The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1908-07-01
M'K|NNON GIVES
OUT HIS STATEMENT
Tells of The Troubles of The Ama6Or
Mining Company and Outlines His
Position.

from ID. Il. MackinnOn, secretary of
the company denying charges made
against him, making explanations
and indicating his choice for new
board of directors to be chosen at a
meeting which he has called. The
letter follows:
Boston, Mass, June Is, 1908
ITO the Stockholders of the ANA
dor Consolidated Mining & Develop
ment Company: In explanation of
recent events | wish to say, lest my
silence be wrongly construed, that in
April, 1905 I went to the mine aa1
superintendent the construction of
the smelter, leaving the Chicago Of
fice entirely under the control of the
other members of the board of di
rtctors. | remained at Amador ur-
til TIE middle of December and iin.
raediately after January 1, in COM
pany with Mr. Robert NJ. Mailer, !
went to Wilmington, Del, to attend
the annual stockholders meeting Of
the Amador Railway company, ro-
turning via Boston.
"The copper market was high and
all indications looked good for Sc
curing the necessary funds wish
which to place the company on G
sound financial basis. We reported
accordingly upon our return to Chi
cago, and the board by resolution
spread on the minutes, directed me-
to open an office in Boston. The
panic followed, as you all know, and
the Boston office failed to make
good.
Enthusiastic for the success of
Amador, | exhausted all of my per
sonal means in order to carry the ex-
penses of this office, in hopes thu.
the tide would turn and the money
would be received to pay off the IN,
debtedness and continue the develop
ment work.
THE Chicago office was not sell
ing share of stock. but pilins up
expenses daily. Realizing what the
result would be, | offered to donate
$4,000 shares of my personal stock
to be sold at 81 per share to stock
holders, in order to pay the indebted
ness and | am informed that $4,000
shares were sold at that price.
81 made two trips to Chicago and
remained in the office TO days at one
time and two or three days at the
other period.
"As no attention was paid to my
suggestions, | sent in my resi- : nation
as manager to take effect Decem Der
81, 1907, refusing longer to be in
any manner responsible for the acts
OF other people.
81 issued a call in February for the
annual meeting of shareholders To be
held at Phoenix, Ariz., for the reason
that meeting of stockholders could
not be legally called in Illinois.
ION February 21. Mr.. George Lill.
accompanied by his personal attor-
ney. Mr.. William E.. Cloyes. came to
Boston and invited me to go to
their hotel, as they wished to see me
privately. | did so and was in
formed that the directors had passed
resolution directing me to call the
stockholders meeting in Chicago,
and Mr.. Cloyes gave me written
opinion that such meeting was strict
ly legal then prepared the call.
This stockholders meeting after ad-
journing from time to time without
electing officers finally adjourned
sine die and in consequence l have
called special meeting for the cleo
ton of officers. notice of which is
herewith enclosed.
Realizing after considerable de-
bate that we could not agree on the
future handling of the property. I
submitted an offer to sell to the COM
pany, the result of which offer has
81 - lx,,k
agement. and which has resulted in a
number of sensational newspaper ar
ticles. which may bring about the
sale of this property for indebted
ness.
"Such charges as have been called
to my attention l wish to deny cate
gorically: First. | did not leave Bos-
ton surreptitiously on a fishing trip
to Maine. l moved with my family
openly and with full knowledge OF
my friends neighbors and postoffice
authorities to Maranacock. Me. Sec
ond, I am not the only member Of
the company who has made profit
by my connection with the company
There are at least half dozen Of
ficers and statesmen who sold stock
oh thCAi pei VI thC
mine whose commissions were sew
eral times as great as my salary.
never received commission on stock
sales and l have always put up my
personal funds to pay company in
debtedness. when necessary. Third
| have parted with considerable
amount of personal stock. the pro-
ceeds of which (A) was turned into
the company and for which the com.
pany in indebted to me, OBJ or the
proceeds of which was used in the
construction Of the smelter and do.
mated to the stockholders Co or the
proceeds of which was donated to pro.
mote the companys business either
directly or indirectly or Cd the
stock was given away without any
recompence whatever. either to pur-
chasers of certain blocks of treasury
stock or to parties. or in the interest
of parties friendly to the company
I have made no Investments outside
of Amador except 90 shares of bank
stock which is now and for two years
has been pledged as security for com