The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1913-07-24

8
from Spokane, where he has been
spending the past week or ten days
with his family. While Mr.. Norman is
largely identified with affairs Of the
northwest, business interests have
made It necessary for him In recent
past years to spend most Of his time in
New York and the east Though never
resident Of the Coeur d'Alenes, Mr..
Norman has been very near neighbor
much Of the time and has been In close
touch with the camps development
since the early days, and more or less
directly interested in 1t.
Mr. Norman Is one Of the holders It
common stock In the Federal Mining
company, He has been an active fact
or in the suit now pending in the SUI
preme court of New York, In which
the minority kholders-represent-
ing some $4,000 shares Of 100000
ask the annulment of an alleged un-
just ore selling contract under which
the company is operating The con-
tract is for Fl years and yet has II
years to run. The case Is one involv-
ing many millions Of dollars, and the
interests OF about $500 stockholders
are involved 1t is attracting much
attention in the mining world.
Asked by The Miner as to the pres
ent status Of the case, Mr.. Norman
said:
Will Probably BE Tried This Year.
"The suit Is now ready for hearing
In the supreme court of New York. the
individual directors of the Federal
company having withdrawn their de-
murrers about month ago, few
days before left for the west. The
attorneys for the minority interests,
G. J. & S. N. Carr. are Of the opinion
that the case will be reached during
the latter two months Of the year
though they also anticipate continued
efforts at delay by the Guggenheim
interests. Those stockholders who
have Joined In the action confidently
anticipate a favorable verdict.
Tho Making Of the Alleged Fraudulent
Contract.
1--WE shall prove that the 21-year al
legged fraudulent contract was made
four years before the original contract
Of 1903 expired; that lead settlement
was placed at the same level as IN
1900. although the New York quota
tion stood at s4S5 the day It was
signed; that three Of the five members
Of the executive COMMITTEES (excluding
Charles Sweeny and Edwin Packard,
whose afficiations are well known,
were employees of the Guggenheims;
that ten directors out of thirteen were
either employees of their allied com
panies or clerks in law firms retained
! by them and that the notice sent to
stockholders for the annual meeting
at which the contract Is alleged to
have been ratified contained no refer
1 ence to such proposed ratification, and
in fact. deliberately concealed such in
tention.
What Is Expected Upon Proof.
"If these matters can be proved to
the satisfaction of the court we nave
a right to expect annulment OF tn
contract the recovery OF approx
mately $2,5o0,ooo wrongfully diverted
since It went into effect in 1903 and .
future saving Of approximately $eoo'-
600 for every year Of the seventeen
wears during which 1t will remain IN
effect
Beneficial Effect to Follow.
"such 4 result will do more to re-
habititate the Coeur d'Alenes in the
ewes Of eastern investors than any oth-
er event within the range OF possiph-
,tv. An army Of stockholders, (Which
includes 700 women) many Of whorl
have paid between 800 and 5000 pei
share for common stock and as high as
st125o for preferred, will enjoy divi-
dends for many years instead OF living
in momentary dread Of complete an
Inhalation Of their entire investment
which even now Is dangerously near
the vanishing point.
Where Support, Justly Due, Is Lacking
"The pity Of the whole situation 's
that those who draw excessive salaries
from the company's treasury. and who
might therefore be expected to fgh'
to the last ditch for the stockholders
rights, are SO inextricably bound up tf
the dishonest interests that are
strangling this splendid producer tha
they cannot move hand or foot In pur-
suance Of their manifest legal duty. Ir
other words these officials are bu
plant hired tools Of the smelling trus
instead Of the protectors Of those who
provide their salaries.
Mr. Norman's~ Present Mission--Futur'
Plans.
4 am here for the purpose of gett'nf
first -hand Impressions that will pos
sibly lead to some quick and startling
developments. I am also gathering
material for another campaign Of pub
licity to be inaugurated upon my re.
turn to New York early next month
Il have been asked to accept th'
editorship and management Of q new
independent mining periodical tina
viii commence publication In New