The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-11-04
A STORMY MEETING.
The Long-Expected Revolt
Takes Place.
DIsAFFEcTED STOCKHOLDERS.
The Annual Meeting OF the stock
holders-The Newly Elected
Officers,

At half-past 10 O'Clock yesterday
morning. the Office of the Crescent
Mining Company. in the Romney block,
was well filled with stockholders of the
company, on hand to attend the anx-
iously expected annual meeting. Nearly
every stakeholder Of any prominence
was present, including L. II. Whitney, J.
NJ. Barnett, c. E. Olncy, W. r. Shelby
representing the Michigan syndicate
which controls the Crescent), Z. p.
Ferry, S. A. Merritt, r. n Baskin, J. C.
Mather, J. J. Daily, J. Mclaughlin, J.
r. Nichols, W. t. James, J. McGregor,
c.. H. Whitney, J. e. Bamberger, Arthur
Brown, George CullinS and many others
in all, about thirty-hve persons, and
representing something like 570,0 900 out
the coo, 600 shares.
The main business of the day was the
reading of the President, Secretary,
Treasurer, Superintendent and Sur
veyOr's reports for the past year. and
the election of q. Board of Directors.
The reading OF the reports consumed in
all about an hour; the following were
the principal features submitted: The
average price obtained for the ore per
ton throughout the year was $500;
the average cost of operating per ton
was 1921, leaving net profit of $6.S5
per ton; upon the whole amount of ore
sold, Mr.. Ferry stated in answer to Col.
Merritt's inquiry, this gave profit for
the year of $50 900; the present assets of
the company, ore sheds, works, ma
chinery, etc, etc, amount to SIS, 600;
the present liabilities consist oil
the oYerdraft at Mccormick & Co.'S
Bank, amounting TO $4,000 and the
pay roll and supply bills due for the
month past OF SIT ,500-im all $36, 500;
the cost Of the tramway was $23, 900; of
the mill and sampling works, $4,000
The total length of the tramway Is
about five and half miles, and over
one mile OF workings has been opened
up during the year
The reading of the reports, which
was done by Mr.. Ferry, the president,
and Mr.. c. II. Whitney, the secretary,
was listened to with the closest atten-
ton. and was interrupted frequently by
inquiries from the stockholders Mr.
Merritt asked 10 have the item of
salaries particulariZed, and the details
were given Is follows by Mr.. Ferry:
President, 5000; secretary and clerk,
81, 400; clerk at Park City, 5000; travel
ing expenses, 81 900, ETC., etc
Mr.. Misunderstanding expenses of
whom?
Mr.. WrrHEY-Of the board Of direct.
Ors, etc.
Mr.. MERRITr-Does the company pay
for the board 5 travelling expenses?
Mr.. WITHEY-Yes, sir.
Another gentleman inquired what
rate had been paid on an item of s., 800
interest which appeared in the list OF
disbursements. Mr.. Ferry replied IL
per cent.-$Ij, 900, besides the over draft
had been temporarily loaned by the
bank and $4,000 had been advanced by
the eastern directors at the rate named.
\ stockholder inquired if there were
not some liabilities not shown in the
$36, 800 list. The reply was, Yes
81, 600 Is still due on the Centaur and
Phoenix purchase, but not payable until
I February next; SO .00G must be paid to
the owners of the Walker and Webster
mine on thirty days notice that the
title has been perfected.
X. \. BAsKIN-It seems evident that
we cannot obtain full knowledge of the
host of small details which go to
make up these reports, and all the
items can't be understood from the
reading we have had / therefore move
that committee of five be appointed tC
inspect the accounts and TO report tC
the meeting on Wednesday evening
Seconded by Mr.. James.
Mr.. SHELBY moved that the reports
be first accepted; he did not mean by
that necessarily approved. Carried.
! Mr.. L. III. WHITLEY stated that the
eastern stockholders were anxious tC
leave on Wednesday morning, and hC
would therefore be glad if the commit
/ tee could report last evening.
Mr.. BAsKIN thought it would be i'm
possible for the committee to do the
work thoroughly in that time.
| Mr.. L. H. WHITLEY. I move then tina
| the vote be taken by stock. No second
! After some discussion it was decided
/ that the meeting should take a recess,
until o'clock, and that the committe,
should report at that time if possible
. L. \. Baslin, w r. Shelby, J. Nc
/ Oregon, J. l.. Haywood and j. E. BAN
berger were named Mr. McGrego
being unable to serve, T. D. Kimbal
was appointed instead; he being absent
/ \. H. Vim was named in his place
The cloud which had been hoverinj