight miles of that city.
|