Bisbee daily review., 1907-01-13

Nanade the big strike of ore that sent the stock of this mine flying upwards. This strike was made at the 1000 foot level in the drift The ore body seemed large and averaged about s per cent al though some of it assayed 40 per cent. Over one hundred feet of this ore, has been penetrated, and the shaft is now down HIS feet and locks promising for ore.
 Friday the Denn management com menced cutting a station at the 1iOO foot level and they will soon com mehce drifting from this point and ex- pect to hit large ore bodies on this level.
 This mine has been in operation only twenty months since the first pick struck the ground there. Seventy five men are now employed but when the eleventh level is reached the work ing force will be increased. The wreckage produced by the explosion on the 4th has been cleared away and buildings replaced.
 Today the Denn has the reputation of producer and the fact is known to the world.
 
 pany was organized under the laws If the Territory of Arizona about nine teen months ago, with capitalization of S750, 900, divided into T5,00o shares with a par value of $l0 each. This stock was issued, and up to date only s5, or half the par value. has been paid on It.
 The full import of the above state ment becomes apparent when one con siders that with only half of the capi- talization paid in, and $100.0o0 of that expended in purchasing property, this company has become ready to re- organize into mining company, and enter its property in the class of pro ducing mines.
 At the preset time the shaft on the Dem property has been sunk HOO feet; a drift has been driven very nearly 800 feet; a crossuct has been run more than 300 feet; valuable pumps have been installed one of the finest plants of machinery in the dis trict has been erected on the ground, and there is still money in the treas ury.
 Now comes the authenticated report that the Denn Development company is to be reorganized with capital Of &. ,000-35G, ,0o0 shares of stock at s10 each par value. This news came from Duluth recently, ani 1t caused considerable commotion in thls neck of the woods. It has since been confirmed, although the exact plan on which the organization will be made cannot be told until meeting of the board of directors is held. This meeting will take place some time this month. or in February. when one of two things will occur in the distri- button of stock. VIZ:
 First Either two and one-hah shares of the new stock will be given for one of the old stock, with the privilege of buying one and one half shares of new stock. or.
 Second. Three and one-third shares of new stock will be given for one share of old stock, with the privilege of buying one and one-third shares of new stock at par. In case the first proposition prevails, 50,0o0 shares of stock will be left in the treasury: in case the second plan Is adopted, no stock will remain in the treasury. One or the other of these plans will cer- tainly prevail, and the Review is pre- pared, on good authority, to make this statement Bis5ee is considerably interested in the proposed proposition, and as the Review Is interested m Bisbee it has taken considerable pains to gather the facts.
 The directors of the present Denn company are: Martin Pattison, presi- dent, Duluth, Minnesota; 4. Guthrie vice president, St Paul, Minnesota; L. c. Shattuck. treasurer. Bisbee; G. M. Chisholm, Duluth; Thomas Borden, Ashland, Wisconsin; MOTHS Denn and B. M. PattIson, Bisbee. These men, with L. " Hill, St Paul, vice presi- dent of the Great Northern railroad. and Mir. Harrington, second vice presi- dent of the same railroad, own the majority Of the stock. B. M. Pattison is the superintendent of the mine. and he is son of Martin Pattison, the president and principal stockholder. He is a young man. PC years old, ana a mining engineer by calling, and one Of the directors of the Dem.
 When asked by Review man if he thought the time was ripe to organize such large company on the present mineral showings Of the Dem, be said:
 T think the time is ripe to organize new company, and my judgment IS based on the fact that I believe that there IS ore enough in sight, at least the indications are that way, to war rant It. The drift shows a ninety foot deposit of pocket ore"
 MT Paftison also said that he could not tell how wide or how deep the pocket might be. and that the len breadth and thickness of the ore that gave the Denn stocks their upward flights in the markets was only con 1ectural
 The proposed reorganization of the Denn company at this time seems to the Review to be somewhat premature, as It was only three or four weeks ago fhst ore bodies of any considerable value -sfe encountered What is be- low the points of the drills at the pres