Bisbee daily review., 1910-12-27


 pany, Limited
 As President Of your Company, beg to submit the following report;
 Being obliged to be absent from Arizona nose of the year, am un- able. therefore. to refer in detail, from personal observation. to the operations that have been carried on by your Company during the pas wear. and, therefore, l am compelled to refer you to the deports of the yice-President, Superintendent and Treasurer of the Company for most of the information that you have right to expect vii ibe submitted to lis annual meeting.
 retary, and to be recorded in the minutes of this meeting copy of circular letter mailed to bondholders on SeDtsmber l, 1910, signed by Mr V L. Mason, yice-President of The Development Company of America. including notice from MT. J. J. wragoyich, assistant secretary of your company, under date Of September l, 1910; also. copy of circular letter addressed to bond and stockholders, dated Septenibsl g. 1910, signed by me as President of your company, and copy oI cir cular letter sent to the bond and stockholders of The Development Of America, dated New York. Septem- Der g. 1910. and signed by F. NJ. Murphy, 5. P Cheney and V. l.. Mason. Members of the Executive Committee of The Development Con- pany of America
 It will be observed that stock and bond holders have been made thor Cughly acquainted with the com paEy's financial condition, includ ing requirements. urgent and other wise: also that they have been acquainted with the exceptional op- portunity offered them by The De velopment Company of America. through which, if advantage had bsen taken Of same, funds would have been available prior to now with which. not only to protect the company's property. but continue as well important development work that should within reasonably short time enabl ethe company to get upon a self-sustaining basis, with good prospects of showing re turns justifying the very large ex- penditure heretofore made in the purchase of the properties, unwater- ing of the mines, development and equipment of same. I was in hopes that the very liberal offer of The Development Company of America would be fully appreciated by stock and bondsolders to the extent of in flu encing them to send in ssubscrip- tions for Development Company Col iaterTrust Notes. I am sorry to have to say, however, that up to the present time as favorable re- sponse as was expected, and as con ditions would seem to fully warrant, has not been received, and 1t be. comes necessary for me to again cail the attention of stock and hondholders to the fact, that un. less funds are made available either through the opportunity offered by The Development Company of Amer lea ,or some other not now appar ent, with which to protect the Com pany's propsrty, and. if you please carry on a reasonable amount o development work, operations vii have to come to a close, to be foi lowed by Hquadation, which would as ] belieye. result in almost a to tai loss to those who have invested in this great enterprise. From sucl information as I have besn abl 10 gather, re,ating to what has bee accomplished thus far, present COT dition fthe mines, the result c several years Of extreme effort O the part of those in charge, involvin the expenditure of many millions ( dollars, I cannot help but reac the conclusion that it would be Httl short Of crime if you permit you property to he abandoned at thI time for the want of a few hundre thousand dollars to finish the gre: work that has been so persistent carried on under the greatest difficu ever experienced in mining.
 am pleased to be able to report thu the principal physical dinicultie have been overcome, leaving but
 few thousand feet Of deveIoprnel work to be done to demonstrat beyond a question either that yo lave one of the most valuable mi
 ing properties in the entire cou try. or that the judgment of minir engineers and seologists of Il very nignest standing, and up
 which we have been depending. h been in error If the former, tfs your holdings in the company vi he made very valuable If the latte ~ou would al least nave the sati = tastion of knowing that you ha, :. &nA your full duty. and do T., kest9fe to urge upon you the ir &pStDnce and desirability Of doir V eyS5tbfng possible to place t , n6hagfm4t in g position to pr