Los Angeles herald., 1909-07-19
KEYSTONE MINE
ORGANIZES ANEW
OWNERS TAKE CARE OF OLD
STOCKHOLDERS
Strike of Copper Glance StIrs Globe
District-Large Ore Body UnfoIds
on Eureka Claim of Cor
doVa Group

GLOBE, July 1S.-At meeting of the
original stockholders of the Keystone
Copper company with the holders of the
option on the keystone property, It was
agreed that the holders of the option
should organize a new company with
SO, ,000, 900 capital, of which $l,500000 will
be treasury stock. The owners of the
option also agreed in this deal to give
the original stockholders in the old
company $1,000 shares of stock at a
par value of So. and also to invest $780,
goo in development work on the. mine
within one year
The option on the keystone mine Is
held by j. II. Susman of the Lewisohn
interests. The new company will be
organized separately and not merged
with the Miami interests. The original
stockholders in the keystone mine hold
that the 100000 worth of development
work already done the mine by the
present workers of it justifies them In
making the arrangement which they
have. The work done so far has SHOWN
up good bodies of low grade ore. The
meeting held last week resulted in an
amicable adjustment of all factional
differences between all the people in
terested in the keystone property.
There are no contests for the titles OF
any of the claims and all patent sur
veys have been approved.
The present officers and directors of
the original keystone Copper company
are:
DR. L. h. Wightman, president; II. P.
Wightman. treasurer; j. n. Porter, ).
II. Sulenberger, S. j. Simms, Ammon
Simms, w. d. Fisk, l.. l.. Henry and f.
l.. Wightman.
The option on the keystone mine
held by Mr. Susman expires May 6. ana
provides for cash payment of $4OO,0OO
in case the property is taken over at
that time. Under the new arrangement
the people entitled to shares in the
newly organized company will receive
their stock within fifty days.
Strike of Copper Glance
A big strike of copper glance ore mas
been made at a depth of forty feet m
the Nc Even and Davidson CLAIMS. three
miles northeast of the city. This prop
erty adjoins the oriental group. This
strike is considered by some of the local
mining men as one of the most note
worthy discoveries which has occurred
in Globe district for some time. and In
dicates that the McEwen and Davidson
claims will eventually develop into one
of the best paying properties OF this
locality.
The new vein is now proved to be
six feet wide and still covers the bottom
of the shaft. 1t is producing a very
high grade ore, although the exact re-
turns have not yet been obtained from
the assays.
The survey for the railroad line TO
the smelter of the Arizona Commercial
Copper company passes within 300 feet
of the claim where the new strike has
been made, fact of no small import
ance in the future development of the
mine.
Reports on good authority say that
rich body of sulphide ore has been
encountered in the Sullivan shaft OF
the Eureka claim belonging to the
group of the Cordova Copper company
and adjoining the property OF the
Miami Copper company. The ore was
found at a depth of 1876 feet and is be-
lieVed to be in the large Miami ore
vein. 1t is said to run about per cent
copper. The Miami people got their
first ore on the 200 level as did the In
spiration Copper company also ana
thus the depth at which the CordoVo
strike has been made would indicate
that the ore body struck is the Miami
vein, which is thought by local mining
men to cut the whole country there ana
to traverse the holdings of the Insplra-
ton. the Live Oak, Cordova, keystone,
Cactus and other smaller mines.
The indications in the Cordova shaft
are that the ore body found is large
one. So far, the vein has been gone
through for about five feet. The loca-
tion of the Sulliva shaft is about 1OOO
feet south of Miami.