The San Francisco call., 1897-03-18
THAT UNHAPPY
MINING COMP ANY
Turbulent Meeting of Hale
& Norcross Stock
holders.
The President Declares an Ad.
journment Without Day
Despite Protest.
Stockholders Then Gather in Another
Room, Organic, AMI ADJOURN
Until To-Day.

The stockholuerS OF the hale q Nor
cross Silver Mining Company made an
other of those attempts to hold meeting
such as have characterized the company
of late.
Two meetings were held. the first being
adjourned without day by the president,
M. w. Fox, before any action was taken
on the ground that there was no legal
quorum present. Then the stockholders,
protesting against this action, convened
in room IL of the same building, r. r.
Grayson presiding. The roll being called
q majority of stock wa. found to be pres
ent, and the meeting adjourned until to-
day at o'clock.
The earlier meeting broke up with some
characte ristics of a row about it. A row
was anticipated, for two well-developed
policemen took positions well up toward
the presidents desk before the meeting
was called to order.
NJ w. Fox, as presiding officer, under
took TO question the holders of stock and
proxies as to the authority under which
they held them. His right TO do 80 was
questioned, and R. r. Grayson moved to
adjourn. Fox declared he had no right to
move to adjourn until it was determined
whether or not quorum was present.
him and others who seemed to sympa-
thize with him that they must keep quiet
or he would make them.H At this there
were groans and Kisses of disapproval
from The stockholders
The meeting yesterday was held in pur-
suance of the direction OF Judge Slack
when he on Tuesday dissolved the injunc-
tion that had been secured by Fox.
On the 9th of March Fox filed a COM
plant against R. r. Grayson and others
in the Superior Court, upon which, on the
following day, he secured an injunction
orbidding their holding meeting and
electing officers The injunction was
served in the midst of the holding of the
meeting, which thereupon adjourned.
Upon this injunction being dissolved on
Tuesday the meeting was called to be held
yesterday, convened in room IL. where it
had been held before, and adjourned to
convene in room OF the same building,
the Stock Exchange. There it treconvened,
with President of the Board OF Directors
Fox in the chair. The roll being called
The secretary announced that there were
present 85,278 shares. The stock of the
Hale & Norcrcss Silver Mining Company
consists of 112, 900 shares, so that ,001
compris ed a majority and q quorum. All
of the stock, it is alleged, save 2700 shares,
stands on the books OF the company in
the names of trustees. By trustees it was
TO be voted and on this rock the two fac
tions split.
The president claims the right to deter
mine whether those who offer the stock
are the bona-tide holders or owners, and
to refuse to accept the vote of said stock
unless the holder can make a showing
such as will entitle him to vote 1t und er
-the law of 1880.
On the other hand, R. R. Grayson and
other holders OF large blocks of the stock
declare that the president has no right TO
adjourn the meeting at all except by a
majority of the stockholders, and then
only from day to day, and not then unless
no election is held. They deny his right
to question the holders of stock as to
where they got it, and that it is for the
stockholders themselves to say whether
stock shall be voted or not.
OF the stock re presented Yesterday it was
claimed that $4,000 were in certificates of
stock presented by the holders themselves
and ~, $50 were present Dy persons in
whose names the stock was registered in
the books of the com pany, the proxies
being in The hands of the secretary.
This being announced r. r. Grayson,
who represented over sc, 600 shares, moved
to adjourn until to-day. The motion
was seconded. but the president refused to
put it, on the ground that he must first
determine whether or not there was a
''1s this your stock?"
Mr.. Grayson declined to answer.
Ibid You borrow this stock!'
Mr.. Grayson still declined to answer,
"Have you got the consent of the parties
in whose names this stock stands to vote
it?"
Mr.. Grayson still declined to answer
and those insisting upon the motion being
put or an appeal from the chair taken
aA 40
president, i'll a loud voice, declared, Here,
you people will have to keep quiet or I'll
make you"
This expression was hooted. The presi.
dent then, holding that no legal quorum
was present, declared the meeting ad-
journed.
Mr.. Deal and Grayson and Others called
upon all present to adjourn to room IL,
Grayson's Office. and there hold meet
ing. This was done. Mr.. Grayson took
the chair ana the roll was called and sc, 207
shares were found to be represented. The
meeting then ad djourned to meet to-day at
l o'clock. Frank Mahan, a stockholder
and trustee, apI cared and protested
against the meeting as being Irregular in
many respects, ito be determined by the
courts"
No attempt will be made by the presi-
dent, or those who sympathize with him,
TO hold meeting. when a majority OF
the bona tide stockholders come and wish
to mold a meeting we will hold it,' he
said yesterday. ''As it. is these 'truste es'
are merely brokers. into whose hands the
stock has fallen for sale or otherwise, and
who wish TO control the election for their
own interests in manipula ting the stock
depreciating it by levying assessment
and the like. The law directly provides
against such contingencies, ana whe y
they have their way in this matter then
can take the office and the property fol
all of me-"
w. T. Baggett quotes this as the law
governing Fox's action-section of the
act of April o. 1880:
All stock in each and every mining corpora
ton in this State shall stand in the books o
said company in all cases in the names of the
real owners OF such stock or in the names o
the trustees of such real owners but in ever,
case where such stock shall stand in the name
OF q trustee the party for whom he holds sucl
stock IN trust shall be des gnated upon sale
books and also in the body OF the certificate o
section 3. Az such election the stock of said
corporation shall be voted by the bona-fid
owners thereof as shown by the books of saiC
corporat ation and the certificate of stock duly
Endorsed be produced at such election, il
which case said certificates shall be deemed
the highest evidence of ownership and tn,
holder thereof shall be entitled 10 vote th
same.
The StOcKn nOlueIs, uOWcFeT, ds Sthteu
deny the right of the president to ques
flor the holders of stock. And in any
event they say he had no right to ad
iourn the meeting without dav, ant
mold that section 3l2 OF the Civil Code il
clear on that point. 1t reads as follows:
Any regular or called meeting OF the @ stock .
holders or members may adjourn from da
10 day or from time to time ii for any reason