The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-02-26
He WAS NOT REMOVED
Graves Is Still President of the
Ruby Company.
A NEW MANAGER ELECTED
The Little Word and" in the Bylaws
Comes to Graves, Assistance-The
Directors Win Only Half
Their Battle.

The meeting of the Ruby mine direc-
tors came to an end last evening with
out the threatened removal of President
NJ T.. Graves from the head of the COM
pany having been accomplished, although
it was not from any lack of willingness
10 Gust him ON the part of majority of
the directors. The difficulty lay in the
wording Of the bylaws. and President
Graves owes his continuance in the Of
flee for the present time at least. TO the
appearance of the word and where it
was necessary for the word 'or" to occur
in order to give the board of directors au-
thority to carry out their design. which
was undoubtedly to remove him, as a res
olution providing for his removal was in
PRODUCED which was favored by major
sty of the directors but Director Howell,
who has looked after President Graves
interests during the meeting. succeeded
I'm convincing the revolutionists that such
q course was prohibited by the bylaws
and the threatened event was ayerted.
Mr.. Graves was. however, degraded by
having the general managership of the
company taken from him. which has hith-
erto gone with the presidency. and Fred
Sherman was elected to succeed President
Graves in that capacity.
Yesterdays session of the directors was
devoid of the sensational features ex-
pected of IL. or at least in very large part.
After the spectacular encounter between
Colonel Sanders and Director Howell of
q week ago to-day and Mr.. Howell's
raignment of Colonel Sanders in an in
terview the succeeding day. it was ex-
pected that the entente cordiale would be
severely ruptured when the question Of
President Graves proposed removal came
up, but aside from an exchange of rather
sarcastic pleasantries, harmony pre-
vailed.
The resolution to depose President
Graves came up after the routine bust
ness of the meeting had been disposed Of.
1t was introduced by Director NJ l.. Hew
lit. and Colonel Sanders rose to speak in
support of IT, Contrary to expectations.
he did not sail into President Graves or
his personal representative, Mr.. Howell.
merely making few sarcastic references
to them in the course of his remarks. in
which he contended that the board of d.
rectors OF a corporation had the power
under the statutes to remove the presi-
dent before the expiration of his term if
there appeared good reason to do so.
Mr.. Hewitt also spoke in favor of the
resolution. saying he considered there
were good grounds to warrant its adop-
ton and pointing out wherein he consid-
cred President Graves had fallen short in
his management OF the companys affairs.
and where he believed the president had
overstepped his authority.
Mr.. Howell opposed the resolution. and
In replying to the previous speakers. de-
MED the charges of acknowledgement on
Mr.. Graves part and took issue with Mr..
Hewitt relative to the latters remarks
impugning the presidents motives. Mr..
Howell then turned to Colonel Sanders
contention that the board had the power
TO remove the president, and character
lied Colonel Sanders position as ridicu-
lous In support OF his argument Mr.
4
that point. the clause quoted being to the
effect that 'the officers and trustees shall
be elected for one year and shall hold
office until their successors are elected
and qualified"
Mr.. Howell held that under that section
of the bylaws it was not possible to le-
gally remove an officer until his term ex-
pired. but 1t was pointed out that if the
word or occurred in the place of the
word and" between the words year"
and shall IL might be possible to re-
move an officer. but even i'm that case Mr..
Howell did not believe a removal could
be legally accomplished.
The directors a majority of whom were
obviously in favor of the resolution. ac-
cepted Mr. Howell's view of the situation
and the resolution did not reach a vote.
1t was decided. however to deprive Mr..
Graves of the management of the mine.
and Fred Sherman was elected general
manager.
During the days proceedings IL was de-
cided to declare a dividend OF per cent.
amounting to $1,000. To be paid March 5.
and the transfer books were ordered
closed on March until the dividend is
paid.
Foreman Martin Buckley, who came In
from the lowlands yesterday. submitted
a report of the condition of the mine To
the board. In II he stated that there is
more ore in sight in the mine than ever
and that the output of the present month
will greatly exceed that of any previous
month
The checking up OF the shipments
which was reported upon by the commit
tee appointed for that purpose at the
previous session, shows that with the orc
now at the smelter the mine has produced
about 100000 since Aug. II. when the
present company took charge and thai
II has produced a total of S315.o00.
After deciding To hold a meeting of the
board each month. at which times the dr.
rectors will take a hand i'm the manage
ment of the mine. the meeting adjourned
Prerequisite To Reform.