Bisbee daily review., 1904-08-04
Will Be Reorganized
 As a Mining Company
THE CALUMET cocHsE DEvELo COMPANY PROPOSES
 SOME CHANGES IN ITS PLANs-AN IMPORTANT CIRCULAR.

The Calumet & Cochise Develop ment Co. proposes to reorganize itself into the Calumet & Cochise Mining Co, according to the plan outlined in a circular inst issued from the office of the company al Calumet, Mich, and addressed to its stockholders. The plan embraces some important inciden- tai changes.
 The company's property embraces fourteen mining claims in this district, covering 2S0 acres. Development oper- ations were commenced in March of last year with the sinking of a two and one-half compartment shaft on the Bisbee claim. one of the fourteen. This shaft has been sunk to a depth of 991 feet, and the formation encountered has been lime and iron, with several caves and seams of copper. The work now being done is confined to a dia mond drill installed at the s50-foot lev el, and operated toward the Lake Su- perior and Pittsburg.
 In addition to changing the character and title of the company, the plans outlined in the circular contemplate readjustment of the times of pay ment of the company's debt. It seems that s25,000 was paid on the properties February 17 of last year, and s12,500 on the same date last February. Ac- cording to the original contract the sum of s12.500 is due the l7th of this month, and the final payment of sl0O,- oOO Will be due February r next, mak- ing total of s150,000 to be paid alto sether. Under the readjustment it is proposed to make the payment on the l1th of this month s25,O00 instead of sl2,5O0. while next February a further payment of s12,5O0 shall be made, and next August the remaining S75,00O is 10 be met. The essence of this rear rangement is that the company gets an extension of six months on s75.OOO of its indebtedness.
 The circular offers the stockholders 2o,OOO shares of treasury stock at s1O per share, giving each stockholder the flsht to subscribe for one share for each one he now holds. On this sub- scription the first instailment of s5 must accompany the application.
 The circular recites in detail as fol- lows:
 Plan of Organization.
 Nof <AN Ol Nu6 GOIDOTdllOn shall be the Calumet & Cochise Mn ing Company"
 (b) Capital. s2,5O0OOO, in 25O. 900 shares at S10 each.
 tc) The Development company shall transfer all its property. both real and personal to the Mining Con- pany, as follows:
 CD The Mining Company's stock constituting the consideration for the transfer of the Development Compa- | ny's interests shall be divided among the stockholders of the Development l company upon the surrender to the ! Development Company of their stock therein, in the following manner:
 (a) Each share of stock originally | issued. and which aggregates 2O.OO0 | shares, shall be entitled 10 two shares | of mining stock
 (b) Each stocknolder purchasing his pro rata share of the 20. GOO shares of stock now offered for sale shall rc ceive for each share purchased five | shares of mining stock.
 @ Such mining stock shall be is- sued on the order of the Development | Company within sixty days after said 1 Mining Company is notified that the | property of the Development Com pany is paid for in full and ready for transfer
 (3) Any stockholder who fails to subscribe and pay for any part of his pro rata share of said stock now of fered by the date hereinafter specified | will be deemed to have thereby | elected not to take such stock.