Bisbee daily review., 1905-01-20


 Next Month.
 The opinion appears to be prevalent in Michigan that at the meeting of the Mitchell Development Co, called for the 4th of next month. the present board of directors of the company will resign. unless an amount of money sufficient in their estimation to carry cn the big work that is as5uredly ahead in the making of a mine in .he Huachucas is forthcoming. Consid- erable feeling has been created in Michigan over the difficulties of the company uncer the present manage ment. and charges of fraud and in competency are freely banded in con nection with names of some of those who have been concerned in direction of it's affairs Iron Ore. in comment ing on the situation, says:
 "Iron Ore is in receipt of a letter 1 from Negaunee asking us what has been accomplished on the Mitchell property in the Huachuca Mountains, Arizona. what the property has to recommend it. and what We think Of the action of certain directors in try ing to close up the affairs of the com pany
 "-s..e Mitchell has claims showing excellent surface indications. Furthe. than this little has been revealed with the exception of a shaft sunk on one claim a few hundred feet, a very little drifting and some diamond drill work, all ct this same place Stringers of ,ore were found At the outset the com pany's affairs were administered at
 the property in a hesitating. faltering, uncertain sort of way Too much land was taken up. some 70 claims and too much was spent trying to hold all these. Capt. Mitchell, through iwhose efforts the company was organ lized. met with family misfortune. He Hailed to go to the property to locate the work as he originally intenced. We believe he has not been there since
 Al the time We were at the property lthey were waiting for him to come tc
 lay out the working plans, shafts. etc
 "Ore isn't secured in Arizona with lout going after it. There never was
 enough capital raised. It requires
 lot of money. great courage and knowledge of the business. Some oi Ithe original holders sold their stock being attracted by the high price of lfe-ed. The exchanging for s25 pc, share stock that had cost only sl wa: Ia great temptation. There never
 was any sense in putting it to such a figure It was ridiculous. as there ihas practically not been a foot of sink
 ing dCne or anything in the way ol
 mineral found any more than was showing when the property was ac .quired Considerable of the money raised has been paid on the property purchase contract Some of it has been frittered away. not dishonesty but in the hap-hazard manner wt stated There were too many super :, intend As to certain directors
 wishing to close up the affairs of th' company. We think this the very bes , thing they can do. unless a good bi: 5 working fund can be raised and worl l. idone right Too many people go int
 development company thinking tt
 make a profit in a few months iron : the rise in stock IL isn't the way f, make a success of a venture. It il
 sticking to 1t. development com
 ,pany isn't a sure thing It is an oi
 ganization formed for the purpose O - trying to find a mine Those who g
 in understand the chance accompany r- ing the venture One has to be a goo v loser to engage in such business. as al ,- shafts do net find ore. It is an eS ,- lpensive business exploring in the Hus II chucas. and the Mitchell didn't appl .+ its little fund wisely at the outset h was getting experience as most COT Q cerns in this line have to- It has som f good-looking claims. but it will talk n money to develop them.
 t "The present management has eslle 2, a stockholders meeting for FeAuar ,- f. Al this time we believe it is thei d intention to resign. letting others talk 0 up the business. IL is the wises y thing to do. Ii isn't so easy handlin 1T these mining ventures as some peopi
 imagine All hsve to work in unison
 to stick to the enterprise Loyalty t
 make every dollar count for the mos