The Owyhee nugget. ([Silver City], Idaho) 1905-1984, 1907-06-28

one of the stockholders that ''the ex-
ecutive committee be instructed to at
once proceed to arrange for the erection
of mill, at cost not to exceed $780,
000." After a full discussion by the
stockholders it was agreed by them that
in addition to the 486,O0O shares of
stock already disposed OF, a further
limited amount shouId be sold to cover
the cost of building mill aud making
other improvements, with the sugges-
tion that the remainder be retired or
distributed as stock dividend, few
slight changes were also made by the
stockholders, in the bylaws, tending to
the limitation of the authority of the
officers.
One of these changes places it beyond
the power of the off ;ers of the company
leasing or otherwise disposing of any
of the company's real estate without
the consent of two thirds majority of
the stockholders. The purpose of this
is to prevent frauds, notable instance
of which is said to have been recently
perpetrated in the Couer d. Aleae dist,icf
where, when rich strike was made, the
officers Of the company promptly leased
the mine on small percentage to other
parties, thus preventing the share
holders from obtaining the large divi-
d~nds the property is capable of earn
ing, letting them go to the leasers.
Another new clause in the Bylaws
provides for the appointment of an ex-
ecutive committee of three, to be com
posed of the president and secretary
and one other stockholder who shall
have charge of the letting of all CON
tracts, and shall keep record of all
business transacted by them to be sub
mitted to the stockholders.
Tellers were then appointed and
sworn, and the election of board of
five directors to serve during the en-
suing year, resulting in the election of
Peter Steele, L. S. Honstead and F. S.
Heer of Silver City, t. N. Nelson of
Minneapolis, Mimi, and Henry X. Doll
of Scranton Pa.
The stockholders meeting after con-
gratulory remarks regarding the out
look for their property, and thanking
the outgoing directors for their past
management of the company's affairs
then adjourned sine die, and the new
board of directors were at once called
into session, and proceeded to elect
officers, resulting in the selection of
Mr.. Peter Steele to succeed himself as
president and manager; L. S. Honstead,
vice president; F. S. Heer, secretary !;
I. N. Nelson, treasurer, and the presi-
dent and secretary together with John
Lamb, members of the executive com
mittee, provided for in the revised By
laws. After transacting some other
business, the board adjourned until
July 2
After adjournment the board invited
all the stockholders present to join
them at 6 o'clock dinner at the Idaho,
where many fluctuations were INDUCED
in over the outlook for the success of
the company in having completed pay
ment for its properly and opened up
what they all believe will turn out to
be great mine.
Many of the visiting stockholders had
while here visited the work done in the
mine, but the following day quite a
party of the visitors, including several
lady stockholders, went up to the
mine aud went through its tunnels and
drifts, the ladies dressing in miners
overals and jumpers, carrying candles
and climbing ladders just like so
many little men.