New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-04
THE QUICKSILVER COMPANY UNDER NEW
CONTROL.

DO held for the Board OF Managers Tor the ensuing year,
THE QUICKSILVER COMPANY UNDER NEW
CONTROL.
p.Nrvr DREW AND HIS son RETIRE-COMhRNTs
MADE on THIS sTEP-MR. DREw's TRANSACTIONS
IN THE STOCK.
Considerable surprise was manifested IN
wall-st yesterday on the announcement that Daniel
Drew and his son william Drew had retired
from the Quicksilver Mining Company, In whicn
they have been directors for some years
Daniel Drew has lately filed the position Of President
There WAS much conjecture the OF the resna
ton but no official statements were given Abraham u.
Bayls was elected President, and George A. Hoyt ana
John It. Martin will NIL the vacancies caused py the
resignation Of the Drcws. II will be remembered that
some time ago THE TRIBUNE contained report OF the
proceedings at stockholders meeting called to consider
the question Of q dividend II was proposed that the
surplus on hand should be divided among the preferred
stockholders but that the common stockholders, by
having An assessment, should have their STOCK Hano
equal to the preferred and should share eqaiy IN ,e
proposed dividend. The directors were IN a'o vi ho
scheme Daniel Drew being particularly jealous IN
its advocacy This action not regarded az 81 oil JUS
interested for the directors were understood 10 NC
LARGELY long of the common stock Daniel Drew being
the largest holder Tie proposed assessment was con-
sderably less than the expected dividend All went wen
mill the date of the meeting. when an indignant pre-
ferred stakeholder named Kent served an injunction
officers,
the disgust Of tho stockholders Quicksilver
has diminished in value owing the fact that the old
companies believing that they had a monopoly on the
metal charged such exorbtant rates that prospeetOs
were stimulated and the result was the discovery OF
additional deposits OF quicksilver, which materially re
duced the price,
A. b. Baylis who at the meeting Of the directors on
Tuesday was elected President OF the Board in answer
10 question as to the withdrawal OF the Messrs Drew
said to TRIBUNE reporter lasl evening: The faet is
Daniel Drew has got down, not perhaps In nnancmi
sense but his health has been poor and has In measure
made necessary the action which he has taken Nothing
however so far as the Quicksilver Mining Company "
concerned has Influenced the action. His resignation
has been Of his own undivided motion and the same may
be said of William Drew. The former held between
10000 and 10000 shares OF the stock OF the Company
and has entirely sold out and this without
in the Company As TO the Company itself lts condition
has never been more favorable lis surplus iis are ii
good returns George A. Hoyt OF Connecticut aud John
the vacancies caused by the resignation OF Daniel and
William Drew, and without doubt viii be elected al hc
next meeting 81 S b bm ccdS ey T TO the aw Of the
Company election could be held until the subsequent
meeting" . ,.
Another prominent stakeholder made the following
At best Daniel Drew was credit to the Company:
bold operator like hin. carrying very large amount
the stock could not in any event prove of benefit oa
company of which he was the head twas not probable
that his rcsgna on had been Influenced In the least 1y
the Board OF Directors but very probably by the stock
holders He has sold all the stock he held as has also
william Drew. II has been taken by three
or four persons well able To carry II,
and who take II nNestmt nj, 1uiy
contdng in the resources OF the Company IL ls rii-
mored but with what truth cannot say that the pur-
chase was made with the direct understanding thar upon
the sale the stock the Drcws should retire entirely
from the mana cement. This purchase was iooGed upon
as necessary by many interested In the Company FOR
knowing the speculative disposition OF Daniel Drew ihey
feared that he might at time throw the Whole oI ms
block OF stock upon the market and in crOvding the
market greatly dcprecae the stock value The sale could
NOT have been Influenced 10y any financial onharaesID,n
for though money might have been borrowed upon this
stock as collateral Daniel Drw had other ample securi-
ties 10 meet all obligations aud has done so so ar AZ
known His action has been more probably Influenced ny
health he had not been upon the street Tor three or
four weeks The stockholders look most faNoraby upon
the change and believe that under the presidency OF MP
Baycs, who has long been idntihcd with the Company,
better returns may be made aud div idend decareda 40
distant The disputcin regard TO the advancement OF
common preferred stock by assessment O1 - OF ~ per
share has yet been settled This step II favored ny
holders Of the and opposed by the holders ot me
other. who really general distribution OF hc
surplus earnings OF the Company. The deieat ~ e sun
regard 10 this matter must prove OF great pecuiiry
benefit to the holders of preferred stock. Though q
dividend has never been paid, the Company mas now
balance Misunderstanding rs such the value or all
0uck silyer hand about $500 0OOthe money portion
of which securely invested The outstanding bonds OF
the Company mcunt TO about 81 100000