Daily Arizona silver belt., 1910-04-10
Valuable Property at Stan ley Butte Taken Over
 by New Company
LOCAL PEOPLE ARE
 INTERESTED IN DEAL
Five Million Dollar Corpora tion Backed by Pitts
 burg Capitalists

By the successful eulmination of a deal that has been pending for some time, mammoth mining project has just been launched in the Stanley Butte mining district, thirty-fve miles south east of Globe and twelve miles south of San Carlos. In this new mining ven ture a number of people well known in Globe are interested, and with sue cessful execution of plans now formu- lated for development, the work on this property will bring into prominence a comparatively new mining region and one which should at some future time add materially to the great mineral production of Arizona.
 The property transferred in this tran saction consists of eighty claims, or about 1,600 acres of good mineral land, This acreage was originally held in six different groups and was cOnsol dated and brought under one head by Joseph Pfister of Globe, through whose efforts the claims have been transferred to newly organized company, the Cop per Reef Consolidated Mines, which is backed by group of fnanciers of Pittsburgh, Pa. The deal was effect
  lingham of Los Angeles, one member of the firm being Spencer w. Clawson, known throughout Arizona, especially in Bisbee and Globe, as a mining man of marked ability and broad experience, his connection with the mining industry of the territory having dated back to the early days when the pursuit of any industrial occupation in Arizona was rendered hazardous by hostile Apaches.
 The Copper Reef Consolidated Mines is capitalized for $5,000,000, divided in to l,000,000 shares of stock at par value of $5 each. 1t is understood that the purchase price of the property was approximately $l,000,000. The person mel of the new company is made up chiefly of men closely identified with the manufacturing, banking and brew ing interests of Pittsburgh, Pa. The officers are: President, M. J. Kennedy, general manager of the United Brew ing association; vice president, Peter Boyd, superintendent of the National Tube company; treasurer, k. II. Myers, Jr., banker; secretary, Renald Allies, private secretary to Peter Boyd; gen eyal manager, S. w. Clawson; financial agent, Charles T. Martin of Globe; and chief clerk, Charles F. Mater of Globe; and superintendent, E. F. Pfster of Globe. The directors are elected in groups for three years, two years and one year, respectively. Their names are: For three years, NJ. J. Kennedy and Peter Boyd of Pittsburgh, and Charles T. Martin of Globe; for two years, John s, Eberman and E. M Groos of Pittsburgh and John w. Gil lingham of Los Angeles; for one year, William II. Parks and Edward F. Pfs- ter of Globe and Renald Aires of Pitts burgh. It can be readily seen by a review of the list of officials given above that the new organization is most efficiently Officered and is thus assured of capable and conservative manage ment in every department.
 No Stock for Sale
 The Pittsburgh men interested in the enterprise have provided sufficient mon- ey for extensive development work and have taken an option on 300,000 shares of the total amount of 500,000 shares of stock assigned to the treasury, thus manifesting their absolute faith in the property. Therefore no stock will be offered for sale.
 The original owners from whom the property has been purchased were Charles T. Martin, Joseph Pfster James Faull, II. c. Hitchcock, William Parks and associates, William Mong and w. G. Duncan. Of this group of men, all are Globe residents except II. c. Hitchcock, who resides in Los Angeles, and w. G. Duncan of San Carlos.
 The initial steps toward bringing the property before prospective purchasers were taken by Mir. Pfster, who induced Mir. ClawsOn to make detailed re- port on the land The Pittsburgh cap. italists, on receiving this report, did not take any action in the matter until they had their own representative engineer, John w. Rice, a prominent mining eX- pert, inspect the claims and render a report. The opinions of MT. Clawson and Mir. Rice as embodied in the two reports coincide in almost every essen tial particular, except that MT. Rice s report was the more favorable of the two. The geology of the property as described in general way by Mr. ClawsOn in his written report follows:
 "'The formation in the Stanley Butte mining district consists chiefly of gran ite and aibitic granite of the Archaeou series.
 "On the granite lies cOnfOrmedly q belt of quartZite of the upper and lower Cambrian series paralleling this, and lying conformedly on this is a belt of carbOniferous limestone.
 Regular Formations
 ''There are in this district the most regular and unaltered geological ar engagements and conditions possible. The sedimentGry rocks all have a south. easterly dip of about thirty-fve degrees.