Bisbee daily review., 1902-02-09
OPEN LETTER
South Bisbee Stock holders Urged to Stand Firm.
N. J. Browa Writes a Ierse let-
 fer to Local Stockholders.


 Your property is very valuable. The little pittance that you can get by sell ing out now is but tritie to what you can get by holding your property for five years longer, and the difference win he so great that it will amount to many times more chan the same amount invested in any other enterprise that can be named. This will cost but lit tie, for the mines are patented, and the taxes are always very light on non- producing mining property. This idea of shutting down the mines Is suggested by the fact. that under our. present board of directors, if such they are entitled, legitimately. to be called development work, has proven to be SO costly that If work should be continued for another fOuSyears under them, the board would not only own your mines in fee simple. but would likely have mortgage on the whole Territory of Arizona, including our much boasted capitol building at Phoenix. Such people make very poor partners and much poorer managers, for as manag- CTS, they usually give tine other fellow the experience and take, Ia very polite name), the thing managed.
 Last March, was told by member of the board that there were, at that time, 2,7OO,0 900 shares of stock, unsold, and subject to sale for development purposes, in the treasury of the com their assertions that the treasury is worse than empty, about thirty thous- and dollars in debt. and not share of stock left. Thus it seems that this since last March. Where has it gone? This cannot answer: but l do know that it has not gone into the mines, its proper place. About the first of Janu- ary, ultimo, this vicinity was flooded by your secretary with circulars in forming you that it would be wise, as the treasury was empty, on December 10th, 1901, there were only l24, POI shares of unsold stock left in the treas. uay, to issue bonds to the amount of $4OO, 900.
 A beautiful scheme, foiled by lot of unsopisticated Arizonians. If we had voted bonds, then they would have had us, the mortgage clause would have done the balance, for these mort- gage clauses go with all bonds, and this would have taken these valuable mines from you. after the passing of the first interest payment, as easily as the skilled gambler takes the money of the unskilled fool. What bowling success was our first annual meeting. hsecretary, with not as may books as the small school boy carries to school each morning, to make his annual re. port on property capitalized at five millions of dollars, and worth every cent of it. even in its present stage of development. No doubt he had a pleasant tale to unfold. and large bundle of bald-headed ascertains to make; but he had no proof, for the books were left where they could do no one any harm, away back in Los Angeles, California. Things have in- deed come to a pretty pass when a gent,eman's word cannot be taken at it's face value. You all know the story of our famous annual meeting. Now it is reported that the aforesaid l24, POI shares of stock, men toned above, is not in the treasury, and was not at the time mentioned: that the statement was the result of clerical error. What brazen effrontery, Suppose that we had PIP millions of shares of our capital stock still in the treasury, would we not be in excellent shape to develop the property ourselves? Let us see if we cannot by the strong arm of the law take it from those that have it and put it where it belongs, back in our treasury. In the meantime, if you DO not wish 10 be devoured, avoid en- tering into any new schemes or enter- prises, of any kind, or sanctioning the same, with the Los Angeles tso-called) board of directors, and keep clear of all their peculiar machinations and propositions.
 You have been recently offered million of dollars for your property, very small price--in fact, a mere noth- ing, just twenty cents share. if all of the capital stock should be counted in. Do not take it for the most of you are poor, like myself, and need far compensation for any property that you may possess. You are at the com msncement of a trying ordeal. The above offer of a million dollars may possibly be withdrawn for the purpose of getting your property for less money, for "a dollar saved is dollar made" If this offer is withdrawn, then you win soon be confronted by another probable purchaser, who has had private conversation with the first probable purchaser and possibly a firm understaBdingb between themselves in regard to your property, and the price to be eventually paid for the S. B. mines. The second purchaser will offer you little less than the first; whats the use ofsdickering if you can not make a dollar? Then in despair and desnerstion- vo,, w;lI rfrohah hlv ac