The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-02-20
HAD A STORMY MEETING
Strained Relations Among Direc-
tors of the Ruby Mine.
A NEW CORPS OF OFFICERS
They Will Probably Be Elected Before
the Meeting Adjourns-Directors Are
Opposed to the Management of
Mine by President Graves.

The meeting of the directors of the
Ruby mine yesterday was lively one
at times and evidences of strained rela-
lions between the representatives of the
president and principal stakeholder, Nj.
II. Graves, were apparent throughout.
The purposes for which the special meet
ing was called were not fully accom-
pushed and a recess was taken until
next Wednesday. The anticipated re-
moval of President Graves did not oc-
cur, but it is highly probable a new
corps of officers viii be elected before
the meeting adJourns.
During the stormy portion of yester-
days session Col. w. h. Sanders and Z.
b. Howell, two of the directors, engaged
in heated colloquy, in Which Colonel
Sanders subjected Mr.. Howell to
scathlnS arrangement for the position
he occupies in the controversy. Colonel
Sanders also introduced some rather tor
ria resolutions, one OF winch was adopt
ed, but the other failed.
Inc majority OF the directors are OBJ
posed to President Graves management
Tor number of reasons, PRINCIPAL
among which are the claims that he
has never kept proper record or made
any accounting OF what the mine mas
produced; Inat he refuses to give stock
holders any information when requested
out any regard to the wishes of anyone
Interested except himself, ana that the
working of the mine has been misman-
aged Tor the purpose of endeavoung 10
run down the stock in order that the
loose shares may be bought up al a low
figure.
1he specific purpose of the majority
of the directors in calling the meeting
was TO keep check of the shipments, as
1t is claimed no proper record mas peen
kept OF them and THAT consequently the
stockholders are in The dark as to what
the mine has produced.
The meeting thus far has been de-
voted chiefly to this checking up and
the results as far as the work has
progressed shows that the mine has pro-
duced about $3U0,0 and that $4,000
has been taken out during the past six
months.
The directors who are opposed to
Graves are of the opinion that when the
checking is completed the total viii be
very greatly increased. Governor Rob-
eft Smith, as vice president of the COM
pany presided at yesterdays meeting
which was attended by the following d.
rectors: w. +. Sanders, j. u Sanders
NJ. l.. Hewitt, X. b. Smith, L. h. Howell
and L. 5. Wild. At the outset, Direc-
tor Howell, who represents President
Graves interests. objected to the form
OF procedure which was being had I'M
der the old bylaws Mr. Howell con-
tending that new bylaws had been
adopted and should be followed The
opposition directors claimed that the by
laws MIR. Howell desired to have fol-
lowed had been drawn UP by President
Graves and relegated all the powers 10
himself, subyertlng the directors These
bylaws, it was claimed. had never been
adopted, and the opposition proposed to
go by the old bylaws.
The discussion gave Colopnl Can5arc
occasion to offer a resolution, which af-
tofded him an opportunity To speak TO
the question of its adoption. The resolu-
ton was as warm as his remarks which
followed. 1t read:
Resolved, That r. B. Smith, F. b
Howell and ". +. Sanders be and they
are hereby appointed committee on
corporate ethics, to hold said aDpoint-
ment so long as they or we shall deem
the same OF Importance to the COM
pany, or shall be members of this
board, who shall inquire ana report to
this board and to its officers and to the
stockholders whose trustees we are. to
what extent Ii is proper or justifiable
or desirable to conceal from the stock
holders or each other the moneys on
hand, the proceeds of shipments, or re-
celpts, or. the condition of the property
or the expense of the officers salaries.
management thereof, or any matter
connected herewith, and if any such
reason for concealment from the own
ers exists on what proposition of NOR
ais the same is justified, and they are
hereby directed to make a report there
on whenever any circumstances shall
arise which involve such inquiry
Colonel Sanders moved the adoption
or the resolution and in support of 1T
said, among other things, that it was
apparent to him that the interests of
the small stockholders We're being trod-
den upon. They Were entitled, he said, |
TO protection, and he proposed to see
that they were protected. He then /
paid his respects in his characteristic |
style to Mr.. Howell for being in the |
position, as he said, of having been |
given one share of stock by President |
Graves and then made a director and
paid to represent Graves.
Mr.. Howell replied that 1t was a fact /
that he was paid to represent President I
Graves and he proposed to look out for |
his interests. The resolution failed by /
the following vote: Ayes-W. L. San I
ders, J. L. Sanders and NJ. L. Hewitt |
3. Smith, +. b. Howell and I
L. S. Wild.
Colonel Sanders followed up the fail
ure of this resolution with the intro
duction of another, as follows:
Resolved, 1t is the right and duty of
every director and trustee of any in
dustrial or mining company to know
the property owned or possessed by such /
company, and the title. condition, bust
ness product and promise thereof and
to participate with his fellow trustees
IN such management II the same as
will secure the greatest value there
rom for each stakeholder according to
his interest therein. and it is the duty
1I every officer or employe to make d
report to each director or trustee
when thereto by him requested, of all
matters of such corporation in his cog
aiZance without concealment or mis-
representation, and any failure herein
$ cause for removal of such employee
1r officer. and makes such director
rustee, officer or employee liable for all
famage suffered thereby primarily to
he company and secOndariiy to each
This resolution was also warmly dis
sussed, Messrs. Howell and Wild OBJ
Getting 10 the clause making the trlls-
ees and officers liable to the company
md stockholders. but the resolution
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