Bisbee daily review., 1906-04-10
EMBARRASSMENT co.
Send Out Optimistic Circular Letter to Their Stock
 holders.
NEW BOARD DIRECTORS
 IS MADE PUBLIC.

The following circular letter telling of the plans for the future for the American-Saginaw Company, has just been received in Bisbee.
 DULUTH, Minn.. Mar. "A. 1906.
 "To the Stockholders: You have already been informed through the notices sent to the stockholders both of the American Development Com pany and of the Saginaw Develop ment Company, that it was planned to consolidate those two companies under the name of "American-Sagi- nav Development Company" and that a meeting of the stockholders of each of the companies was called at Bis bee on March 7th, 1906, to carry the plan into effect. The name of Amer ican Development Company was changed to American-Saginaw Devel- opment Company. its capital increas- ed from S500,000 to S1,000,000, and its board of directors from three tG seven. The Saginaw Development Company then conveyed all of ius property and assets to the American Saginaw Development Company, which issued to it in exchange a cer- tificate for 500,0OO shares of Ameri- cantSaginaw Development Company stock, which is to be issued to the Saginaw Development Company stock holders in exchange for their Saginaw stock. This stock is S3 paid, and like all other stock of the company is sub- ject to assessment for the remaining S7 of its par value. at such times as funds may be needed by the com pany.
 ''The board of directors is nJw com- posed of Thomas F. Cole, Charles d'Autremont, Jr., and Henry B. Hoy- land of Duluth, Minn.; Thos. H. Coi- lins of Calumet, Mich; William B. Mershon and Watts s. Humphrey of Saginaw, Mich, and Frederic l.. Har- rington, of Bisbee, AriZ. The officers are Thomas H. Collins, president; Charles d'Autremont, Jr., vice-presi- dent Frederic R. Kennedy, secretary. and William G. Hegardt,. treasueT. The Minnesota office of the com paay where the stock and transfer books will be kept, is at 510 Lyceum building, Duluth, Minn., which is also the address of the secretary.
 While the directors of the com pany were in Bisbee they examined all of the mining properties of both companies, all Of which will hereafter be referred to as our property. The development which has been carried on upon our property as well as that on neighboriEg mines. has tended to ccrroborate the favorable opinion formed at the time of the formation of the companies. and the board was unquaIifiedly of the opinion that our options or the ground should be exer- cised by making the final payments, of which nearly all will become due during this month and the four follow ing months.
 ITO meet this outlay, and provide ample funds for development it was decided to make call of three dol lars per share on all of the stock of the company, and a notice Of the call is herewith enclosed. The total amount remaining to be paid for the properties is s2O9, ,71O.2O. The funds raised by the call will be sufficient 10 complete the payment of this amount, and leave a large balance in the treasury, so the company will be ir a strong position financially.
 THOMAS H. COLLINS,
 NAhtest: President.
 FREDERICK R. KENNEDY,
 "Secretary