The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-11-03
HOW IT LOOKS.

Shares Of record IN Washington. 10000
Shares not Of record. estimated-......... 500
Shares necessary % control. ............. s. OBJ
Action was taken by the Washington
stockholders Of the Mitchell Mining Com
pany last night looking 20 the establish
ment OF temporary Office of the com
pany here, 10 receive deposits Of stock.
according to the terms Of the circular
sent out from the New York Offices Of the
company last week II was announced
It had become urgent that the committee
mentioned IL the circular should have
control Of the stock as soon as possible,
in order to carry out the plans Of reor-
ganizatiOn
Chiefly at the suggestion OF Mr.. lie Roy
Cough, one of the stockholders. it was
determined to appoint a committee 10 can
vass the shareholders in Washington, to
explain the situation to them, and secure
their agreements to the terms of the cir
cuiar. 1t was also decided to open a tenn
porary Office Of 1902 r street northwest,
where the transfers could be effected
The meeting Of the Washington stock
holders was called by President J. A. /
Cassidy, for the purpose, as he stated It,
Of answering questions and making an
effort 10 get concerted action from the
Washington holders of stock which con
stitute nearly a majority Of all
Responses to Circular.
President Cassidy said ne mad recently
come from the New York Offices Of the
company; that responses to the circular
had been coming in quite satisfactorily.
but that it was yet too early to deter
mine whether the plan would succeed. lie
uFg d upon the holders OF stock that it
was urgent to act promptly, if the plan
of reorganization proposed by the COM
mittee was to be carried out. He had
called the meeting in the hope of clearing
the way 10 accept the offer Of the syndi-
cate. which had offered TO finance the
company out of difficulty.
Mr.. Cassidy went briefly over the state
ments made at the former meeting in
Washington. showing the company was
indebted TO the extent of about $780, 900,
of which about $1,000 was in urgent
claims that must be met as soon as
money could possibly be raised to meet
them. Mr.. Cassidy said the directors
imperatively must have $4,000 shortly or
the company must go into the hands of a
receiver.
The circular sets forth an agreement Of
the stockholders 10 deposit his stock with
the Standard Trust Company Of New
York. for which he receives a negotiable
certificate OF receipt which carries with
it the right to sell or otherwise dispose
OF the stock The dep0siting holder also
signs a proxy by which the committee is
authorized to vote his stock IN the pend
ing negotiations Wits the syndicate The
committee on reorganization consists Of
SIX directors Of the cOmpany-F. V. Rob
eTtsOn, John A. l. Cassidy. William T.
Fluhrer NJ. F. Morris, and Philip w
Russell
The circular states the directors are in
negotiation with a company Of capitalists
which proposed to advance 5000 600 10
finance the company. The plan Of reOr-
eanization is that the par value of the
shares shall be made s. instead of SO
New stock win be issued, the present
shareholders receiving one share and the
syndicate taking one Mr.. Cassidy said
the company would pay $50 a share for
the stock SO received. That. he argued.
would make the shares Of the present
holders worth an equal amount, at least
in the development Of the mining prom
erty in Mexico
-Four OF the committee who will canvass
among the Washington shareholders
were named last night as follows. lie
Roy Cough, H. l. Rust, John r Shields
and Henry c. Johnson. all Of whom
voluntarily offered 10 serve without com
pensatiOn.
Receiver Is Considered.
The alternative Of allowing the company
70 90 into the hands OF q receiver was
considered. Judge Norris explained to
the meeting now this might be effected.
He said the mining property in Mexico
was owned by the La Dicha Smelling
and Mining Company, Mexican corpora
ton. The Mitchell Mining Company IS
an Arizona corporation, with principal
Offices in New York City This company
owns the stock Of the La Dfcha company.
Judge Morris said there were large legal
difficulties in the way OF a rece!vership.
owing to the uncertainty as to the proper
place 10 apply for a receiver. He said
IT would be best 10 try to bring such a
suit in the courts of New York. but II
might not be allowed on the ground Of
Jurisdiction
The company holds no property IN
Arizona, and he thought il could not be
brought there. The result Of the state
ment was that all agreed it would be
the wisest course 20 avoid the legal pro
ceedings. II possible.
When call was made as TO the will
ingness Of the shareholders present to
sign the agreement of the circular, nearly
all present arose, and recess was taken
to allow time for appending the sigma
lures. About seventy-hve signatures were
given many Of whom surrendered their Z
stock TO the local committee.
II is the purpose of this committee to /
gather In as much of the Washington /.
stock as possible within the next few
days with the voluntary assessment Of
20 cents a share voted AT the last meet /
ing. and forward both TO New York. 1t
is hoped by this means 10 enable the COM |
mittee on organizat ton the means to com
plete the negotiations for carrying the I
deal through
Teachers Attend Education Rally.
Special 10 The Washington Herald.
Winchester, Va, Nov 2.-Practicany /
every schOol-teacher in Winchester and 4
Frederick County attended the big rally /