The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1913-10-09
CONTROLLING INTEREST
OF STEWART COMPANY
NEW YORK PAPER FIGURES IT
As ENTIRELY FRIENDLY
TO HEiNZE.
(New York Mining Age, Oct. ~

(New York Mining Age, Oct. ~
After taking the Stewart mine in
down by nearly every mining engineer
who had examined the property, and
in less than four years nursing 1t into
dividend-paying bonanza earning
somewhere In the neighborhood of
100000 per year net, F. Augustus
Heinze has practically been superseded
in his position at the head Of Stewards
affairs However, Mr. Heinze will con-
ment Of the property acting In an adj
visory capacity to the new, board
which was elected Monday.
AT the annual meeting of the Stew
art Mining Company held last Monday
In Kellogg, Idaho,--the meeting which
was postponed from August 29--the
whole regime Of directors which had
been under the control of Mr.. Heinze
was overturned and an entirely new
board was chosen The new board
represents a syndicate headed by John
w. Mckinnon vice president OF the
Assets Realization Company, and com
prises the following five gentlemen: F.
S. Croseley. w. A. Gallagher. A. d.
Ormsbee, Nash lockwood, and Will
liam Beaudry. AT subsequent meet
ing of the board, Mr.. Crose)ey was
90 IA "a
Darlington, treasurer.
Beaudry and Bacon Get Credit.
The statutes of Idaho require that
one of the directors be resident OF
the state and, accordingly, William
Beaudry, superintendent of the mlne'
was reelected to the board. He Is the
only old director so honored and is
believed to be the only Heinze repre-
sentative on the present board. 1t is
believed that Mr.. Beaudry, as much as
General Manager M w. Bacon, has
been responsible for the splendid de-
velopment of the Stewart property in
the past four years,
McKinnon Controls $4,000 Shares.
At the meeting held last Monday,
the McKinnon interests, representing
syndicate of gentlemen connected
with the Assets Realization Company,
voted $50, 900 shares. AS the total out
standing issue is 1,23S,262 shares, it is
t1.,+ +l1n AJnv< ny forces
have a comfortable working majority.
Mr.. Heinze is believed to control In
the neighborhood of 10000 shares. AT
the postponed August meeting Mr..
Bacon held 36s,S95 proxies of the
HeinZe interests.
The McKinnon stock has heretofore
stood in the name of F. Augustus
Heinze and the United Copper Com
pany and constituted collateral put up
by the United Copper company for
loan advanced to the last named by
Assets Realization. When the loan was
not taken up and United Copper pass
ed into the hands Of receivers--rep-
resented by John S. Sheppard, jr., anu
A. f. Cudworth, 81 Cedar street, New
York--the voting control of the col
lateral fell into the hands of Mr.. Nc,
Kinnon and the Assets Realization
Company and hence the present con-
troll of the Stewart Mining by the NC
Kinnon interests. $4,000 shares came
into the McKinnon hands directly
through this loan, and the 55oooo
shares voted last Monday indicate
that some $4,000 shares of proxies nave
been acquired since then.
Heinze and Mckinnon Friends.
Mr.. McKinnon and Mr.. Heinze are
said to be on the best of terms per-
sonally and professionally, and on be-
ing importuned by the new board; Mr.
Heinze has consented to continue his
connection with the company in an
advisory capicity He will draw no
salary and his able advice and SER
vices will doubtlessly be deeply appre-
ciated by the stockholders. General
Manager Bacon and Mine Superinten-
dent Beaudry--the latter being direc-
tor, will continue as resident managers
IT the property in the Occur d'Alenes'
The office of the company in New
York. which have been and are at "a
Broadway, may possibly be moved, but
this matter is at present still in the
air.
Property Doing SpIendidy,
The mine and the company are in
excellent condition. About $4,000 tons
of ore per month are now being ham
died and General Manager Bacon has
blocked out sufficient ore to maintain
the present rate of earnings for at
least two years more. A considerably
greater tonnage Of ore in sight could
have been blocked out, but as the vein
is In swelling ground. 1t Is regarded as
poor economy to make further open
ings merely for the purpose of show
ing greater reserves.
Earns 100000 Year.
The quarterly dividend of 10 cents |
per share with an extra dividend of |
2h cents per share was paid yester- |
day and as result, $l54,S00 were dis
tributed among the stockholders. To |
maintain dividends of 10 cents a share |
quarterly. monthly earnings of about