Bisbee daily review., 1909-04-15
IF
 B|G COMPANY
 |S NOT LEGAL
All Judges of Territorial Su- preme Court Agree Upon Decision in Big Mining Case

In recent decision handed down by the Supreme Court of Ar.zona. all the judges eoncurring. 1t was held that the transfer by the Ciene g'Iita Copper company of Nevada. is ills- gal and void. By this decision the Arizona company is held b be the only legal or valid company. As II involves a large amount, the capital stock of the Arizona compa:4y being ten millions of dollars and that of the Nevada company an equal amount and as the stock is well distributed in California, Chicago. New York and Pennsylvania, and as the property in- vClyed is thought to be one of great value, Q brief history of the mines and the companies Is a matter of in- terest 10 the readers of the Review.
 In 1901 a Mexican company was or ganized to which was deeded nine hundred and thirty-Seven pertenen- cias of mineral land. and about twen- ty-five hundred acres of grazing, tim Der and RicuturaB lend, fin the Sahurripa district. Sonora. Mexico, in the same year, the Cieneguita Cop per company of Arizona, was organ ized under the laws of that territory, and to it was transferred all the stock of the Mexican company. The Arizona company continued the de velopment of the property until De- cember 1906. when the Cieneguita company of Nevada was formed and a stockholders meeting of the Ari- zCna corporation by. majority vote. authorized a transfer of it's securities to the Cienegulta Copper company Of Nevada In the call for this meet ing. the officers of the Arizona com pany failed to give notice of intention 10 transfer to a fore gn corporation or to disincorporate and dissolve.
 The present suit. which has been in the Arizona courts for over two years. was instituted by stockholders of the Arizona company and. as be- fore stated. the decision has been in their favor Just what may be the ultimate outcome of this litigation, if is impossible to say. The directors of the Nevada company, having sold Q large amount of stock in that com pany. which now has no property, have apparently made themselves per sonally liable to the purchasers.
 Within the past year there has been, We understand. much dissatis- faction manifested by certain stock holders with the management Wheth- CT we'll grounded or not, the Review does not undertake to say, but it is to be regretted than any litigation or maladministration, if such exists. | should intervene to retard the rapid development Of a property which | has now passed the experimental stage and is generally reputed to be | one of the great mines of the West. | It is said that development work done on the Chipiona ledge alone, az | gregates some ten thousand feet of tunnels, upraises and cross-cuts show | ing an immense tonnage of copper, silver and gold ore. In report made in January 1907, MT. Godfrey l Hughes estimated the value of the ore in sight at S1O.139.337 and the probable ore at S24,7S6,5S5, making a tctal of practically s35.000,0 ,000,
 which he says is exposed in the Chi | piona hill alone in nineteen perten- enc.as out Of the 937 owned by the company
 In his report of June 1905, Mir Wn. | A. Parish, referring to the Chipiona vein. gives his conclusions as follows: l As stated. the nmain and principal | l erty are found in the Chipiona vein
 which should. in depth, for reasons i already stated, carry richer ore it's entire width, south from the point of juncture of the various veins for a distance of eight hundred feet l fully expect, and am justified in say ing that the entire width of the vein from fifty to one hundred feet, will | l.Na atrar- l indication that this chute will con
 tinue south for a further distance oi ! three thousand feet without any ! break This property in my opinion promises 10 make one of great magni tude. which, added to the ether 1 mines which will be developed upon your groups. will be capable of sup. l plying continuously daily output oi over three thousand tons of profitable pre- of both classes-cortcentrhtng' and smelting." The value of both
 grade he places at s13.00 to Sl6.OO
 and the cost of reduction mining, etc. ! at $500. He says: -In conclusion,
 the development already made makes
 these consolidated properties a first ] class mine, and. in my opinion, on full development and equipment, II
 will be one of the largest and most profitable mines now being worked
 on this continent"
 | Since MT. Farish's visit, nearly 8
 mile more of development work has
 been completed, and. thus far, shows that all his conclusions have been justified. The company has been
 handicapped by remcteness from rail
 roads. but the Hartman line, now
 under construction, will complete to
 Soyopa this fall. from which point
 company has been formed to build
 branch road to the mines. distance
 of fifty miles. This road will open
 up many valuable mines in addition
 to the Cieneguita; among others. the
 famous Mulattos gold mine, mount
 ain of low-grade ore.
 The Cieneguita is continuously de
 veloping it's property and reducing its
 ore in a small way. shipping monthly
 about S12.0O0 of high-grade matte,
 about sufficient to cover the payroll
 What is needed, however, is more capital to install electric power, a
 large modern concentrating plant and
 a reduction plant capable of handling