Bisbee daily review., 1916-08-20
UNITED EASTERN IS CONTENT WITH FOUR
 YEARS ORE AHEAD
Further Efforts to Uncover Additional Reserves Will Not be Made Until There Is Stronger Demand.

the SOO-toot level, which is the top level in the mine that has ore. There the ore is of great value and will av- craze better than S1OO a ton. But there is probability that it has not 1 the width of the lower levels, and that the drift takes it all in.
 With four years ore now blocked out the management is pursuing a policy of not putting in sight further reserves until there is a stronger de mand for them It would not take more than three months to double the reserves of the mine. This could be done by sinking to the 500 or 900 level.
 At that depth the new shaft. which is designated as No. and is the one with the 75-foot gallows frame on the hill, should drop into the ledge. As to values of depth, that has already been proven in the Tom Reed. and the Goldroad also for that matter, and the Eastern has them down with greater widening and amply rich for milling to the 665-foot level.
 The reserves of the mine have been a subject of no little discussion or late. It has gotten into public print. but that is only one of the slightest evidences of the amount of discussion on the same topic in the inner circles of the company. One idea is to make the figures inclusive and the other exclusive. The latter prevails and as a policy has the official stamp of the company, but officials who are respon- sible for it have said to associates: "Of course, there are other ways of figuring it. and you can figure it oth- policy, however, is to take absolutely no account of reserves unless cross cuts from wall to wall are actually there and finished This means elim- ination of hundreds of feet of drifts with as good values on an average but the blocking of which by ledge crosscuts has not been done. There are ends of such description to all drifts. There are also various places where one level has run out the ore further than another, either above or below as the case may be, with none of these extras" counted.
 Then what is more astonishing still is that only 30 feet between levels are reckOned to have the same values as the levels themselves. The others have been deemed to be there and their values have been computed al exactly one-half the level values Anyone can see that a mistake is possible. for the values may be only one-third after 50 feet and the com pany, therefore, may be giving the mine the best of it.
 The management states that the reason that such ratings are made be tween levels is the fact that raises have not been put up to connect them over 50 feet in order that the ore may be sampled. As a matter of course that would mean, to be still more ac- curate, that cross drive in each one
 
 should be put through from wall to wall. With that done there could be no question as to whether the rating of one-half is too high and that O. one-third should be submitted
 As these calculations apply to the spaces between four or five levels without taking into account any ore whatever below the 665 level, it car be seen that the discussions have dol lars behind them.
 The company caused the publication of an article in a mining journal fig uring the reserves after that manner It was written by direction, submitted to officials before going to print and therefore. has the stamp of authori- zation as being conservative.
 Taking all of these facts into con sideration, it can be seen how the range of reserves has been stated t. be as high as s15,000,0O0 and as low as $5,OOO,000. Yet other persons in position to know detailed facts say S9,000,O00 is far too low to even bt conservative
 With the intrinsic value of shares based upon these figures it comes as part of the conservative reckoning of the company that they should b6 worth B each at this time Ask em ployes of the executive departments and they will naua that fiP1re Otbr-c are more liberal and say they know Mudd, lacking and Keith offered Long & Mclver $7.50 for every share they own and claim that should be tht market value now, based on the show ing in the mine. Still others say Slt should be the quotation and at tho present price of around S3.5O it is noi only the best buy in Oatman but or the face of the earth. Like the re serve figures, any person has a right to his choice, but any of them can still further strengthen-Or weaken his position all he cares to by making use of the further obvious fact tha by three months sinking the reserves could De doubled
 Shaft No 2 has been sunk with rapidity since the new fallows frame was placed in commission. It is nov down 4S5 feet and a raise from what