The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-02-21

The confidently anticipated has hap
pened and A. e. Hyde is no longer
eitlser a member of the board of direc-
tors or manager of the Bullion Beck &
Champion Mining company. Said di-
rector of that company last night:"His
place is temporarily filed by P. T.
Farnsworth, general manager of the
Horn Silver"
Such was the decree OF the board
Of directors of the company, which
held a special meeting this afternoon
for the purpose of considering several
matters of vital importance. The rea-
son for the decapitation was the fact
that Mr.. Hyde is no longer the owner
of the required number of shares OF
stock, or any shares for that matter,
to entitle him to hold office in the
company. His office as director was
declared vacant under the following
clause Of the articles Of the corpora
tom:
To be a director a person must be
the owner, III his own right, of not less
) than 100 shares of the capital stock. =
The claim made at the meeting of
the directors. which, in the absence OF
President Thatcher, was presided over
by Nice-2resident Beck, was in effect
that Mr. Hyde has not been the owner
Of Il share of company stock for years
past, but has been holding his Office
by virtue OF shares when ne claims
We're given TO him by Mr.. Seek to Sc
cure notes. The directors accepted the
protest. declared Mr. Hydes Office va
cant, elected his successor, discharged
him as manager of the company's in
terests and appointed Mr.. Farnsworth
manager to act until the annual cleo
ton meeting of the stockholders Of the
company which will be held on March
will be general reorganization of the
board Of directors and in consequence
a change in the other officers
Gathered last night in the Office OF
Simon Ramberger, general manager OF
the Salt Lake & Hot Springs Railway
company, was a small company OF
gentlemen, including Messrs Beck,
Bamberger, Boyle, Critchlow and Ry-
an, and from them Herald reporter
learned some thing Of the inside work
ings Of the company. In brief, the facts
obtained We're as follows:
1t seems that Mr. Beck, who is the
owner of some $4,000 of the 100000
shares of stock which capitalizes the
company, put up 81, 900 shares, the con-
troll of the company, as security for
loan Of Sis. 600, made to him by a syn
dicate of which Hide and the Thatch-
erS were members. The amount OF
that loan has been rapidly decreased
with the aid Of the dividends paid by
the earnings of the company and at
the commencement of the action for an
accounting filed against Hyde by Beck,
the latter owed but 100000. This
amount of money he has now succeed
ed in raising and has preferred the
amounts due to the various members
OF the loaning syndicate and all have
accepted EXCEPT Hyde, whose claim is
for s., 775. All claims against the Beck
1 Stock can be paid by the owner if the
creditors would all accept payment in
full. Some interesting developments
Aare evidently on the taps.
The change in the affairs Of the COM
pany will have no derogatory effect
@pon the workings of the properties,
but on the other hand, under the care
ful management of Mr.. FarnswOrth,
the mines must OF necessity make even
a better showing than before. That
gentleman viii take charge today.
Mr.. Beck has retained Messrs. Raw
Inns d Critchlow and Judge Boyle, Of
Chicago, as his attorneys in the COM
ing trial of the suit against Hyde.