Bisbee daily review., 1909-03-05
wov.p nAmpsa MINING INDUSTRY.

MINING INDUSTRY.
 We believe that every member of the legislature will agree that it would be bad policy to bass any law which would in any way deter, defer or hamper the development of the mines of Arizona and especially by the pass ing of legislation which would not give to any investor in mining stock greater protection than he now has. if he desires to use it. Our attention has been called to the provisions of Council bill No. 55. which provides that no board of directors or other omceIs os any mining company shall s.li or acquire property without first g-tting the consent of two-thirds of the stockholders in such corporation. suah limitations on mining corpora tioLs would give to the stockholders no greater protection than they now enjoy. as under the present statute stockholders. may so limit the power of 'hcir board of directors or officers if they chose to 10 so by provision in their bylaws.
 In the larger mining corporations who are continually prospecting and acquiring new properties for develop ment there are great numbers of stockholders and for a company to be compelled to get an expression from two-thirds of the whole would greatly retard their bushes. Often a mining conTsany desires to lease a certain claim; in the Clifton district there is much of this kind of work done. Under the Limitations Of the proposed law this could not be done without first getting the consent of two-thirds of the stockholders.
 As a rule mining corporations have been organized in the territory not only for the purpose of mining. but also for the purpose of buying. selling, leasing or acquiring property in other manner. The passage of this law would greatly hamper these companies fin carrying out the purposes of their business. If, in the wisdom of the legislature. it is necessary to protect stockholders who neglect to give the interest to their own bushes winch is necessary to protect themselves, they might do so by providing that hereafter the corporation organized under the laws of the territory shall be of two characters; one a mining corporation whose sole business shah be the operations of mines; the other a mining development company whose business shall be that of operating mines and of buying and selling and otherwise disposing of and acquiring mines. But even such an arrange ment would be undesirable, as it would mean intolerance and expense to those who may desire to develop the mines of the territory. which should never be thought of in this country where mine development is so desirable as a sure means of our greater prosperity
 Practically all. the mining corpora tions doing business in the territory find it advantageous and beneficial to their stockholders to acquire adjoining property from time to time and es- peciaIly as their development work shows the value of adjoining property. In other words a mining business in this territory has many elements of the mercantile business, and 1t would be almost as injurious to the develop ment of the mining industry to limit the right of mining corporation to buy mines, as it would to limit the right of a mercantile company to buy new stock for it's business with out the consent of two-thirds of the stockholders.
 The larger mining corporations of this territory have principally for their stockholders people who reside