The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1913-10-30

l iHleTcstluS uttdIis VI Auc PlVScSs
the Federal Mining company in New
daily papers Of that city Of the I'll
| many of these subjects in the local
the situation possessed by very lari
| proceedings will be read with extren
| American and the Tribune devote es
port. They are as follows.
New York Tribune).
Sidney Norman Of No. 20 Broad
street, and A. NJ Strobe Of Mullan.
Idaho, on behalf of the minority
stockholders of the Federal Mining e.
Smelling company, at the annual
meeting yesterday at No. 81 Broad
way, submitted questions to Francis Fl,
Brownell. chairman of the board, in an
effort to show that the company Is re-
| ing managed In the interest Of the
+, Guggenheims, and not for the benefit
of all the stockholders.
Relation Of United Stores to Mining
Company.
| Mr. STROBE endeavOred to bring out
in the questions that the company Is
in control of the United Stores COM
pany which sells foodstuffs and mer-
chandise to the miners, and that this
corporation sells Its products above
normal market prices. He alleged
that IL the miners did not buy their
necessities from the United Stores
company they soon lost their posi-
lions
Mr.. Brownell however, replied that,
to his knowledge, no member of the
Federal Mining companys official staff
had even one dollar invested In the
United Stores company, and should
Mr.. Strobe be able to show proof that
any employee was coerced into buying
from the store, the matter would I'M
mediately be Investigated by him.
/ Company Insurance Discussed.
Another matter brought up by Mr..
Strobe and Mr. Norman was the right
of the company's employees In acci-
dents Mr.. Brownell denied that the
Federal company forbade employment
to miners who refused to sign agree
ments relinquishing their right to sue
for proper damages In event OF accl-
dent. The company's chairman ex-
planned that the only case in which
the employee could not recover from
the company was where he had joined
a local insurance company, which an
Dramatically released the Federal COM
pany from further liability.
/ Wanted to Talk About Dividends.
At this juncture stakeholder SAID
that the discussion of local matters
was not germane to the real needs Of
the stockholders, and that the pros
meets for receiving dividends on tbs
common stock should be divulgea MI
Norman then explained that the CHIEF
reason for non-payment OF diVldenur
for several years was because of
contract entered into by the Federal
Mining company with the American
Smelling and Refining company. con-
tro!led by the Guggenheims, wEiich
he asserted, lost the Federal company
stockholders 100000 in yearly profits
It is for the abrogation of this con-
tract that he has been contendine
since last winter. The matter is pend
ing before the supreme court OF Ne"
York and is to come up for trial IN
few weeks Mr.. Brownell refused te
go into the merits of the case, on the
ground that this was matter betof'
the court. He did ask Mr.. Norman
however. what was his real motive ~
seeking the abrogation Of the con-
tract In view of the fact that he Is \
stakeholder of comparatively short
standing.
/ Norman Not Small Stakeholder.
81 am not a small stakeholder of the
Federal Mining and Smelling COM
pany. as intimated by Mr.. Brownell,
replied Mr.. Norman. Il hold twice as
much stock as any of the directors
Furthermore. represent 100 OF the
other stockholders, who can not I'M
derstand why the directors doubt my
motives in trying to save the COM
pany and its stockholders 100000 a
wear Another thing l would like t.
add is that my dividend checks are
not made payable to the American
Shelters Securities company, as is
the case with the directors"
The company's Future.
In response to repeated inquiries as
to the future of the Federal company's
properties Mr.. Brownell said that
would depend largely on the addition
of new mines which might or might
not prove profitable. No dividend has
been paid on the company's common
stock since 1908, while the preferred
which is normally a 7 per cent stock,
was placed on per cent basis in
1912,
| Earnings for Fiscal Year.
The company's statement of earn
ings for the fiscal year ended August