The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1915-03-20
BUCK PASSED N MERGER
Continued from page one,

CONTINUED from page oneJ
voted down and Erikson and Smith
%thereupon left the meeting.
AT the meeting today, at which
Messrs. Clark and Redman and my
} self were present, Erikson and Smith
being absent, the following business
was transacted:
"A resolution was adopted which
recites that in the opinion of the
board of trustees the sale by the
Merger company of the Velvet claim
to the Jumbo Extension company
was in all respects valid; but the
validity of the sale having been
questioned by certain minority stock
holders, it was resolved that this
company offer the opportunity, in the
lame of the company, to commence
suit against the Jumbo Extension
company to set aside the sale of the
Velvet claim upon the demand of any
shareholder who will pay the costs
of conducting the litigation, and hat
the Merger company will afford every
aid and assistance to any such stock
holder to gather evidence and as
GER ain the facts necessary to pro-
secute the suit, and do all things
within the power of the Merger
company or it's board of trustees to
furnish facilities to prosecute such
al action to a successful conclusion.
THAT leaves it open for any one
OF all of these minority stockhold-
ers to test the validity of the sale
Ind %dispenses with any reason for a
receiver in any such action.
THE next bushes was a state
ment from General Manager Darcy,
giving in detail the arrangements be-
tween the Merger and the Atlanta
with respect to the sinking of the
Merger shaft from the 1926 to the
175O-foot level and running the
crOsscut out into the Atlanta ground;
the various amounts that were paid
by the Atlana, and the adjustments
between the two companies and the
adjustments yet to be made, giving
in detail all the figures. In SUBJ
stance, the Atlanta paid approx
mately $4,000 of the expenses of
sinking that shaft and carrying the
crosscut out to the boundary line.
The exact amount was $4,000. In
carrying the crosscut from the boun-
Diary of the Merger property, the
Atlanta has met all expenses, and
has also met the entire expense Of
installing all the additional pumps
required by reason of the flow of
water that was encountered in the
Atlanta ground. The Atlanta is
now paying all operating expenses
of the shaft for the reason that the
Atlanta is the only company using
the shaft at the present time in pros
pect and development work.
Next vas a resolution ratifying
the sale and other disposition of the
1900 shares of stock received as
part of the purchase price of the
Velvet claim, 100000 shares of
which were sold and $1,000 shares
f which ere paid over tc Van Dyck
and myself to cover our compensa-
ton for our services. Of the 81
900 shares, 1000 shares were paid
to Van Dyck and 10000 shares to
me, my arrangement with the COM
pany being that l am paid only for
special services and draw no regular
salary. These $1,000 shares we're
set aside as commissions for carry
ing the deal through.
The next matter was the passing
of a resolution ratifying the en-
ployment of joint employees = men
who are Jointly employed by the
Merger, the Atlanta and the Con-
sOlidated, and who, by reason of that
Joint employment, were better able
t. carry on the work in the inter-
est of the three companies than in
dividual employees would be.
THE other action was simply a
resolution ratifying the action taken
at the previous meeting of the board
of trustees, when officers wer. elect
ed and MI. Walther appointed sec
rotary and resident agent of the
company"