Bisbee daily review., 1907-05-11
MEANING OF HE DOMINION
 ISSUE
Maine Corporation As Result of New Stock Issue Will Be Nearer the Dividend Paying Basis. .

BOSTON, May 1O.-The action of Old Dominion Co. of Maine in issuing F, 900 shares of new stock, following such action by the Old Dominion Go. of New Jersey, brings the shares. of the former very near dividend basis. The Old Dominion of New Jersey has been making a great deal Of money and enough under some conditions to warrant dividend payments on the holding company's stock, but the greater part of it has been expended on construction work, the balance gO- ing to pay off the floating debt which has been entirely liquidated.
 With the present high metal prices and still further construction expendi- lures to be made. the directors de- cided that it would be only fair to stockholders to capitalize some Of the construction and at the same time provide a working capital which they have not been able to do while fi- nancing construction work out of earnings
 So the new issue of 12,000 shares will be offered to stockholders at par, and the proceeds will take up the 12.- 900 shares of the operating company, which in turn will use the money for completing its construction work in connection with the enlargement of its plant and also for working capital. The $500, 1000 received will not be sui ficient to pay all of the construction expenditures besides providing work ? ing, capital. but the directors believe that 1t will prove ample with what can. be taken from earnings.
 For the sast month the Old Dom inion has been extracting more ore from its own mines than 1t could treat with the present capacity of it's smelt- CT and has therefore been obliged to discontinue receiving shipments of custom work from the various mines which it has heretofore served, with the exception of some sulnhide ship ments from the Arizona Commercial and Gibson mines.
 This state of affairs has made nee essarv the enlargement of the stnelt- CT. The fifth furnace which is being constructed is expected to be in oper- ation in less than a month. and just as soon as that is in commission the sixth furnace will be started and that should be in operation within two mouths after it Is commenced. The eretion of these two furnaces is. con-
 
 2 building of a contemplated reverba- tory furnace, so that the plans for the E later have been laid aside for the lime being.
 The property is now practically in the position that 1t was before the 7fre and floods wfA little over a year ago, with the exception that the flow of water in the westeT part has made 1t impossible to onen the rich ore bodies which are known to exist there, but this will be done as soon as shaft c is equipped as a pumping shaft. The water is now being handled easily and economical ly, and it is believed that 1t can be easily controlled
 The 14th level development, only magnifies the importance of the dis coyery made this spring 1t is prov ing one of the most remarkable finds in the southwestern copper country. Outside of its richness, this discovery was important because it is at the lowest depth of the mine. J. Parke Charming and other expert engineers who have inspected it say that 1t is most remarkable and agree that it should go at least 300 to 500 feet deeper, with Derhaps some loss of copper in sulphur.
 These developments at the 14tn level are also important as showing the fallacious deductions of the ge, ological survey which stated that in the Globe camp no rich ores would be encountered below the I2th level when the workings would run into lean suIphidaS While good ore was encountered in the upper levels. at DO point where the 14th level has been. opened do the values fail to ex, ceed anything found above.
 The Old Domionion is proudcing from its own workings about 800 tons or ore per day. which taxes the ca. pacity of the main shaft to the ut. most. The grade of ore is steadily increasing, due to the rich values from the 14th level. Then the United Globe and the Continental are also shipping to the property. The smelt- CT Is running at it's full capacity and has an adequate fuel supply.