Daily Arizona silver belt., 1907-03-08
WALKERS BOOST
 0F 0LD DOMINION.
Copper Authority Tells of Recent Strike and of Sinking to Begin Across Pinal Creek-Phelps Dodge Abandon All Thought of Giving Away Control.

George Walker, the eminent authority on copper mines and shares, says of Old Dominion in his last copper letter Tn the Boston Commercial:
 Old Dominion $ recent development of rich sulphide ores on the bottom level of its mine has increased in importance. The erosscut continued in ore forty three feet without reaching the hang ing wall of the vein. At a point 200 feet above, on the 18th level, this chute of ore was 300 feet long and about twelve wide Therefore, the develop ment of great width on the l4th level leads the management to believe that 1t will prove up good throughout the in tervening space. The entire forty-three1 feet of this ore so far opened aver ages better than 10 per cent copper. Unfortunately it carries no excess of sulphur. The company IS getting con siderably more sulphur from coneentrat- ing ores and other sources than for merly, 65 per cent of its sulphides hay ing been secured in the Globe district during the month of January. I've years ago about 95 per cent of the sul- phide ore essential to economical smelt- Ing was imported from other districts. The management is quite sure it will be getting all the sulphides needed from it's own mines before the end of the pres ent year.
 The Old Dominion now has smelt- ing capacity which enables it to pro duee 3,000,o0O to 3,500,000 pounds of copper monthly. It's No. , blast fur mace has been contracted for, and ma terials have been purchased for the construction of reverberatory furnace. When these two furnaces have been completed the company will be able to produce at the rate of 50,000,000 to 60,O00,o00 pounds of copper annually, of which at least 35,000,000 pounds will come from it's own ores. 1t is now pro dueing at the rate of 25,000,000 pounds of copper from its own mines, the re- mainder of its output being from GUS tom ores.
 Old Dominion s working shaft IS about to be sunk an additional 200 feet to the 18th level, and at this depth it should reach the sulphide ore zone. IL will be recalled that the company is sinking two other shafts, one east and the other west of the working shaft one of which is dowu to the 10th level already. It is planned to begin sinking another shaft across Pinal creek, about l.00O feet west of C shaft, where the company owns seven claims.
 All of the recent developments and operations at the Old Dominion have tended to demonstrate the existence of better values and larger deposits of ores than were previously believed to exist in the district. Present prospects are that the Old Dominion will make one of the biggest copper mines in the country. It is opening up and mining ore more rapidly than its smelter can reduce it; its United Globe properties are being developed on broader scale than heretofore; it's unexplored ground is to be opened; contemplated railroad extensions will give it largely in creased tonnage of custom ores; greater fdepth promises to give it the long sought sulphide fuxing ores, and the size of the smelter is being enlarged in keeping with the general growtf of its operations
 I am told that the recent under ground developments in the Old Domin ion have caused Phelps Dodge & Go. t' abandon all thought of selling thei
 holdings of the stock to other coppe
 interests. They will continue to direc
 the operations of the company as here
 tofore.
 It is understood that Old Dominion
 copper is now costing about 12 to T.
 cents per pound If its ores eontaine'
 sufficient sulphur to make perfec
 smelling mix, thus obliterating the ex
 pense of buying sulphide ores in othe
 districts and the heavy freight charge
 on them, Old Dominion could prodnc
 it's copper at gross cost of cent |. per pound. This condition should b
 reached before the end of this year. D On it's present volume of production , Old Dominion must be earning at tn rate of $ll to $12 per share on its cal o ital stock. If the price of copper hold up its earnings should reach basis $i5 per share six months hence. Withi three or four years Old Dominion shoul n increase its production to 6o,Ooo,OC h pounds of copper annually, and such Q output would make it's stock worth slz j. per share.