Weekly journal-miner., 1909-03-24
LEWISSHONS ,GIVE S2,000,OOO FUR
 KELVIN MINES
New Owners to Operate AS Ray Central
 Company
(From Saturdays Daily)

CTS of New York for $2,OOO,OOO. This sale may be taken as marking the full rejuvenation of the mining industry in Arizona. The sale of this mining property is one of the largest ever made in the territory, says the Repub | Gcan.
 The terms of the contract by which the property is turned over to the new company are that the Lewissohn brOtl- CTS are to spend $31O,OOO on the devel opment of the mine this year. At the end of the year, if the development of the mine shows the returns called for in the specifications of the contract, ! $1 100000 more will be advanced by | the Lewissohns for the establishment of proper ore dressing machinery and the mine will then gecome the proper ty of the new company. The name of the mine will be changed to the Ray Central.
 The deal closed Wednesday was the result of three months of negotiating between the present owners and the representatives of the Lewissohns, who are well known bankers in New York and among the largest copper opera tors in the country. They sent their experts here, who made one report af- ter another on the property. Then | AdOlph Lewissohn himself came ont and with a member of the firm of Gug genheimer. Cntermeyer & Marshall of New York. who are their attorneys. When it was found that the Lewis sohns were examining the property to view of purchase, the stock jumped from Ij cents a share on the par value of $1 to 60 cents. By the new ar engagement five shares of the stock of the old company will be exchanged for one share in the new company.
 For the present enough members of the old directorate will be retained to give them control. The new directors will be elected. and possibly new of ficers, as soon as the board has an Op pOrtunity of meeting. w. B. Twitch- ell, the present superintendent, will re tain his position for the present, though he will be glad of the opportunity to withdraw from active superintendency of the mine if it should be presented. Mr. Twitchell endeavored to resign from the management of the property a year ago, but finally reconsidered his resignation at the earnest solicitation of the directorate. His other interests in Phoenix and tine neighbOrhood are of such magnitude that he does not fell that ne can give all of his time to the management of the mining prop critics.
 In regard to the transaction just made. one fact iS assured. and that is that over $3OO,OOO will be spent this year in the development of the mine. It is so stipulated in the contract.
 There are so many mines in this 1
 
 is heard concerning those that are be- ing exploited, that the average reader 1 will perhaps appreciate a little explan- 1 ation of what and where the property | in question is. It is a group formed 1 in 1904 by the amalgamatiOn of the l Calumet claim and others, W. T. Smith l and J. W. Walker of this city being interested in that property. The Kel- vin-Calumet Company was formed | with Mir. Twitehell in charge locally, though the large interests connected with it were represented mainly by W. F.. Sharpe of Philadelphia, O. A. Turner of Baltimore, Ben Hazen, Thomas Dyer and MT. Sehamberg of Philadelphia.
 About three months ago the matter of disposing of the property to the Lewissohns was energetically taken up MT. Turner and Mir. Sharpe and Weir Brothers of New York being the chief promoters, with Mir Twitehell doing what he could to promote the deal and making frequent trips to the east for that purpose. Messrs. Walker ana Smith also aided him in whatever way they could in the negotiations.
 The Kelvin-Calu Company or ganized in 1904. had a capital stock of $2. 100000, par value of stock of $l, and a great deal had been sold up to three months ago when the price was 15 cents. At that time the Lewissohns became seriously interested and made { a tentative agreement to take the ; on the strength of which l they organized the Ray Central com pany. The stock of the Ray Central company has been on exchange and