Show THE FEDERAL ELY COMPANY reported that the cole ryan crowd may take over control of this property the great copper bearing camp of ely aly nevada has gained more than ordinary attention of late because of the successes attending gigantic mining operations there while sales and big combinations and consolidations have brought into the limelight of publicity a number of propositions whose possibilities are great two far reaching and powerful factors have become the star actors in the camp the G and the cole ryan crowd the former has but recently absorbed the cumberland ely hold ings while it is reported that the latter has concluded negotiations whereby a control in the federl federal ely has been secured in commenting on the federal ely pur chase the mining expositor says W J craig general manager of the federal ely copper company has left for the east for the purpose of closing out an option on sixty per cent of the company to big interests whose identity has not yet been divulged the price at which this stock is held in option is 30 cents a share or on a basis of for the property while the secret of the identity of the men who according to report will take over the control of federal ely has been closely guarded it is understood from reliable inside sources that the cole ryan combination is after this valuable ground the stock has fluctuated from 12 to 19 cents going up and down but with a general rise during the last week or ten days and it is now approaching the 20 cent mark the news of the proposed sale has been closely corked up but there have been a few rumors leak from the bottle and these have had a marked tendency to bull the stock the company owns two groups of claims claier in the district the most important from a copper standpoint so far as the present development has shown are those claims that lie between the estates of the cumberland ely and the turner ely companies these claims have been developed by three shafts each of which has disclosed the copper sulphides sulp hides at depths of less than one hundred feet in each instance the companas comp anys other property is adjacent to the keystone group and development to this time makes it particularly desirable for its lead contents it was announced here today that the company is planning to resume active work within the present week with a force of from twelve to fifteen men A powerful new hoist is to be placed in the pride of the west shaft and other important improvements are planned the details of these improvements have been under consideration in the salt lake city offices of the corn com pany for some time federal flys elys properties are considered in a most important light in view of the announcement made some time ago by the cole ryan combination that they planned the construction of a concentrator and smelter to handle the ores produced by their various properties in the district the company made a long shot into the future several years ago wisely foreseeing the future needs of any big company that should desire to construct a concentrating and smelting smelling sm elting plant by purchasing the old heusser ranch in steptoe valley with its invaluable water rights and most desirable smelter site this prophetic view of the future now makes it possible for the company to hold the key to the situation as regards future extension of the local smelting smelling sm elting industry the water supply controlled by the company through the purchase of this ranch property is amply adequate for all the smelt ing and milling needs of a great plant the water rights have been estimated by conservative serva tive engineers who have examined the district and seen the possibilities of the future to be worth |