Bisbee daily review., 1905-08-24
I11ining, Stocks and E1larket$
 TELEGRAPHIc INFORMATION
MITCHELL DEVELOPMENT IS
 FINALLY DOWN AND OUT
EXPERTS REPORT WAS UNFAv.
 ORABLE AND CAPITAL QUIT.

{ Ground in the Huaehveas Is Now
 Back in Hands of Original Owners.
 What Steps They Wifi Take Yet
 Undecided.
 The Mitchell Development Co. ap- pears to have gone by the boards fer
 good and all. The following from the HOught0n Gazette tells the story from that end of the line:
 "As a result of the unfavorable na- | ture of an expert report prepared by Dr. J. Morgan Clements, of New York, | the Mitchell Development company | will forfeit it's bonds and leases, dis | pose of it's patented claims and sell 1 its equipment, discontinuing further ! efforts to open a mine. It is Dr. Clements opinion that the geological character of the property is such as to ! indicate ore bodies of only limited area, and he considers the ore show | ing in the developments already made 1 of insufficient value and of too little promise to warrant further expen6i- ture of money. At a meeting of the directors held in Calumet, the report
 
 at once was thereupon reached. As much money as can be derived from the sales of the company's property. together with other available assets. will be distributed pro rata among the stockholders as soon as it can be car ried into execution. The property .s in the Huachuca mountains. not far from Bisbee, Arizona. Dr. Clements is one of AmeTica's foremost geoio- gists, and assisted in preparing the United States Geological surveys re- port ef th9 Bisbee quadrangle"
 The history of Mitchell develop ment has been checkered. It started with abundant promise and means that were sufficient to make a mine. The money that was available at the start, it has been repeatedly charged since, was frittered away in extrava- sanees of various sorts. Last winter a reorganization was effected, largely through the exploitation of alleged bad management at the property by those who had previously beeR in charge
 Under the reorganization ". C.. Bateman appeared at the head of things, and as secretary of the com, pany proceeded to endeavor to raise money through an assessment to re- sume work. MT. Bateman made vari. oCs promises to the ground owners which resulted in thsir giving exten- sions on time after the property had reverted to, them. The assessment failed 10 mstsrialize the amount of money that was needed to clear up in- debtedDess and provide fund for de Velop1ent work, Mir. Bateman then en- deavored 10 interest individual capital 10 the extent of taking up sufficient stock to prOEide the money with which to go ahead. The gentlemen he ap- preached consented to a visit to the property in company with an expert and the examination above told of was made.
 The examination made was confine,l to the property of Messrs. Brron, Che 6al and Champagne, on which the 1e- velopment work done by the Mitchell was conducted, and where all the i'm. portant equipment of the company was located. The ground composed but a fraction of the sixty odd claims that the Mitchell originally held. but the bulk of which were discarded at the time of the reorganization, Mir. Batenan giving assurances at the tine that the ground would be held by the company and the necessary payments made. but failing to make good. This ground is owned by MessTs. Pritchard, Schwartzenbach. Jones, Brush, Shepherd and Brod- beck, forming the California 6 Arizo- na Development Co. and Messrs Ge-dis. MeDsniels. Foote and Parker
 Regarding future steps with refer ence to the property, MT. Pritchard said yesterday that he did not know what would be done. The California & Arizona company is incorporated and ready fer business Whether it will issue stock and proceed to deyel- opuent, CT whether 1t will sell it's ground is a mooted question. The claim owners have unabated faith ia their property and believe that with the showings that have been secured from development work the making of mine is a mere matter of work.
 The Mitchell Development compa- ny property is in the Huachucas. There IS no proven ground in the vi cinity. Many prospectors and some experts are agreed that there is ore there in paying quantities, and that it is but question of time until it is de- veloped. However. as yet mine has not been made. During the negoUa- tions with the Mitchell Co. by thai ground owners last winter, when the company had let the ground go by de- fault but was pleading for extension of time. the ground owners had oppor- tunity to do business with other par ties. This opportunity was passed up in order to give the Mitchell the shew that was felt due it. Whether ] negotiaffnns will now be resumed lrr l