The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-11-23

l.
slopes is good, and an increased water
supply has greatly improved milling
operations.
AT the annual meeting of the stock
holders of the Hypotheek Mining &
Milling company held in this city
Tuesday morning, in response to a
question from stockholder, the di-
rectors stated that there was no
foundation for the report that has
been current during the past few
weeks that the Rex Consolidated Min
ing company had secured an option
en- control of the company w. w.
Davidson stated that there was no au-
that it was his opinion that it origin
ated in the fruitful imagination of an
enterprising newspaper reporter Ger
tainly no proposition of the kind had
ever been considered.
]. II. Kern. president and general
manager of the Hypotheek, said he
did not know the Rex people and had
considered no proposition from them.
About a month ago a party had asked
if an option would be given on the
control of the company, and he and
Mr.. Davidson had declined to con-
slider it. He did not know who the
party represented. Mr. Kern took oc-
casion to state further that it had al
ways been the policy of the manage
ment to keep the stockholders fully
advised on all matters affecting their
holdings in order that they may take
advantage of any opportunity to their
advantage. He assured the stock
holders that the business of the COM
pany would continue to be handled in
the open and above board. He reiter-
ated that no proposition had been re-
ceived directly or indirectly from the
Rex company or from any one else for
an option on control of the company,
and that if any such proposition should
be considered the stockholders would
be duly advised.
Statement From Mr.. OLSON.
Otto A. OLSON, secretary treasurer
of the Hypotheek and assistant gen.
eral manager, stated that about a
month ago he met a broker from Spo-
kane at the mine, who asked If an op-
ton could be obtained on a majority
of the stock. Mr.. OLSON replied that
no option could be given; that the di-
would not consider the matter with
out submitting it to the stockholders
Asked if there would be any objection
to examining the property, Mr.. OLSON
replied that there would be none that
the company had nothing to conceal
A few days later gentleman called
at the office and asked for permit to
go through the mine, which was
granted. This gentleman was un-
known to Mr.. OLSON and he after
wards learned that he was an engin-
eer employed by the Rex company
After his visit to the mine the engin-
eer called at the office and asked
about the financial condition of the
company and inquired into its affairs
generally and he was given all the in
formation he desired. That said Mr.
OLSON, was the last he heard of the
matter. Last Saturday. in company
with Mr.. Hitchcock, director of the
Hypotheek, he met the broker who had
first preached the subject of an option
and told him of the approaching meet
ing of the stockholders which would
afford an opportunity to present his
proposition. The broker replied thai
he knew nothing further about the
matter.
G. III. Guenther, director, stated
that he was convinced that the report
originated with Spokane brokers to in
fluence the stock market. If there
was anything in it the directors would
know about it. 1t was nothing more
than a brokers' movement.
Mr.. Davidson closed the dislussior
by stating that any proposition Il
dispose Of control would be submitted
to the stockholders who would have
an opportunity to take advantage o
it if they desired.
Meeting of Stockholders.
Out of a total issued capital stool
of 100000 shares, 100000 were rep
resented in the stockholders meeting
The secretary read the minutes of al
meetings of the directors during tn
past year which were duly approved
by the unanimous vote of the stock
holders.
The president and general manager
J. II. Kern, submitted a report cover
ing the operations of the compan,
during the year The essential feat
ures of his report were embodied II
the circular letter accompanying tn
call for the meeting of stockholder
and which was published in this pa
per at that time.
A comprehensive report on the at
fairs of the company, prepared by +