The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-22

It was reported on the streets yes
terday that the action of the Nam
moth Mining company in passing It's
regular dividend for this month was
likely to be contested by one OF the
directors and officers of the company,
and a representative of The Herald, in
quest of information on the subject
called at the office of the company,
where President VIII Mcintyre and d.
rector Sam Mcintyre were 1ouho.
In an interview on the question above
mentioned Mr. Sam Mcintyre stated
that he proposed to contest the actlon
of the board, if there was any law that
would cover the case, his contention De
ing that a dividend was declared at
the meeting held the day before, at
which the five directors of the organ
ization. Messrs Will Mcintyre, Gun
ningham, Ritter, Young and himself
we're present, his explanation Oh the
true inwardness of the meeting being
that a motion was made by hlmselt
and seconded by Mr. cunningham mat
a dividend be declared. The question
was called for by Mr.. Ritter, and in the
baIiCting which followed, Mr.. Cunning
ham and himself voted in favor OF the
motion Mr. Ritter voted against 1t and
Mr. Young did not vote either way,
the president not being qualified to
vote excepting in case of tie, the re
sult being that the motion carried.
Later on, however, by the combined
action of Messrs. VIII Mcintyre, Ritter
and Young, the motion was reconsid-
cred, or put again, two voting Tor and
two against, the president casting his
vote in the negative, and thus deciding
against the declaring of the usual divl-
dend.
This. Mr.. Sam Mcintyre stated, was
wrong and irregular and he intends
to make the first vote stick, if possible,
and if the law will sustain him; and
he further stated that there was money
sufficient in the treasury for the pay
ment of a September dividend, and
that the company would be in shape to
pay its regular dividend in October
also.
President Will Mcintyre, on the other
hand. was just as emphatic in the state
ment thar it was not policy to pay
dividend this month, as it would pull
down the reserve, which it was the in
tention of the company to maintain;
and he also insisted that the action Of
the board, above referred to, was reg
ular and that the minutes of the meet
ing would bear him out in the asser-
ton. He deplored- the fact that
there was not more harmony among
the members of the board, and that so
much publicity was given to the af-
fairs of the company.
Another bone of contention between
the members of the board is the opera
ton of the mill at the mine, Sam Nc
Intyre claiming that it is running the
company in debt. as some of the ore
rs too low grade to mill, and he holds
to the theory that the addition of
shipping ore to this low grade milling
mineral does not enhance its metallic |
value in the least, ana that with this |
addition it will not pay to work any !
more than it would before.
President Will Mcintyre, on the |
contrary, claims that the mill is the /
salvation of the mine, and that it is |
monthly earning the company SIS, 900 |
net and over, and he maintains that |
in getting out the shipping ore it is
necessary to also take out a large ton
mage of low grade truck, his idea being
that the cost of extraction of the mill
ing ore is, therefore, merely nominal.
1t is well-known fact that the mine
is in splendid shape, with magnificent
bodies of low grade and shipping min
eral exposed in its miles of workings.
and there are many who believe that
the passing of the dividend for this
month was just the thing to do, and |
that the action of the board in this
direction was good business policy.