Bisbee daily review., 1917-02-11

over the Seneca and it is likely the 0ntion will De exercised. SO that Ora +oit will return to the CaluWes & Hec- "a the half million expended in the ofrort to secure co~mercial copper 4ho-a
 Exraneion Has Proved Profitable.
 Under the circumstances the ex- pansion policy in the case of the Calumet & Hecla proved a good thing from every standD9nt. As it stands now all earnings of subsidiaries are velvet for the Calumet X Hecla treasury. then it will have been very well repaid for its time and money. In this way mines are found, and this Gadsden property looks good enough to them to warrant little money be- ing spent on it.
 About the Actual Cost.
 While one hears this venture op- posed, occasionally, it is criticised by people who do not stop to consider what the cost is. This S100,000 that the company is to put into the Gads den explorations is being earned by the company in two and One-third days. Its profits from it's present op- erations would pay for it all in two thnffS pretty small thing to complain about? And it gives one an idea of what this company is now accomplishing? Not so bad? And if it finds a good de- posit of copper ore on the Gadsden as it may, and as we hope, it will get this little expenditure back with good interest. Should it find only 1000 tone of ore yielding , per cent, then the profit on that at present-day rates would be about S2,OOO,OOO It's well worth trying for. and there's the chance for finding several million tons.
 Corner Queen Also Busy.
 Copper Queen has taken over much additional territory in the Bisbee field in the last several years. It has also secured precious metal lands in the Tombstone, Arizona. district, and i'm portant holdings in the Tyrones, of which we made mention in our last issue. It knows the value of getting things while yet they are to be had. It has picked up mineral lands in many fields and is still looking for more. The Phelps, Dodge Company, in which it is included. is one of the progressive operators in copper, coal and other minerals.
 So 1t Is in Butte.
 The Anaconda Copper company, the greatest ill copper production in all the world. has constantly added to its original holdings 1t took over Butte Coalition and many other copper and zinc producers in Butte, it has large interests in Inspiration and other American camps and in properties abroad It also has coal and timber lands and important portions of some Of the big copper and zinc smelters Of the country It is going to try to maintain its position at the top just as long as it can and is insuring it's min eral supply for the years to come.
 Kennecott Copper Mergers.
 Kennecott copper with it's base in Alaska, and with a record that put Il in fourth place in the copper list in 1916, has high holdings in Utah Cop per. Nevada Consolidated and others. It is striving to be the greatest copper producer on earth.
 On Lake Superior.
 Speaking of the success. of Calumet & Hecla Copper company in its asso- citation with other concerns, Homer Guck, in the Houghton Mining Gazet- te, has the following very interesting account:
 Tn the course of the history of every great mining corporation, with the exception Of d few in isolated districts there comes the time when the man agement is put to il to decide as to whether they are going to confine their future operations entirely to the limitations of their property or to ex- lE n ll -