Weekly Arizona journal-miner., 1904-04-06

The annual meeting of the stock holders of the Great Peck Mine com pany was duly held in the City of Prescott, Arizona. on the 23rd day of
 February, 1904, ninety eight per cent (98 per cent of the total issued eapi-
 tai stock being represented at that meeting, and all actions taken were passed unanimously.
 The entire board of directors were
 elected, with the exception that W.
 E. Brooks. resigned, Hon. E. 4.
 Minor, member of congress from Wis
 consin, being elected in his stead.
 The same officers who held the posi-
 tons last year were reelected. The
 lease system was ratified. The treas
 urer's report showed a deficiency of s14, 900 over the receipts from all
 sources. This sl4, 900 has been paId
 by the advances of the fiscal agents,
 Henry B. Clifford < Co.,, and is to be
 returned to them from the future sale
 of treausry stock. This is a very small deficit when the volume of dead development work that has been pros ecuted during the past year is consid- cred, and the fact that very little effort has been made to sell treasury stock.
 The selling price of the treasury stock was fixed at g. 50 per share, in September, 1903. The amount of treasury stock now on hand is 51, 000 shares, but we have an understanding with one of the principal stockholders of this company that as soon as a cer- tain note given personally by him and secured by Great Peck stock as col laterial, is paid, the treasury is to re- ceive 37,OOO shares of stock of the Great Peck Mine company, as further donation. We have made it an object to keep the operation of this company in the west entirely free from debt, and during the past four | teen months there has never been a time when the matured obligations of this company were not met. On the 26th of the present month the entire outstanding obligations of this con- pany in Arizona, for labor and ma terial, did not exceed the sum of $500, and this small sum does not mature until April 1st. The reason of this small floating debt being OccasioDed by the fact that the monthly pay roll for the month of March was antici- pated on March 25th, for the reason that it was desired to change the sys- tenn of drainage, way having been found to do the work cheaper, so the principal men employed in the pump ing line were paid off in full on that day and a complete change in the shifts inaugurated. We have been comparatively free from labor troubles, as the mine employs union men and pays union wages, and today employs the best men in Arizona. The pay day of this company is the 18th of this month, and our monthly floating debts averaged about s2J00, | as the principal operations at the time are conducted by leasers, whose ex- penses are paid by themselves.
 The Great Peck mine bears the dis ' tinction of being one of the few mines that is attractive to leasers, who read ! fly pay IT 1-2 per cent of the gross re- ceipts as royalties to the Great Peck l mine company, and on some ore of ! high grade, 30 per cent is paid, the . conditions being that this company | hoist the material from the depths l mined, to the surface, and to keep the : leased works clear of water.
 The Great Peck mine is found to have been in very bad condition, the | old stopes have required new timbers, | and generally the work of retaining | parts of the mine has been slow and . very costly. Transportation is yet l at disadvantage, for, nOtwitbstand- ! ing the Bradshaw railroad has com pleted its line to a station called . Peck, one mile distant from the | property, there is no wagon road con- nection and we are still paying s20 ! per ton to haul freight from Mayer over the old Peck wagon road. This 1 expense will soon terminate, as we are preparing to construct a road to | that station, which will cost about ! 5000. Then the cost will be reduced . to about sl per ton. The saving on the fuel items alone will then be over 5000 per year.
 In retaining those parts of the mine that have been so long under water, the men have worked under disadvantages; the falling rocks have proven a menace to life, and much timbering has been done; but the dangerous portions of the mine have now been retimbered and the men are working under better advantages. The superintendent reports that he has practically made a new shaft 10 the depth of 15O feet below the north tunnel level. The old levels, stopes and winzes were left in bad repair by those operating the mine under the last lease before the water became troublesome, with the then crude methods employed. These works have now been placed in perfect con dition.
 The water problem no longer trou- bles us and we can handle the inflow without the slightest inconvenience. with modern machinery. That which caused the early operators anxiety is today but the ordinary labor of we'll equipped mine and the Great Peek scarcely makes 40, GOO gallons of water per day; whereas the present pumping plant recently installed handles 2OO, 900 gallons per day and at a fuel cost { of SIS per day. The first two pumps | carried the water down to the 100 foot . level belo@. the north tunnel. or 300 . feet from the surface. Then it was deemed expedieut to discard these tS7 and buy a stronger single pumr. aII
 latter D iur-=s7