Bisbee daily review., 1905-01-08
Local South BiSbee Ofgani- zati0n Closes Affairs
 and DiSSOIVeS
PROFITS DISBURSED
 AND ALL BILLS PAID
Sixty of Original Stockholders Stood by Local Organization to Finish to Win $452, 900 Gross Profit-Bitter Legal Fight Wsged to Highly Sstis- factory End-Stamina and Right Carried the Day.

At meeting of the Bisbee organi- zaticn of the South Bisbee Copper Mining and Townsite company, held at the office of Judge NJ. J. Brown, secretary, Friday night, the final busi. ness of the local organization was transacted. Dissolution of the organi. zation attended adjournment of the meeting.
 The life of the local organization netted to the sixty members who stood
 with it to the finish gross profits in
 recognition of their interests of S452, 900. This sum is over and above the P cents rendered the members of the local organization for their stock by the directors of the South Bisbee com pany. The stock cost the local people, originally, 15 cents per share The of fer of P cents, accepted by some, was therefore an advance of seven cents.
 The South BiSbee company was or
 ganized in the fall of 1897. The differ ences between the local stockholders and the directors of the company arose
 in December, 1901, when the directors issued a circular stating that the treas ury stock of the company was ex- hausted and that they deemed neces- ! sary an issue of bonds in the amount of $400 ,000 to realize sufficient money
 with which to continue development
 work. Judge Brown at this time brought matters to a head in a commu- nication to the Review. in which he de- clared belief that there were close to
 3 million shafes of stock in the treasu. ry, despite the directors statement, un- Hess the directors had stolen the stock. In court it was subsequently proved i that there should have been 2.S00 00O shares in the treasury at the time Of i issuance of the circular.
 i From the time of the publication Of 1 the communication in the Review, which instantly aroused the stockhold- CTS, Judge Brown took active command of the situation, organizing those stock
 holders who wished to fight the pro gram of the directors and proceeding to litigation. George Neal was em- ployed as local attorney ana attorneys retained at Los Angeles. Nearly three years were spent in fighting the case to a hearing in court, when speedy set tlemen. was deemed wise by the de- feGdarts and their tender accepted. The total expense of the local organi- zation to the close of it's existence on Friday night amounted to S22. 800. all of which has been paid. leaving the to- tai profit to the organization stated above. S452, ,240. which has been dis bursed since the close of litigationin November.
 Or the expenses the largest item was that of attorneys fees. This made an aggregate of $16,152 Of the total the Los Angeles attorneys re. ceiveG S9.452 and the Bisbee attorneys s6.7O0. This settlement was much un- der the original demands of the attor- neys. The Los. Angeles lawyers at the close of the suit put in claims for over S40,0O0 The secretary of the local or ganization refused to consider the de mand and prepared 10 fight 1t in the courts for the reasonable sum they re- ceived. All in all the local Organiza- tiOn certainly has a clean and profita ole winning to it's credit all of which needs be credited to the stamina of the home crowd and the firm leadership it had in standing for it's rights.