The Arizona sentinel., 1879-02-15
McCrackin Checks,

McCrackin Checks.
 A circular is being sent to creditors of the McCrackin Co. We have no advice to give, as creditors are probably as well informed on the Company's affairs as we are. The total of unpaid drafts and open accounts is said to be some $76,OO0. Mr. L. F. Rowell is @ man well known all over the Coast as one in whom implicit con- fidence can be placed. White & Allen agree to years extension, without in- terest, on the balance of $40,000 due them on the mill; payment of the promoters notes is extended on same terms. Mine and mill are under several attachments in favor of the Bank of Arizona, Kimble Bros., Levy, Koshland & Co.,, and Light. The Bateman tunnel is being driven, under contract at $5.50 per foot for the first 800 feet, now about finished; other contracts for continuing the tunnel have probably been let ere this. This tunnel is expected to enable the extraction of con- siderable bodies of pay-ore believed to exist in the mine There is little doubt that if the present indebtedness can be compromised, work will be soon afterward resumed at the mill. Here is the circular:
 OFFICE OF THE MCCRACKIN CoNsoL-l
 DATED MINING Co.,, 211 San-
 some St., Room 6, San Fran
 cisco, Feb. 4th, 1879.
 DEAR SIR:-In order to establish the credit of the McCrackin C. M. Co.,, and en- able it to resume work upon sound financial basis, the present managers have succeeded in obtaining the signatures of a majority of the holders of it's outstanding drafts to an agreement as follows:
 We, the undersigned, creditors of the McCrackin Consolidated Mining Con- pany, for valuable consideration, do here by extend the time for the payment of the amounts severally due to each of us, as follows: Ten per cent. to be paid upon the collection of the present assessment, and the remainder in three, six, nine and twelve months from date, in equal install. ments."
 There still remain a number of drafts unsigned tor-chietiy those held by par ties of whom we have no knowledge, as they have never presented the same to this office for acceptance and payment.
 The Managers ask your o-operation at this juncture, therefore, in order that those holding the unsigned-for drafts about one quarter of the whole amount outstanding-mayb be induced to authorize responsible parties here to sign the above mentioned Agreement for them. Will you, then, to expedite these nearly con- pleted negotiations, send at once any and all of the McCrackin Companys drafts that you may hold to MT. L. F. RoweH Assistant uDerintendent of Wells, Fargo & Co.,, authorizing him to sign the agree ment for extension of time in your name and behalf for the amount of such drafts, to receive the payments thereon when made, and to forward same to you? We ask you to aid Us in this matter, also, by inducing any and all holders of the Con- pany's drafts in your vicinity or whose whereabouts may be known to you, to for ward their drafts to MT. Rowen Immedi- ately, giving him the same authority.
 Unless this asked-for extension of time is granted by all who hold the Company's drafts, an end will be put to further ope- rations by the Company in the Territory, and no creditor will probably ever be able to realize dollar of the amount due him.
 On the other hand, if this extension already granted by some three-quarters of the draft -holders-be agreed to by all, the Managers have do doubt that they will be able to collect the pending assess ment out of which the Company will at once pay to each creditor the first install ment of ten per cent. of the amount of the drafts held by him, and will immediately resume the working of its mines upon a sound cash baSis.
 Such an event cannot but affect most advantageously all who have any interest in Arizona; and the Managers Of this Company, therefore, confidently appeal to all concerned to aid them to bring to a successful and speedy issue their almost complete negotiations in this direction. Yours truly,
 H. AUG. WHITING,
 Secretary McCrackin c. M. Co.
 Believing that prompt response to the | ahOye aDueal will work the SDeedeSt re-