The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-11-11
INSPECTION OF
MINES AT GLOBE
OFFICERS AND DIRECTORS OF
MIAMI, LIVE OAK AND OTHER
COM PANiES VISIT
PROPERTY.

the Utah, Nevada Consolidated chino
Copper, and Ray Consolidated copper
companies who are on the annual fal
inspection trip returned 10 Globe last
night from a visit TO the Miami, lnspi-
ration and Live Oak properties, says
the Globe silver Belt. The party Is
travelling in the private ear Cyprus
The personnel Is Charles Hayden of
Hayden stone Company bankers for
the above companies; ID. G. Jackling
general manager of the several COM
panies: &. NJ. McNiell. president of the
Utah and Chino Copper companies;
Sherwood Aldrich. president of the
Raw Consolidated. Chester Beatty,
consulting engineer; X. r. Babbitt.
general COUNSEL Spencer Penrose'
treasurer of the Utah. and Eugene b.
shove, treasurer of the Ray Console
dated.
To the Silver Belt representative II
was stated that the visit at this time
had no particular significance in re-
spect TO the purchase OF new proper
ties and that IL was more in the inter-
est of Mr.. Hayden who has been as
ISOLATED i'm the financing of the various
enterprises for this group of copper
magnates.
1T has been great qualification to
see camp like Globe, said Mr. Hay
den last night. that is famous for the
properties like the old Dominion to the
east of the city. now supplemented by
the splendid development which is TAX
ing place in that disseminated deposit
west of Globe. known as the Pnal
schist which is centered in the four
adjacent properties-the Miami, lnspi-
ration. keystone and Live oak a COM
prehensive and coordinate development
of these properties will undoubtedly
give Globe a large and permanent in
crease in its copper product on basis
that will compare favorably with that
of any other district
When questioned as TO the copper
situation Mr.. Hayden. speaking con-
servatively as usual with great finan-
ciers, stated:
"The worlds stock of copper on Oc-
tober LIST was 359,OOO,OOO pounds which
is decrease since the first of the
year of over 25.O0O,000 pounds. The
high water mark was reached on the
first of July when the surplus reached
40l 600 600 pounds. Since then the de-
crease has been very sharp and pro-
nounced and as these statistics are
compiled from the finished product and
as we know from the reports or pro-
duction of different mines that their
PRODUCTION which has been going
through the rehneries since August has
been materially less, there is no ques-
ton but that there will be a contin-
uation of this decrease Of stocks on
hand as shown during the next ninety
days.
Unless consumers have changed
their entire disposition after one or
two more months OF reported decreas-
es they will rush i'm and purchase suf-
hcient copper to carry their stocks to
normal which they have not been do
ing for over two years due TO the large
visible supply which has made them
continually look for lower prices on
the metal.
1--WE believe that for the first time
i'm the history OF the copper market
there is now real elacticity due To the
broad and comprehensive view regard
ing production that is being taken by
all the large producing interests. We
do not expect any barked advance in
the metal as should such an advance
take place IL would be very easy TO in
crease production, but on the other
hand there is not much likelihood Of
AMI increase in production taking place
until the metal is selling and well and
firmly above the present price.
while It is looking a long ways
into the future. people who have been
pessimistic because Of the prospective
production of the new porphyry mines.
should not lose sight Of the steady OK
haustion Of the ore bodies Of some Of
the older mines which has shown itself
very plainly the past year. and also
take into consideration the very few
new mines discovered which can hope
for any material production. although
the entire country has been searched by
the best engineering talent in an en-
deavor TO find other properties which 1t
is believed could be material producers
on a commercial basis with copper
metal at 10 cents OF under"
"The party has just visited the
Chino group at Santa Rita, n. NJ"
stated Mr.. lacking, where a 300O-ton
concentration IS being erected and
steam shovels are now in operation.
II Is expected that the plant will be
started by the first OF July. Thirty mil
lion tons Of ore have been developed.
From Globe the party will go TO
Ray. The new S,OOO-ton mill there
will probably be started I'm operation
by February 1st A force Of 1900
men is now employed on the prop
crty and the number will be gradually
increased as development progresses
After the trip To Ray the party viii
visit the interest Of the various Off
Gals travelling with Mr.. Hayden and
Mr. Jackling In California and Nevada
including the Nevada Consolidated oi
which the Utah Copper company owns
a 4