The Arizona sentinel. [volume] (Arizona City [Yuma], Yuma County, A.T. [Ariz.]) 1872-1911, 1878-10-19
McGracsxin Matters.

The best information we can gather in
reference to the affairs of this mine, and
the company owning it, leads To the belief
that work will soon be resumed on bust
ness-like and profitable basis. 1t is tolera-
bly, certain that the mill is now shut down
at the Arizona end, and that drafts have
been protested at the San Francisco end
Of the concern. The mere protesting of
mining compdny's drafts does not always
imply insolvency: payment is often reius
ed on account of some informality and
the dishonored draft protested to give hold
ers recourse on the endorser. But in this
case the protests have been more serious,
though without satisfactory reasons being
given. During May and June the mill
made over S8O,0O0 of bullion per month:
since then the yield has dwindled down
until, during the past month or two, 1t has
fallen a few thousand dollars per month
short of expenses. But this fact does not
explain matters; because over $4,000 OF
the last assessment were paid up before
the day Of sale, when considerably more
must have been received There is also
some hard feeling among the trustees and
large stockholders. Tic annual election
of the company takes place on the 18th
inst, when harmony mag be restored ny
selection Of new managers. As near as
we can Judge, the promoters Of The enter
prise advanced money for purchase OF the
mine and mill, taking therefor stock and
companv's notes. While the mine was in
bonanza they crowded an out-turn of bull
lion which bulled the stock and enabled
them 10 sell it at fair figure; and which
paid part Of the notes held by them. As
heavy stockholders they controlled .he
last election and still hold the manage
ment, though now owning almost no stock
themselves. These facts make them too
willing TO force present stockholders to
pay up the rest of the company's notes in
their favor: hence heavy assessments.
The appearance of the mine is far from
discouraging: it Is good, very good. The
great ore body in the western part of the
mine is about worked out, leaving great
caverus and chambers to prove its report
ed size, and to show that the mine can
and does carry It's ore in big bodies. An
error has been made in not keeping dead
work and prospecting ahead Of creek
traction: the present depression is result
of that error. But it is now being RENE
died 4 tunnel was driven from the West
which should have made connection with
the main northerly shaft this week. little
more work will then be required foT re-
suming extraction on considerable scale.
Some time ago drift was run northerly
| from the above named shaft, on the second
| level. and q twelve foot seam WAS struck
Of ore in fluor spar (fuorid Of calcium), of
| lighter color than the exhausted ore-body,
but assaying very well: the average of as
| says so far seems to indicate that it will
| Weld 235 to $40 per ton in bullion, making
| liberal allowance for losses in working.
This new body has been prospected
! by up-raise and winze, ard it is found to
extend from the first to the third levels,
200 feet, with good showing at the bottom
II is, in itself. sufficient to put the affairs
of the company On a good basis. Other
prospecting in the mine has given fiatter
| ing indications and excellent assays. Il
work is not soon resumed no explanation
will be possible except enc by no means
creditable to the management.