The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1906-01-12
AR'zoxs Z EASTERN LOOKING GOOD.
Active Mork BEING Pushed on Tunnel
at 5OO-Foot Level.

AclNe M0fk Being Pushed on Tunnel
at 500-Foot Level.
The annual report of the Arizona
& Eastern Consolidated Mining Co.,
in which number of Virginia and
Evelethinvestors are interested, re.
Gently ISSUED, is conservative
clean.cht and business.like state.
ment Of the company's affairs and
one that inspires confidence in the
management.
The company begins the new year
with azKood cash balance to con-
tinue sits development work, and
best ofall it is entirely free from
debt The bulk of treasury stock is
as yet .,nsold and held as reserve.
Major DeLestry, the secretary and
manager of the company, was in
Dnlhth during the week and leaves
soon for the properties to remain
all winter. Considerable of the
stock that was sold is held in Du-
luth.%=s|S
In an interview with Major De-
Lestrys We learned some interesting
thingsi in connection with the work,
He said among other things: "Our
reportswas closed December 1st, or
at time when we were Just COM
pleting the necessary surface work
and teaming, preparatory to run
ming the new work tunnel. There
tore the report does not show as
much IL development expenditures
as will our next one. However, we
are building the "best tunnel" in
Arizona, and that means great
deal. The report of the superin-
tendent, just received, shows that
we made sl6ta feet, completed and
timbered tunnel, in the last twelve
days, equal to nearly IL feet per
day. We are now getting into the
solid formation, where we can make
progress much faster. In my opin-
ion about ninety days should prove
the property. Our new tunnel has
the 400 foot level as it's objective. 1t
will also drain the property at and
above this point. The explorations
50 far have all disclosed good ore,
the o~est=aampling running above
MA ttissss 4 -.s,ssss s,.,... ,-;
"The1Hobo district is just now at
tractingsn'uch attention. The best
mining operators are now securing
holdings there, and prices for prom
ising properties or even prospects
are soaring skyward.
ave are in the high grade ore
belt with Arizona & Eastern Con.
solidated, ,and have other holdings
there equally as good which will be
rapidly developed.
"Physical conditions in our sec
tion are improving, and railroad
changes and construction now un
der way will benefit us immensely
and make important changes in the
i IIId p u AtlLOud.
II can only say, my faith in ou1
future is stronger than ever, anc
those who held onto their purchases
and contracts will get their reward
A mine cannot be Developed in {
few days, and those who laid dowr
will soon find that they hit thei1
own purse a hard rap by quitting.
"No, we are not making any gen
eral stock sale. The stock has ad
vanced steadily in price, on it's mer
its. As soon as we cut the first con
tact we can get all the money need
ed to put in a good plant, and w
won't have to leave Arizona to ge
the money.
"What am doing here? Well,
have purchased 200 acres adjoinin,
the Arizona & Eastern property to
gether with equipment and build
ings, and we contemplate the organ
1ization of company to continu
the development of this property
Can't say whether any stock will b
offered publicly or not. Maybe tina
we will put up the required amour
ourselves. l return to Arizona a
soon as possibly can get away
Then watch the dirt fly" ;
Minias Ea9iaeer at the Ashland. .
\ Max II. Barbour, who will be IT
membered by many Virgini
| friends as the son of our forme
+ townsn1an, NJ. F. Barbour, has bee