The Oroville weekly gazette. [volume] (Oroville, Wash.) 1905-19??, 1910-03-04

the mine, and some idea of the extent
of the rebellion can be for med from
the following article taken from the
Springfield Mass Union, of February
l6, one of several newspaper clippings
of the same general tenor sent to this
Office from that city:
Opposition to the plan of the direc-
tors of the Palmer Mountain Tunnel
and Gold Mining company to liquidate
the affairs of the concern has develop
ed and an active canvass for proxies
for use in the adjourned meeting of the
stockholders to be held in Portland,
Me-, March 8, has been instituted by
three factions in the controversy. The
opposition to the plan for winding up
the affairs of the concern is confident
that there is still much of value in the
tunnel and that the liquidation in the
assets of the company will result in
practically total loss to the stock
holders and an immense gain to those
who ultimately acquire the property.
'"The counter move that has been inst
tuted among the stockholders centers
chiefly in Nine. De Lon of this city,
who has returned from a special meet
ing of the stockholders in Portland
with the intention not only of securing,
if possible, million proxies, but of in
voking the aid of the courts in straight
ening out the tangle in the interests OF
the stockholders.
"Many thousand shares of stock in
the Palmer mountain concern are held
in the Connecticut valley, and under
the liquidation plan as advanced by the
officials of the company in recent let
ter to the stockholders practically moth
| ING would be realized. The concern is
capitalized at $1,000, 900 and the esti-
mate of the probable selling value Of
the property as given by the officers
was only $4,000.
During all the reorganizations and
assessments that have taken place in
the last 13 years it is probable that oyer
81 100000 has been taken from the
Connecticut valley. In Hartford alone
over $780, 600 was invested. There are
hundreds of shareholders in this city,
Holyoke and Westtield and in the small
towns in this vicinity. The investors
include many poor people who put their
meager earnings into the enterprise in
expectation of sure returns One
home for aged people through its
board of directors was among the in
vestors.
"At the present time there are 3, ,20S,-
531 shares of stock outstanding and in
the special meeting last week there was
an insufficient number redresented to
make quorum. In order to make
quorum 1904, 266 shares are requredand
there were only $50, ,234 shares repre-
sented these being held chiefly by three
officers of the company as proxies.
The plrn of the officers was to take
action to wind up the affairs of the COM
pany, the directors having reported
that there is no longer profit in oper-
ating the tunnel.
'Three factions appeared at the meet
ing, and all are at the present time ac
lively interested in securing proxies.
The officers of the company have control
of nearly the entire number of shares
represented in the meeting except a
bout 1000 in proxies held by Nine.
De Lon who appeared in opposition to
the plan of the officers. An attorney
appeared representing 100000 shares
secured by John Fell of Holyoke. The
position of the holders of these shares
is understood not to be entirely in ac-
cord with the plan of the officers in that
liquidation is not favored on the ground
that there is still valuable mining pro-
pertp at the tunnel.
"Mme. De Lon told the officers that
) she would appeal to the Federal courts
for redress and stated that she had Sc
> cured legal advice regarding her rights
, and of those who have appealed to her.
The has taken steps to secure addition
: al proxies in this vicinity and among
, the Ohio shareholders.
Opposition has also developed
! among the Western shareholders to the
, plan of the officers to liquidate and
2 James b. Ormond of Morris, Mimi, an
, attorney, has volunteered to look after
their enterests. Shareholders will not
be notified of the adjournment meeting
which will come March 8 in Portland in
e the office of William II. CULVER, the
= clerk, because each of them had formal
/, notice of the special meeting and there
\ is no legal requirement for futher
l notice.
f "Those who are in touch with the stu-
t alton say that there will be a warm time
! when the adjourned meeting comes,
= because of scepticism as to the real value
: of the property, and the move in OPP
: position to the plan of the directors.
V The shareholders may insist on post
: ponement of action until they can make
an investigation independently to de-
I termine the prospects of the propertG
d in Loomis, WASH, which they contend
= is rich in copper.