Weekly Arizona journal-miner., 1906-06-06


the working shaft of the McCabe mine
IL now in operation, tho shaft being
sunk ut point near where the Sink to
Rise and Gladstone McCabe veins
come together. the development of later
wears showing that the Sink TO Rise
vein. which was the richest gold bear.
irg on the surface, to be only u spur
Of the other.
Inception Of the Gladstone.
On the LIST Of January, 1856, what
is now known ~ the Gladstone was
located under the name Of the Federal
by Stcdman, Smith & Co, these parties
little realizing the extent or value of
the glittcring treasures hidden in the
vein. They gave up the search for
mineral wealth on the ground later in
the year after little surface prospecting
carried on in n dcsultory way.
Finding tho ground open for location,
Frank McCsbc, who was operating In
a modest fashion on tho Sink to Rise
ledge, on the 10th day Of January, 1881,
appropriated the claim, under the name
Of the Gladstone, since which time II
has never been abandoned.
Tho McCabe Located.
Having great confidence in the fu.
ture OF the property, McCabc interest
II ia int.
ance, and friend with him, who coming
there n short time after from another
part OF the territory, staked out and
located what in now known ms the Me.
Cabe mine on the 23rd day Of Febru.
ary, 1887, naming IL after his friend,
Frank McCabc, who afterwards acquir.
cd mn undivided one half interest IN IL.
Capital Enlisted.
without the aid Of any outside en-.
pitaI, McCabc and Parsons mined the
surface ores for many subsequent years,
and from the profits secured through
the arastra process, continued the do.
vclopmcnt II the claims until the year
1892. when T.. W. Wells of this city
and John Packard, n Coloado mining
man. paid them $4,000 for nm undivid.
ed onc.half interest in the McCahc and
part of the Sink 10 Rise claims. with
the further consideration Of advancing
the necessary amount of capital to
place the property on paying basis.
Fortune Taken Out.
The present working shaft on the
McCabc mine was then started and
continued from time to time to its
present depth Of 700 feet, the new
owners in the ensuing five years cx-
tracing ore To the value Of more than
$,250,00O. Shortly after becoming
Interested in the property. Mr.. Pack.
ard died, his interest being subsequent.
~ purchased from his widow bv
Judge Wells.
II Changes Hands.
With eight levels opened in both III.
rcctions from the shaft along the
Gladstone. McCabc vein, and short lev.
els run on the Sink to Rise ledge the
property was purchased by the Model
Mining company, composed Of Chicago
capitalists. the consideration being be.
tween 100000 and 100000, il IL said,
the new concern being capitalized mt
sl,5OO.OO0. The management OF the
company placed the stock on the mar. |
ket, giving tempting inducements in
the way OF dividends, and commenced
to rob the Slopes Of their glittoring
treasures, doing, II Is claimed, no OK.
tcnsivc development in the way of
sinking the shaft or further opening
the ground.
Company Becomes Bankrupt.
This company, after u brief and me.
leoric career, finally bschins bankrupt,
Cecil q. Fennell being appointed re-.
rciv"r, under whose wise administra.
lion its entangled affairs were placed
IN shape aud the property sold to its
PRESENT owners, the Ideal Mining and
Development company, who have been
operating the property since about the
irst Of the present year.
Property II Rejuvsnatsd.
There arc now employed over 80
miners mt work in the mine, and the
has already commenced to
ontinue the working shaft to a great.
y depth Us well nv continuing the
Irifts along the ore bodies In the vein.
'es'des Installing new. modern and
ostly equipment.
On the west side Of the shaft the
nine II opened by over 1000 feet of
evel-' while the drifts ON the east
lie aggregate over 5000 feet.
Opening New Ground