The morning call., 1893-08-18
THE ALTA MINE.
It's Accounts Are Badly
rluddled.
A NEW ADMINISTRATION.
The Stockholders Will Begin Suits
Against All the Former Off
GERS and Directors.
ADMINISTRATION.

The excitement anticipated at the annual
meeting of the shareholders of the Alta
Mining Company yesterday was not ap-
parent. The total shares OF the company
are 10S 600, and of this number 90. 437 were
represented. The situation had evidently
been thoroughly canvassed by the stock
holders prior to the meeting, and a slate
programme was carried out in the election
of officers and in the policy enunciated by
the Incoming board
An entirely new set of officers was
unanimously elected, COD ssting of John
Landers, Herman Zadig, James McBeyle,
j. w. Mcguire and K. d. Goodrich. John
Landers was chosen president; Herman
Zadlg, vice-president; j. E. Jacobus. sec
rotary: the Nevada Bank, treasurer, and
E. ID. Boyle was reelected superintendent.
Mr.. Landers announced that he would
accept the presidency only for the purpose
of trying TO unrayel the financial difficult
ties of the Alta. He said that if he was
not supported in his efforts in this direc-
ton he would retire.
The new president is an old mining man.
He was an early operator on the Comstock
aud until the last eight years he was, for
long period, actively engaged in mining
development in Nevada Monroe Thomp-
son ami L. Osborn. who have been re-
spectively president and secretary of the
Alta, were not mentioned for reelection
j. h. JacObus, the new secretary, was
member of the last board. but he Is in sym
pathy with the shareholders, who are in-
sisting upon reforms.
President Landers insisted that an en-
tireiy new set of books should be opened
by the incoming administration ana the
books OF the eX-officers examined by an
expert
The finances of the company are at
present in a very lame condition. The
cash turned over to the new board
amounted to only S212 So and the company
is $4,000 In debt. A policy of retreDchment
was inaugurated in all the departments.
Secretary Osborn has been paid $3.50 a
month, with SIS for al assistant. The
latter has been dispensed with and the
! secretary's salary reduced 10 $50. The
superlnteudenrs monthly stipend has
been reduced from $500 10 500 month,
and the presidents monthly salary from
SIPS to SIS.
A number of dissatisfied shareholders
employed an expert on the books several
weeks ago. The result of the examination
was presented yesterday, and some aston
| lshlng revelations were made. Treasurer
+ Derby's accounts were proved 10 be short
! sig. 173 65. In reference to this item Derby
/ commended that he was not short, but that
when he succeeded Seth Cook as treasurer
/ the latter left a shortage of $4,000, and
/
! felt. When he was elected treas
urer Derby made no report TO the
/ stockholders of this deficit. The attorney
both for The Alta Company and the Cook
estate was w. ). WOODS, and the latter, it
/ is said, allowed the Cook estate to be
/ closed without Strengthening up the short
/ age.
/ President-elect Landers asked how Ii
was that gentleman who was not even a
resident OF California and who makes his
home in Nevada should have been elected
treasurer and then not required to give
bonds When assessments were handed
in or other cash received the money was
sent up To Treasurer Derby, in Nevada, in
stead OF being deposited in some bank In
this city.
1t tran spired, from statements made by
various st0ckh olders, that the present
shortage Is the result of the formation of
! the American Milling Company, de-
nounced as fraudulent concern aud
started by Seth Cook and rx-Treasurer
Derby. 1t is said to have been established
al the expense of the Alta shareholders,
ana note for $4,000 was given by the
American Milling Company to the Alta to
cover this debt. The note was unsecured
and the American Milling Company ap-
pears as corporation without pronertY.
In addition to securing to the American
Milling Company 23.000 shares of Alta
stock, the COok estate turned over its
shares TO the American. The shares were
sold and the proceeds said by Derby to
have been applied on tile note, althoug
the latter bears no Endorsement of tn g
payment of any part of the amount
Secretary Osborn never charged this
amount TO bills receivable. Ii Derby had
made no payments on the note, the book
of the company would show false cas- h
balance of $4,000. AS il is, Sl9.173 65
should be on hand, according 10 the books.
Secretary Osborn has made sworn state
ments every month that such was the case.
The stockholders propose to commence
actions against Derby, Osborn anc the
members of the outgoing board of direct
ors. They announced that they would
leave no stone unturned to recover tie
money diverted frum the treasury by
Derby.