Bisbee daily review., 1922-04-01

will continue to improve and that ear ly summer will see q more active de- mand for copper than for months, ia expressed by the board of directors and other officials of the Calumet & Arizona Mining Company in their an- nual report, copies of which were re- ceived in Bisboe yesterday. While the company's accounts showed q de- ficit at the close of 1921 for the first time in it's history, officials, in their reports to directors and stockholders. were optimistic over the future and all were confident the low ebb of the depression had been touched.
 The annual report shows m opera ting deficit of $94.S72.45 and a net de- ficit of 694,S7s.S1. State and federal taxes for the year, on the Bisbee, Douglas and New Mexico property, totalled S692,247.35.
 Taxes and freight rates ar still ex- tremely high, although they are slight ly lower than the high point In 1921," John c. Greenway, general manager, reported.
 GeoIooIsts Make Good
 General Greenway's report contained the following line of work done here by the & A last year:
 The production for 1921, including estimated recoverable copper in ore stored in the shelter, was 17,297,525 pounds of copper from the Bisbee mines, and 575,2lS pounds from the S5 Mine, Cat Valedon, N. M.)
 Tn spite of the drastic curtailment. part of the deficiency in development of the proceeding two years was made up. About 5.2 tons of ore were mined per foot of development in 1921, com pared with y.4 tons in 1920. Over 60 percent of the workinEss planned by the geological department found ore. This is very good record in the War ren District. No large new ore bodies were developed, but several discover ies of ore in new areas may develop into important producers. Every ef fort was made to cut down the over head expense which accompanies deep wet mines, and still to keep the mines in shape for cheap production after the curtailment.
 "All stopes are filled and ready to resume production on a days notice.
 Prevent Large Water Flows
 "The Junction shaft Is down 2358 feet, and concreting of the lower part of the shaft and stations is proceed ing without incident in spite of extrem ly heavy and dangerous ground. It will not be necessary to sink this shaft again for years, as indicated by the fact that the average depth from which the Junction ore has been stoped has increased at the rate of only II feet per year for the past 10 years. The lower levels can now be opened slowly enough to prevent large flows of water. and progressive levels can be drained by deeper work ings before it is necessary to start ex- tensive operations on them. This will greatly reduce the cost of opening new levels"
 The report of the board of directors, in part read: "Our production of re- fined copper. silver and gold was as follows: 17,S72,743 pounds copper :; 594,462,65 ounces silver and 14,O0O.- 561 ounces gold. (These figures include both foreign and domestice ores.))
 When we suspended production April 1S." the directors report con tinues, We had 21,dS5,311 pounds of unsold copper, exclusive of amount pledged to Cooper Export Association.
 This has gradually been reduced until at the close of the year we were carrying only 5,S81, ,995 pounds. On February 1, 1922, we resumed produc- tion on limited scale. This new pro- duct will not be marketable until June, when the market should be able to absorb it readily.
 Little Scrap Copper Remains
 ''As the market was flooded with scrap copper and brass recovered from war operations, the price offered for the metal was lower than production ..... It is believed that only limited amount of scrap copper remains to be returned to the market so that we reasonably hope for continued inn provement.
 Our deliveries of copper during the year. including deliveries out of our proportion of pledged copper, amounted to 2e,399,414 pounds, for | which we received an avarapa nrico