Arizona republican., 1898-06-15
THE PHOENIX MINE.

"At the recent election in New York Colonel J. c. Reiff was chosen presi- dent and T. T. Adams vice president of the Phoenix Gold Mining company as reorganized. Under the plan of re organization the shareholders of the old company were granted the privi- lege of exchanging their stock for pre- ferred in the new company, share for share, and on payment of 10 cents per share As some failed to make the ex- change within the time allowed, and by request circular has just been is sued which authorizes the balance of the old stock to be exchanged on the above conditions. The transfer will be made by the assistant treasurer, J. W. Peters, care Durtis & Romaine, 30 Broad street, New York. In order to begin operations again, $35, ,000 will be required in addition to the amount realized by the sale of treasury stock. The company has bonded indebted ness of about $60,000 and floating in debtedness of about $20,O00. Consider able development has been done on the property in Phoenix, but the large mill on the ground is not suited to the ore, and it is believed teaching process (possibly cyanide) will be employed hereafter"
 The above item has been going the rounds of the territorial press, and while it is not always we'll to take en- cOuragement from anything looking like move in the direction of progress in mining matters, The Republican be- lieves it is better to accompany fictions with sufficient truth tc keep them well balanced, particularly before tine eyes of prospective investors, be they east, west, north or south.
 In speaking of the Phoenix mine there is no disposition to belittle the property. The latter will speak for it self in it's own place. If it possesses values they will make it known without advertisement in newspapers It is the Phoenix Gold Mining company with which the above quoted item deals, and to that company this ap- plies
 There is a bonded indebtedness of s60,O0O, of which 34,OOO has been held for long time by our cit izens of Phoenix Bonds were issued
  on certain promises made by the con- rany, none of which have come to a head. These bonds were in many in stances given to hold off executions of judgments, and the sun has not yet set on the day of fulfllment. Many of these creditors were men who yielded the pick and drill, wheeled the iron clad barrow, and existed on the slush s-;~ !, T. Many of these creditors are our mer- chants who could lilly afford to furnish provisions, goods, tools, material, etc.. on credit for years and at the end be courted out of it all.
 The floating indebtedness of $20,0OO mentioned in the quoted item is a re. cent feature of which the creditor bondholders here would like to know something. Where is it held? By whom held? What is it for? It is a well authenticated fact that the Phoe- nix Gold Mining company has not paid out a dollar, not even the costs of the foreclosure suit by which it became possessed of the property. Not evel attorneys fees, through whom that possession was brought about in the court. The company has paid nothing and, like the dog in the manager, it has stood between the creditor and his ability to make the property relieve the pressure of debt. The "plan of reorganization" the "fail ure to exchange" the transfer" the whole matter looking so smiling in the quoted item fails to explain why the company refuses to pay even the in terest on the bonds mentioned. It does, however. try to lug in an addi tionaI debt of $20,000 which the Ari- zona creditors will cause to be shown under some other head than sun dries"
 It may be true that the history of mining in the past in this territory will disclose a few deals through which eastern capital has been made to