The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-04-22
Brokers Gossip

Boston-Shares of the Arizona Cop
per Co. recently took a squirt on the
Edinburg stock Exchange, where thcs
find a market, from - shillings 20
above 81 shnungs, on the report that
the newly installed management hut "a
few months old. had already entered
into negotiations with the Guggen-
helms for sale Of control.
Chairman John Wilson. Who succeed
ca Mr.. Gin. deceased Lord Salyesen
and one or two other directors of the
company. have already arrived in the
United states for the purpose Of in
specting the mine, thereby placing
themselves in position 10 know from
first hand observations just what Is
needed at the property.
The Arizona management could dis
pose of control OF It's company 10 any
one Of several American copper inter-
ests at the present time provided the
price was right.
Two years ago John d. Ryan tried
TO buy this property from the Scotch
owners and John Gill. then chairman.
came over TO this country 10 carry on
negotiations az close quarters. Mr.
Gil and associates wanted 20 shillings
per share but the understanding at the
time was that Mr. Ryan would not pay
more than so shillings. Hence, the
deal fell through.
Phelps, Dodge & CO. would like TO
secure this property for their own and
steps have been made al one time orr
another 10 put through such a pur-
chase. Last year the Arizona company
sent representatives over here again
10 deal with the Phelps, Dodge and
shannon interests concerning the con-
struction Of a joint smelter but this
proposal likewise fell through
The situation on the 6OO-foot level of
the vertical Cmain) shaft at the sum
nit property was finished April II and
a cross-cut started west towards the
Tasquale vein. Judging by the veins
dip at higher levels. the cross-cut
should meet the vein a distance oil
about $50 feet westward from the sta
ton.
The south drift on the 4o0-foot level
is now I'm more than 800 feet. Al
though the low grade ore is still feet
wide the high grade go per cent? has
pinched out This is not considered
a matter Of annoyance, as the same
vein has been cut by similar small
faults throughout its length. none of
the barren spots lasting more than a
few feet; the vein virtually being a
series Of lenses.
The raise on the 40O-foot south drift
IS now 100 feet above the level. and
viii not be driven any higher at pres
ent This raise has been along the
vein and has contained four feet OF
good milling ore containing a chute or
streak averaging 80 per cent copper.
The raise from the north drift on
the 400-foot level is "a feet high. and
contains about four feet Of per cent
ore, characterized by numerous streaks !
OF high grade Because Of necessity |
OF ventilation az this station. the raise /
viii be driven through 20 the SOO-foot
level.
The north drift on the 2OO-foot level
is now about 225 feet long and contains /.
a 3-foot vein Of 4 per cent ore. con- |
tanning numerous streaks Of 1G per
cent and Is per cent chalcopyrlte.
The Summit has shipped its sixth |
car Of ore Co the smelter at I'll Paso. |
No returns have yet been received on |
this shipment The previous ship |
ments averaged &c per cent copper ana |
a few ounces Of silver.
The Nicinril AIininr 90 r1nat m. |