Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1910-02-02
Am NINE HAS
BEEN FINANCED
BY EUROPEANS
Is incorporated for 100000
Shares Of par Value of SIS
EaCh,-6ood Prospects 5f
Profit.

CLIFTON. Feb. Ex-senator Ste
phen w. Dorsey. who arrived in Cliff
ton from London last week, has now
successfully completed the financing |
of the Arizona Morenci Copper COM
pany. which he organized to acquire |
the properties owned by the Copper |
Mines company of Arizona. The Ari- !
zona- Morenci Copper company has |
been incorporated fer 100000 shares !
OF a par va ne OF So each Five hun |
dred thousand of these shares have
| been underwritten and their su0- |
scription guaranteed by the we'll |
! known London stock brokerage firm
Of Squirting & Co, who pay the pro
ceeds of this stock in installments be-
fore January 10. 1912. The remaining
| l 100000 shares have been placed in
escrow with the Windsor Trust COM
pany of New York until that date.
The new corporation viii have its head
in that city. who have not all been
elected. but the Hon. Robert !.
Wynne, ex-consul general of the
United States. has been elected vice
president of the company and will
maintain the London Office. The di-
rectors in the United States are Leon
ard H. Hole of the well known bank
ing firm OF w. y. Coler & Co. Of
New York; Allan Cameron of New
York, manager of the American busi-
ness of the Canadian Pacific railroad
Gustavus Miller, well known Phil
adelphia banker; George Rosch, a cap
italist of Philadelphia; &C. II. Humph-
reys. quartermaster general OF the
United States army. Washington, d.
C., and Stephen w Dorsey, of Los
Angeles. The development OF the
property is in the hands of a commit
} tee of management, composed OF Leon
: ard II. Hole. Allan Cameron and Ste
phen w. Dorsey, OF wich the latter is
chairman.
The property owned by this COM
paay comprise 10S claims in the Cliff
ton and Morenci districts. including
valuable millsites, and has been 10
GATED for over 20 years. These prop
critics adioin and abut onto the great
mines of the Arizona Copper com
pany. the shannon mine and the De
troit mine. and the workings in these
; properties demonstrate the continuity
! of the ore bodies in the company
ground. Although the properties have
been so long located, but little devei
opment work has been done. and this
. all and
S shafts for the purpose OF extracting
( high grade ore. which at various
I times has been shipped to the sme.c
2 ers. Under the present company
3 vigorous plan of development will 81
@ followed under the advice of Henri
.lG Catlin, consulting engineer OF ms
L company
Al present what are known as tx
keystone and Celtic groups are being
iexnlored by two chuTn drills, each o
which are capable of sinking TO
depth of 500 feet. In numerous noic'
u already sunk concentrating sulphio'
: ore has been opened up, averaging
from PIP TO 3 IA per cent copper.
e Is probable that the number OF churi
drills will in the near future De IL
creased to six and at the same tim
/ underground work by tunnels aa'
y. shafts will be carried out to connec
" the dri'l holes already put down ans
, ldetermine the extent OF the ore bod
r les. The property is most fayoraon
:. situated for transportation. as boil
the Detroit companys railroad an
!, the shannon company's railroad pass
es over the lands.
The advent of this company VIII
y the large amount of capital at its dis
y posal. into the Clifton and Moreno
d district. marks a new era OF actiVi"
h and development in this section.