Bisbee daily review., 1904-06-07
"StoCkhoIder" Gets
 HIS ANSWER FROM
 Calumet & Bisbee
REPLY TO THE PARTY WHO BE- CAME. iNoUisITivE. ABOUT
 SHARES IN THE COMPANY.
Open Letter From the Secretary of the Company on the Special lssue'' Suggests That Stockhoider Better Whittle His Pencil and Do Some More Figuring.

To the Editor of the Bisbee Daily Re
 view, Bisbee, Arizona.
 Dear Sir:-A recent issue of your paper contains an inquiry from a per son, who claims to be a stockholder of the Calumet X Bisbee Development company. concerning the where abouts of 2s00 shares of stock. The inquisitive stockholder could have readily received any information he desired concerning the transactions of this company by applying to this office direct. but il seems he has pre- ferred to publish his inquiries in the form of an anonymous letter
 We will attempt to extract the in- quiries contained in Stockholders s Letter and answer them consecutive ly and fully.
 Question 1. 'Stockholder' fails to understand where the 12,100 shares of Special Issue" of development stock is obtained?
 Answer. Capitalization of this De velopment Company 40,000 shares. Amount of stock disposed of 25,100 shares. The purchase of the 12.650 shares of Special Issue" stock re- gently offered to the stockholders pro rata will aggregate 27.750 shares of development stock issued altogether. Balance of stock in treasury of De- velopment Company provided Special Issue" is all taken will therefore be 2.250 shares.
 "Stockholder should not labor un- der the misapprehension that because we used the following language in our recent circular,--S Stockholders are offered l2.650 shares of this stock now retained in the treasury" that such 12,650 shares was the ENTIRE amount of stock left in the company's treasury By offering this amount of Special Issue" we gave each stock holder the privilege of purchasing one-half a share of stock for each share of the stock for each share he now holds.
 Question No. 2. ''Stochholderr has just begun to figure on annual state ment this company issued and which he received October 1903, and. says there is e,000 shares he cannot account for.
 Answer. When this company was originally formed 2,750 shares of full paid stock were issued. Each stock holder purchasing this stock was re- quired to pay for same in full. The proceeds of this sale provided for the first payment on the properties and of fered funds to commence development work. Back stockholder purchasing this full paid stock received a bonus Of two shares for each share purchas- ed. which was deposited in escrow until the options on properties expir- ed. One thousand shares were also given as a consideration for the op- tion, which remains in escrow on the same terms as the bonus stock. Stockholder., therefore has in mind this $500 shares of escrow stock as being the stock he cannot account for.
 Question No. 3. "Stockholder has no idea where 2300 shares of treasury stock has gone to. He says the last arhual report showed 14,000 shares in the treasury and now the manage ment offers the balance in thetreasury of 12.60O shares. 'Stockholder uses the following would-be sarcastic Ian guage in referring to this stock: 'If they did not sell t where is it gone to? We do not care for the s23,000, but ,,,e, for tho Soks of Enowiuo Nvhs re we stand we think someone should ex- plain, etc"
 Answer If he does not care for this s23,000 what the deuce is he wasting ink for? stockholders" mathemati- cal apparatus begins to get ciogged at this point. The annual statement shows balance of stock in treasury oi 14.OOO shares and Special Issue now offered comprises 12,650 shares There still remains in the treasury of this company then, 2,250 shares This question is fully answered ir reply to Question No. 1.
 We hope we have fully explained and answered the questions contained in stockholders" letter. If answers are not sufficiently lucid or copious { postage stamp will bring him anl desired information. A few days agt a circular which we sent to Bisbe' was returned to us with about thu same inquiry as is contained in thu letter published in your valuable pa per No signature was attached t' the writing on the circular but tn writing itself was not wholly unrecoe nizable. The inquisitive stockholder' attempt to stir up tempest in tea pot has not been marked with any hig degree of sagacity Discharged er pIoyees of companies which hay treated them fairly and honesu should not allow their disgruntie feelings to get the best of thei