Bisbee daily review., 1904-02-23
Higgins the Topic
 Michigan Country AUTHORITY SAYS THERE WILL BE NO ASSESSMENT CALL. Company Is Now Flaming to Organize Into Mining Company So Soon as Developments Prove up Showing That Win Warrant Taking that Step. Stock Rising.
 

A false report was given circulauor yesterday, says the Mining Gazette Hosrghton Michigan, of February It 10 the effect that an assessment ol s4 a share was forthcoming on tho stock of the Higgins Development company. The Mining Gazette is ofii cially authorized 10 deny this rumor The company now has sufficient money in the treasury to carry on the dia mond drill and other exploratory cper stions contemplated at present.
 If the ore which was encountered n a drift few days ago. and which mas now been penetrated for distance oi about 9 feet, proves as permanent and extensive as is expected. the develop nent company will be taken over by a newly organized mining company within a very short time. Money TOT the development of the property into a producing mine would then be se' cured by the sale of additional stock.
 Byond the fact that the develop nent company has sufficient funds to carry on all exploration now contem- plated. 1. may be stated that the next payment on the property does not ma ture antil next November. leaving al- most eight months to elapse before money for that purpose Is needed The next payment subsequent to the one in November becomes due in May, 1905.
 Higgins Organization.
 The Higgins Development company is organized under the laws of the ter ritory of Arizcna The capital stock consists of 50 900 shares. This is all issued and ss a share has been paid in. The directors of the company are: Nathan F. Leopold. Chicago, president, James R. Dee, Houghton, secretary and treasurer; Cameron Currie. Detroit: NJ. J. Cunningham, Bisbee; and John H. Rice. Houghton.
 Among the stockholders are some strong financial interests, including Pittsburg, Cleveland. New York and Boston capitalists.
 The plans have been formulated Nv the organization of mining com pany to take over the property IS soon as the showing of the de velopments warrants such a proceed vre. Present indications are that the workings have already entered an ore body which will develop the requisite showing. .i'.
 The mining company will be organ fzed under the laws of the territory of Arizona It will have SoO.eOe shares. Of this capitalization, 125'' 600; shares will be set aside to pur- chase the development company's in- terests. each share of development :stock receiving two and one-half shares of mining stock. '' -
 Of the remaining. 175.000 shares, 125,00o will be sold. The price per share will be determined by the ,Soard of directors. Each holder of the teyelopment stock will be given the first opportunity to buy a block Of the treasury stock of the mining company ,roportionate to his holding in the de velopment company. The remaining sO0.oOO shares will be held in the treasury CT ultimately sold as shall pc deemed best The funds secured from the sale of the stock will be ap piled to the final payments for the property and development of the hold ings into a producing mine.
 Much Interest in Stock.
 Much interest in the stock of the Higgins was manifested yesterday Some sales early in the day were made at s5 a share. but shortly after noor 4 block of 50 shares changed hands at s7.J0. There were sales on Sat urday at S4.75.
 Those familiar with the deposits oi inc Bisbee camp consider that the present attainment by the Higgins is .uficient to assure the success of rs future. The ore, as rule, IS 1oune in large bodies, and experience has shown that a stringer or seam will al ways be found leading from one de posit to another.