Bisbee daily review., 1904-08-30
CALUMET AND cocHisE.
Houshton Mining Gazette Tells Its Story About the Failure of the
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Company.
 The Houghton Mining Gazette 1T speaking of the failure of the Caiu met and Cochise company to make good says:
 The Bisbee Review takes up the IS sue on the grounds of poor judgment blaming the company for not selling the full capitalization of 10000 shares instead of only 10000 shares, when the stock could have been disposed oi for s10 a share. The view of the Ari' zona paper is purely mercenary one It wanted to see the company get the money and spend il in Bisbee. The Bisbee paper cannot be blamed TOT that, but the criticism is not sound.
 Now that the whole enterprise is over,it is easy to point out what should have been done with ii. The company calculated that the funds obtained from the sale of the 20,00 shares was sufficient to develop payable ore, bas- ing its judgment on precedent in that district. Therefore by limiting the sale 10 that number of shares which were honestly figured 10 be quite enough the numbers of holders was kept down, as against the number in to whose hands the stock would have fallen if twice that number of shares were sold. The directors calculated that thereby greater profit would ac- crue to the purchasers and more con servatism could be maintained in the management. It was also calculated that in case of necessity the remaining 10000 shares could be sold to advan tage. Neither one of these conditions, however. held good and the company found itself without funds. without a market for its stock, and without ore in it's shaft
 Those who are familiar with the ear days of the Calumet & Arizona or the Lake Superior 6 Western as t was called then-know that the company which has since developed into such a flourishing mining enterprise was al one time virtually up against the same proposition that. the Calumet & Co., chise now faces. But at the eleventh hour the attention Of interests connect ed with the United States Steel cor poration was attracted 10 the property and it was saved from dissolution. The Calumet < Cochise was not so fortunate But this is not an impair ment of the character of the promoters or the judgment of the directors.
 'The Calumet & Cochise began opera tions IS months ago. paying s25,OGO cash and sl2,500 subsequently on the property. There remained s1I2.50O to pay, making the total purchase price $150, 900 The shaft has been carried ra rx -fa point water was encountered which could have been handled only at high cost. Drilling was then begun from the bottom of the shaft, but without encouraging results.
 When the end approached call was made for more funds from the stock holders. but it was without repsonse. Then an effort was made to secure an extension of the option. But no terms could be obtained which the directors deemed judicious to accept. The terms offered by the owners gave no leeway to the purchasers and appeared to be framed only for the purpose of draw ing more money from the development company without regard for the ex ploration of the property The direc NOIS QtltTmllGQ 10 QlSEOU- tinue before any more money had been spent, and to avoid holding out any in ducements to the stockholders on false grounds Had it been possible to have secured an extension of the aation Tor one year. it is probable that very little difficulty would have been encountered in raising money to carry on the ex- ploratory work.
 There is now in the treasury fund sufficient to iquidate all accounts There is also considerable machinery on the property to which the company holds title. When this is disposed of and the affairs finally wound up the company will issue a statement of the accounts to the stockholders"
 The Review in commenting on the failure of the company did so entirely from an unbiased or unpTejudiced standpoint. The Review still believes the Calumet & Cochise is a good propo- sition for development The company had an opportunity once to sell all of it's treasury stock, and as pointed out ar the time, if the directors had done so. Calumet & Cochise would still be alive and stockholders had an excellent opportunity to share in a paying mining proposition. The Calumet & Cochise made a mistake which we hope will be a guiding post to other development companies which may follow after.
 The Review learns that the original owners met every proposition proposed by Mir. Oates op-bis. last visit to this camp and when he left here assured the owners that he would have no trouble in securing the means to con- time fha ucrk