Bisbee daily review., 1916-09-24
VERDE EXTENSION IS
 HALTED FROM MAKING
 SPECTACULAR RISE
Controlling Interests Credited
 With Preventing Stock from
 Skyrocketing, but Condition 1 of Property Never Better.

Local investors in Verde Extension were not disturbed by the action of the stock in receding from a high mark of 45 dollars to five points or so lower during the past week. The belief is prevalent that controlling interests in the mine will not prevent the stock to participate in spectacular move ment which might carry the property away above its known intrinsic value.
 No, the United Verde Extension is 1 not closed down. It matters not what %%-iiiid, idioIic runners were circulated, or are being circulated, through the east. Anyone in Jerome can see with half an eye that the Daisy, as it is commonly called, is anything but in- active. No one who knows anything about conditions underground sup poses for a moment that it will be inac- tive for several decades, at least. The sinking of the winze from the ], 1,400-foot level was suspended several days ago. This gave someone in New York an excuse to spread story that the mine was closeu down. The ob- ject in spreading this rumor probably was to bear the stock. Anyway, U. V. Extension shares dropped five points. The speculators who knew the real truth undoubtedly cleaned up a big bunch of money Those foolish enough to listen to the shutdown story got badly stung.
 Just what reason was given for the alleged cessation of operations is not known here, but it is understood that the rumor-spreaders said that a great flow of water, wholly beyond the ca- pacity of the pumps, had been opened in the winZe and that the mine was soon to be as thoItDughly flooded as the Tombstone Consolidated.
 Rumors almost as wild were spread in Jerome. One was that the winZe had passed out of the ore. Another was that a crosscut run from the winze toward the Jerome Verde had proved the Extension ore body to eX- tend into the J. ", therevore work in the Winze had been stopped until the Extension people had gathered in all the Jerome Verde stock they could gather at prevailing prices.
 The winze did not pass out of the ore. No crosscut has been run from the winze toward the Jerome Verde or in any other direction. The winze did open a heavy flow of water but there is not the slightest danger of the mine being flooded.
 "We can't be responsible for rumors about our property. set afloat by peo- pie who want to bull or bear the stock" said Major A. J. Pickrell, man. aging director of the U. V. Extension company, upon his arrival from Pres cott Wednesday evening. "ln fact, we don't pay any attention to them. We know that we have the biggest body of high-grade copperSre in the world. The officers of the company are not selling any stock but are holding it for divi- dends. so it does not make any differ ference to them whether the shares are selling for $50 or s25.
 ''It is true that work has been stop ped in the winze but it was not be- cause it passed out of the ore or open ed any uncomfortable flow of water. It was put down to a depth of 115 feet and if pound of waste was taken out don't know it."
 Major Pickrell declined to state the value of the ore in the bottom of the winZe but he stated most positively that it was ore and did not deny that it was richer than that found at the collar.
 The winze will not be sunk any deeper, according to Major Pickrell. till another main hoisting level has been run on the 1,500.
 Within few days the work of sink ing the Edith shaft another 100 feet. making its total depth 1,50O feet. will be under way. Then a level will be run to the winze. 1000 feet south. This will give the Extension another main hoisting level and will prove up an i'm mense tonnage of ore.
 When the new level is completed the water making in the winze will be
  pumped out through the level and the shaft The use of the sinker placed | at the collar of the winze will be dis continued Better drainage will be | had with less trouble than at present. i
 Major Pickrell was unable to give ! the date when work will begin on the | new hoisting shaft that is to be put . down a short distance east of the 1 Edith. He did state. however, that it would be under way within a very short time. Sinking and raising will 1 be going on at the same time, and the . new shaft will go right down to 1900 feet It will not be necessary to pur- chase any new equipment until the shaft is completed