The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-04-06
STOCKHOLDERS Of SUCCESS MINING CO.
PASS RESOLUTION APPROVING MANAGER
MANY STOCKHOLDERS ATTEND MEETING PERsoN-REPoRT
ON CONDITION OF MINE-PosIroN MANAGEMENT
WITH REGARD TO ORE CONTRACT

against the management of the Sue
cess Mining company with which the
public has been RECALLED during the
past few weeks by publishers and
brokers both east and west who evil
IDENTIFY had IAN AK to grind" seem tc
nave faded away and were forgotten
when the stockholders of the COM
pany assembled in this city last Mon
day. a large number of stockhold-
ers were present and the representa-
tion altogether accounted for over
100000 shares. The large majority of
these shares were represented by
proxies in the hands of p. J. Gearon,
president and general manager of the
company, a significant fact in itself
when taken in connection with the at
tacks made upon the management.
More significant stll was the adoption
of a resolution with only one dissent
ing voice, approving the management
and giving it a cordial vote of con-
fidence.
Condition of the Mine.
In order to place every stoekholder
in possession Of all the information
regarding the physical condition of the
Success mine, so far as that informa-
ton can be obtained through a care
full examination, the president
submitted report prepared by
Arthur B. Clark, of Butte, a mining
engineer of high standing, long ex-
perience and recognized ability He
had examined the Success mine sew
eral years ago and recommended 1t to
group of capitalists as a desirable
purchase. He found upon investigat-
ing the property this time that his es-
innate of its value had been fully ver-
flied. Mr. Clarke's report will be found
in full on page 5.
That New Ore Contract.
The Success management had been
attacked through certain newspapers
and brokers' bulletins because of it's
refusal to make public the terms of
the new ore contract When this sub
ject was brought up in the meeting of
the stockholders, President Gearon
stated that the new contract did not
become effective until May /, when tho
old one expired. He stated that he
! had refused to make the new contract
public because in doing so he felt that
he was serving the best interests of
the stockholders; that it was not
usual for companies to make such
matters public, and that no stockhcld-
er in the Success company had been
garding the affairs of the company to
which he was entitled. When the old
contract expired he would continue to
be governed with reference to the new
contract by what he conceived to be
the best interests of the stockholders
James F. Howarth resigned as sec
retary treasurer and director of the
company on account Of pressure of
personal business, and L. C. Wilson
was elected to fill the vacancy The
following circular letter has just been
issued by President Gearon, which
gives the proceedings of the meeting,
including the resolution supporting the
management:
The Presidents Letter.
Wallace, Idaho April 3, 1916.
To the Stockholders of the Success
Mining Company, Limited
That all of the stockholders may be
advised regarding the proceedings had
at the annual meeting, held in the Of
flee of the company, Wallace, Idaho,
this date, the following brief statement
is made
Because so much unreliable informa-
tion regarding the physical condition
of your property has been furnished
the public by parties neither interest
ed, informed or advised, it was con-
sidered the interest Of the stockhold-
ers would be best served by having a
report on the property made by re-
liable, nom resident engineer, present.
ed at this meeting. A copy of the re-
port of Mr.. Arthur B. Clark, of Butte,
Mont, is enclosed for your considera-
ton.
After a general discussion covering
the past years business, the acts of
the management and directors, the
consideration and treatment afforded
stockholders in this company, as COM
pared with other companies, the fol-
lowing resolution was introduced and
adopted with but one stockholder vot-
ing mo-:
RESOLVED, That we, the stock
holders of the Success Mining Com
pany, Limited, commend the highly eff
ficient and successful management of
the mine and financial affairs of the
company during the past year.
1t is exceedingly gratifying to the
stockholders to have received during
the past year the magnificent sum OF
fortysix cents a share in dividends
and to know that the company ac-
cumulated surplus, according to an
nual report December 81, 1915, of $251,-
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