Daily Arizona silver belt., 1908-02-04
DEFENDS HONESTY
 0F THE OFFICIALS
D. D. SULLIVAN SAYS STATEMENT WILL SHOW THAT 0. & G. OF
 FIcIALs WERE SQUARE.

Globe, Arizona, February 3, 1908. To Local Stockholders of the Calumet
 & Globe Development Company.
 On behalf of the management of the Calumet & Globe Development company and as member of the Board of Direct ors, wish to make the following state ment:
 I believe, and always will believe that the claims bonded to the above company have great possibilities, and for that reason, interested my Calu- met friends in the property, and in so doing l sought the aid of men, who are honest and influential business men.
 The men at the head of the com pany have always evidenced spirit of fairness in their dealings, and l feel that the present misunderstanding with the local stockholders has arisen through misinterpretation of the acts of the Directors in abandoning the property, without consulting the local stockhold- | ersI The Directors are vested with au- thority to act in manner consistent with their position and having the wei fare of the company at heart, they em' ployed an engineer to examine the prop, erty with the view of ascertaining its merits, and the advisability of making the payments then next due upon the purchase price.
 The report of the engineer was ad- verse; the development had failed to freveal any commercial ore, and in spite of the fact that the company had to face a bad market situation, making it. in their judgment, bad time to make a second call upon the stockholders, yet the property owners refused to grant extensions of the payments, so that the Direc tors had but one course left open to them-and they felt justified in re- iecting the property under the circum stances.
 At the time the property was turn ed down, the Directors did not fully lappreciate the view taken by local men as the latter felt that the property had not been properly developed, nor hac their advice been asked as it should have been, considering the large mum Der of shares held locally.
 From the very first have maintained that the personnel of the management is such as to warrant fair dealing, anC ask that the local stockholders reserve their judgment until reasonable tim' elapses in which the Directors can col feet data and submit a statemen showing that every cent was honestl, expended in the development of thu claims.
 Granting the fact that local stock holders were heavily interested and stil believe that the property has been in sufficiently developed to prove, or dis prove its value, but at the same time 3 they should remember that the Director have the best interests of the stock holders at heart, and they had to con slider the effect of an adverse repor
 in the Lake region, where the report
 ing engineer carried greater weight than at this point.
 Tn closing, I might add that, to m, 7 positive knowledge, none of the Calu met management have ever received
 single cent of the moneys paid upol
 the options, and their reason for refus ! ing to exercise the options found it
 source in the above causes. I greatl.
 regret that the honesty of the official
 of the company has been questione
 and it will be shown by their statemen that there, was never any occasion fo
 it. D. D. SULLIVAN.