392 Mmma iedustet. 



During the period to which the foregoing statements apply the 



production of bullion amounted, to $427,227 67 



From which deducting the costs at mine, as 



already shown $321,87161 



Expenses in New York $7,140 60, currency, 



equal in gold at $1 40 to 5,100 00 



326,971 51 



Showing a profit on the year's work of 100, 256 16 



The total product of the mine from the date of organization to the time 

 of its suspension of work in the summer of 1868 is shown by the company's 

 books to be about $700,000. Notwithstanding this large production, the greater 

 portion of which was obtained at a fair profit above the actual running 

 expenses, the company has suffered great pecuniary embarrassment, and, late 

 in 1868, became bankrupt. This last step appears to have been due more to 

 the lack of a proper understanding or of harmonious co-operation in the man- 

 agement of the company's afiairs than to any unfavorable developments of the 

 mine; although, just at that time, the amount of ore in sight was less than 

 usual. The rich ground opened for stoping had been exhausted, and further 

 work was necessary in order to reach the deposits believed to be accessible. 

 The chief cause of the embarrassment, it is said, was the large outlay made 

 at the beginning of operations, in costly surface improvements, involving not 

 only all the money advanced by the stockholders, but all the profits of the 

 mine beside. The mill alone cost $183,000. Meantime the mine was never 

 opened sufficiently in advance of the demands of the mill, so that the latter 

 was often employed to only a part of its full capacity, thereby enhancing the 

 costs of treatment; and it was deemed necessary in the summer of 1868 to 

 close the mill until the mine could be more extensively opened, and ground 

 thus prepared for more economical operations. The production of bullion 

 being thus suspended, a call upon the stockholders for further capital became 

 necessary; but owing to the existing discouragement on their part or to alack 

 of a proper appreciation of the true condition of affairs, the assessments were 

 not paid and the company became embarrassed. The property was attached 



