The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-10-27
H%ARQUAHALA MINING CO.
An Arizona Enterprise In Which
Montanians Are Financially
Interested.
Ono Of the Good Properties Henry
Bratnober Secured for His
~ Friends.
After \ Little Moro Than Four Months
Ownership the Company VIII Fay
y Dividend in November.

Esrly last sumne, Henry Bsatnobss par-
chased for an English syndicate some min
ing properly down in Arizona. about Sky
three miles from Aztec ON the houshern
Pacific railroad. The purohassrs organized
ths HarquaAala Gold Mining company. and
. number Of Helena people purchased
shares In the company. The drst general
meeting Of tho COMPANY was held In Lon
don OCT, 9, and the Montana people
will be Interested in the following 40
count published In the London Mining
World and Engineering Record. OF what
was done, The chairman In his address
said the ompan was registered on June
u. The prospectus was issued on the l4ss'
and ON tho 18th the list Of subscriptions
was closed. Considering the pressure OF
Tho times, she applications were extremely
satisfactory. and the board allotted 29o.oU
shares to 4b7 shareholders. OF tho az
thorixsd capital of $500. 900, the board
decided to retain !e1O. 600 for later issue II
required. . free capital of 100000 being in
oil probability quite sufficient for present
wants and the improvements Immediately
contemplated. The necessary prslimi-
naYies having been completed under shs
care of our legal advisers here in America
We made a payment to the vendors on ac-
count of tho consideration money on june
n, and on July 8 the mine began working
for our account. but not yet under our con
troI. On Aug. l payment Of the eonsidsra-
zion was completed, and 10 assumed full
charge Of tho property. We had already
appointed as manager MI. Iheo. Allen. an
Enplishman by birth. who had previously
been employed at the De Lamar mine. In
July the mill ran twenty days and crushed
1900 tons producing about $4,000. obtained
u a cost Of 5000 and leaving a profit OF
about e5, 800. Then followed a disastrous
storm and heavy rainfall terminating .
drought that had lasted for two years.
Arising out Of this we had an accident to
the boiler. necsssitatlnc q stopPags OF the
mill for twelve days, and reducing the pre-
duotion for August month TO 1876 tons,
vieidipp BPS, 600 rs q cost Of $1,000. and leav-
Ing a profit Of !e3, 100. Az explained by MIR.
Allen. the same accident in its results
threw the mill on to lower grade ore ON
starting up again, 30 that. on she whole,
the August return fell short by about t2,oOo.
of what it should have been under normal
conditions, For ssptembe, month We have
this morning from Mr.. Allen an aopro1i-
mate return Of 2,7OO tons. estimated value.
S32, 900: expenses. I'll. 200; miscellaneous
revenue for three months. $1,000. From
this must be deducted $4,000 over-ssti-
mated for July month, which leaves as the
result of three months y orkinQ OF the mine
obout e233, 600. subject 10 the percentage
paysble under the working contract and
T,ondon expenses. Those three month";
hardly afford . fair criterion of what the
property can do. but We feel warranted in
80 Ala. nAiNat 10 peanikN f1Ilv mn A
the opinions of tho experts who examined
th. mine. as set forth in their reports and
In the prospectus.
A few words as to the property va are
engaged in working may here not be out OF
place. 1t consists of two groups OF claims
Known as the Gold Hill and Golden Eagle.
situated about a mile apart. The former is
the group where actual mining has been
done. ana where the work is now being car
ried on. The engineers estimates of profits
we.s based on that part of the property.
Tue Golden Eagle group has only boon
partially developed: 1t ii, estimated that
some 10, OCO tons Of ose have been there
brought to view, but mont of it has yet been
milled, What we have, therefore,. before US
il the continued development and working
Of the Gold Hill group and the development
with a view to working the Golden Eagle
group. 1t the Gold Hill stands the mill of
thirty stamps power. with appliances. which
II ia nov proposed to increase to forty
stamps.
The orc 10 free milling. and its treatment
Is of the sim plest character. Since the re-
ports wore made there has been included in
the Gold Hill group the Grand View claim.
q point TO which Mr.. Beunest informs me
he attaches great i'm portanos, as IL occupies
d position in relation to the other claims
aot unlike that of the Stodds1t to tho De
Lamar property. with the circumstances of
which some Of you are, no doubt. &C.
uaaiuted. As regards the mine itself, l can
add very little to the reports By ths sngi-
neers, and that only iu = very general way.
We have as yet no survey Of the mine. and.
the. efUre, know little moe about il than
has already been msde public. M. Allen
has, however. engaged a surveyor. who will
also attend TO the esssJirR department.
aid We hope shortly 10 be III possession of
all information Necessary to enable as 10
follow tho workings i~ntel!igently. Mean
time all the kccoents reaching as touching
development work are Of . favorable
character. You have had circulated
Capt. PIummer's report made At
the request OF the board on behalf Of the
company. and fully confirming repo IL
made at the instance of the vendors, ind
you have also had Mr. Aliens reports fol
July and August. We have also hear
from MI. WaEtsnw weller and NJ. Bratnober,
who have both visited the mine since w
assumed the management. and who 81 cal
of the pTosI Gets as most satisfactory, and
considerably more promising than the re-
ports indicated.
There is one asset attaching TO tho prop
srty not hitherto prominently mentioned,
bus which may prove to bs Of very eonsid-
cradle value. l refer to the stock OF tail
ings left by the former na2em emit,
amounting 10 probably some 400 oil
30. 600 tons. Assays made show thsss tail
inRs to be considerably richer than wal
supposed. and we have hopes that. when We
have settled upon some suitable method OF
treatment, they will add appreoisbly to GU,
monthly returns.
Before sitting down | have tbs pleasure
of info ming You that with she returns fol
July and August in their possession and tn,
Approximate return for September tn.
board have resolved to declare very shortl,
q first quarterly dividend of nine pence Dc
share, which bat for the mishap to ID,
boiler in August We might very we'll hav
made one shilling. am sure you will aere
with me in thinking that this is not an un
satistactory beginning in the way Of dtvi
bends. especiaily oonsidering the drawback
incidental to the inception IF q new under
taking. The formal notices will sho thy l.
issued. and the dividend will DO payabi
towards the close of the month or early i
November. Ii will be our aim TO c%ontiuu
quarterly dividends. to be declared whe
the results of the quarterly oiean-u p renche
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