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

1
! A roornful Of minority shareholders
Of the Federal Mining 4 Smelling
company. led by Sidney Norman
heckled the management for three
hours yesterday at the annual meeting
here.
4 F. II. Brownell chairman Of the
company, which Is controlled by the
American Shelters Securities COM
pany. which in turn Is controlled by
the American Smelling & Refining
company, successfully buffeted the at
tacks and had the managements en-
tire board reelected by a vote of 49,
692 shares of out 10000 shares out
standing.
Strobe Submits IA Questions.
The heckling centered around the
contract which the American Smelling
& Refining company has for smelling
Federal ores. The contract is being
contested in the supreme court Of New
| York.
! Immediately the meeting began, A.
M. STROBE, a stakeholder of Mullan
Idaho, and former legislator Of that
state, opened fire by submitting list
Of IA questions. Some were answered
by Mr.. Brownell and others we're not
on the ground that they entered into
the suit over the contract.
Query on Miners Wages.
1t became known that Federal Min
ing deducts from employees wages
whatever bills they have with the
United Stores company in Idaho.
Mr.. Strobe said that in some in
stances the miner had nothing left
when the representative of the United
Stores collected for the week. Mr.
Strobe also wanted to know why the
Federal people forced the miners to
do business with the United and who
got the profits made by it.
Mr.. Brownell denied that the Fed
eral forced it's miners to do business
with the United Stores company and
said that no one connected with the
executive management of the Federal
had directly or indirectly a dollars
worth of interest In the stores.
A Third Of Morning Wages.
: Mr. Norman produced figures show
ing the United Stores company got
more than one third of the wages
paid out at the Morning mine from
June. 1912, to June, 1913.
"Who gets the porfts, that's what
l would like to know" demanded a
bearded shareholder.
/ Let us discuss the company's af
fairs In which | am more interested
than the workingman, declared an
other. II haven't received any divi
dends for years.
When Mr.. Brownel assured Mr.
Strobe that If new company started
stores in Wallace, the Federal would
make the same arrangement for the
collection of money due from miners.
Mr.. Strobe said:
you will give me that guarantee,
will you? Shake hands. | came all
the way here for that. | am ready to
go home now"
Frank Sweeney, secretary of the
Federal. admitted he owned 10 shares
of the United Stores company stock.
Company's Bank Funds.
In answering Mr. Strode's questions
as to what banks held the funds of
the Federal. 1t was brought out that
although all other institutions holding
its moneys allowed interest, one bank
In which Harry l.. Day, president and
general manager of the Federal, did
not pay any interest on a balance Of
$4,000. .
Mr.. Brownell said the Federal
maintained no secret funds for poiti-
cal or other purposes and said he was
not aware that it had contributed
$1,000 to the last national campaign.
Wants Contract Revised.
Excitement ran high when Mr.. Nor
man told Mr. Brownel that he Nor
mani would ask his following to
agree with him In permitting the Am
ISiiCdh totitciliIs anu EketIuIHB company
to continue handling Federals ores If
a proper revision of the contract. now
a existing was made.
Mr.. Brownell said he could not
promise a revision. He did not know
what Interior motive had prompted
Mr. Norman to buy into the company
and then start suit over the con-
tract.
Saving 100000 a Year.
when | am trying to save the
Federal company 100000 a year what
right have they to ask me what utter
Tor motive have?" asked Mr., Norman.
II own 40 times as much stock as your
secretary; nine times as much as the
directors and my certificates are no.
marked dividends payable for the
American Shelters Securities COM
pany,' as are yours also represent
100 stockholders"
The annual report showed 8 Clio
per cent earned on Federal preferred
stock. against 40 per cent the pre-
vious year Net profits decreased
s2ss,755.
Mr., Brownell said that aside from