Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1905-08-19

~ hCAL HNNN0Chin6 lO6al ddN dl luG
town of T%onopah, Butler p~ostofice)
Nye County, State of Nevada, which
is hereby designated as the place for
the monthly meeting of the board
of directors of said company, until
such time as the said board Of di-
rectors shall otherwise provide; and
no other or further notice of such
monthly meeting shall be required
until such change shall be made by
said board of directors. Special
meetings of the board of directors
may be held at any time and at such
place as may be designated by said
board Of directors, upon giving the
members of said board of directors
sufficient notice to enable them to
be present at any such special meet
ing"
Had the members of the board
present at the meeting of June 2Sth
attempted to declare a dividend this
action would have been null and
void, and any stakeholder could have
enjoined the payment thereof, which,
it is manifest would have been ex-
ceedingly injurious in its effect
upon the price of the company's
Alu tos hiAO ms HUH NV AOlNCl
sation had with Mr.. Knox on the End
of June that he then was strenuous
ly opposed to the declaration of any
dividends for months to come, we felt
that there was reason to fear that if an
attempt was made to declare a diyi-
dend at this meeting some stockhold-
er would be procured by Mr.. Knox
to apply for and secure an injunction
against the payment thereof, q fear
that was confirmed by the attitude
of Mr.. Knox at the Reno meeting
hereafter referred to. Notwithstard-
ing it was explained to him thaE a
dividend could not at that meeting be
lawfully declared, and also explained
to him that any stakeholder could
enjoin its payment, he, Mr.. Knox
urged a declaration then and there,
and stated that so far as Mr.. Morris
GaSou,a wus. concerned, u made 10
difference. because he had me- M
y ii 10 n TIE east and told MIN II ut
a Dividend of 100000 would he de-
clared on the 2Sth, and that Mr.. Nor
ris was favorable thereto.
The. next morning, June goth, all
of the directors who were present at
the meeting on the 2Sth, took the
train for Reno, Nevada, to attend the
adjourned meeting appointed for
July LIST.
AS soon as the members of the
board met in Reno on July 1st, Mr..
Knox insisted that he though that
meeting was Illegal. After more
than an hours discussion on this
point, he was compelled to aoandcn
his position, SO clearly untenable
was it. T%hereupon Mr.. Dickson NOV
ed that a dividend of $100,000 be de-
clared and that the board announce
that quarterly dividends be thereafter
paid until the further order of the
board. The motion having been sec
Onded, discussion thereof was enter
ed upon, and almost Immediately it
developed from the remarks of Mr..
Knox, that he was now opposed to
the declaration of any dividend.
When asked why it was, if he in
tended before we left Salt Lake to
oppose a dividend, he did not then
so state to us, and thereby relieve us
of the necessity of a futile Journey
to Reno, he was silent. When asked
to explain HON it was that he was
anxious to have a dividend declared
on Thursday, the 2Sth of June, and
now, only two days later, he was OPP
posed to such action, his answer was
that he did not know at the time of
the meeting on the 2Sth that Mr..
Gillies, the general manager, was go.
ing to resign, and that we would
have to seek another to take his,
Gillies's, place. (This answer of his
was untrue, for as early as the End of
June, at the meeting at which were
present, as above stated, Mr.. Knox,
Mr.. Macdonald, Mr.. Dickson, and Mr..
Ellis, Mr.. Gillies stated in the pres
ence of and directly to Mr.. Knox that
he had already made arrangements
for another position, and that no sal
airy that our company might offer
him could induce him to remain. And
again at the meeting on June 2Sth,
above referred to, Mr.. Gillies tend
cred his resignation to take effect as
soon as the company could with rea-
sonable diligence secure a competent
manager to take his place, but as
sured us then that he would after
his successor had been chosen, re-
main with us as long as 1t was nee
essary to thoroughly familiarize his
successor with every feature Of the
company's property and workings,
and would give to his successor all
the knowledge which he himself had
acquired during his incumbency of
Of the Office of general manager.)
1t was not until after more than
three hours Of discussion at the Reno
meeting that Mr.. Knox could be in
duced to consent to the declaration