The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-02-08
NOTICE OF ASSESSMENT
DELAY IN SENDING OUT
cRlTlclsE COMPANY FOR FAIL
ING TO NOTIFY sTockHoLD.
ERS BY MAIL.

As matter of fairness to stock
holders, mining companies should
publish their notices of assessment
and other legal announcements In a
paper of general circulation, rather
than in obscure publications which
few people see and nobody reads. In
addition to publishing notice of as
sessment, the law requires that all
stockholders shall receive special no.
tice by mail, and this notice by mail
should Immediately follow the first
publication Of the notice. Failure to
conform to these rules for the protec-
ton of stockholders has subjected the
management of the Ambergris Mines
company to considerable criticism
from stockholders. 1t appears that
the assessment was levied on january
o. but stockholders were not notified
UNITY the latter part of the month In
the meantime II appears that several
sales of stock We're made in Spokane
without knowledge of the GU. rent as.
sessment and brokers who made the
sales are held for the assessment when
the seller refuses to pay. Northwest
Mining Truth, of Spokane, has this to
say OF the manner in which the Am
bergris assessment was levied.
much indignation has been arous-
ed among local stockholders of Am
bergris Mines company through the
high handed manner in which recent
assessment of two cents per- share has
been handled by officers of the com
pany The company is controlled by
the Day family. which has always ex-
hibited contempt for the rights of mi
nority stockholders, and which in this
case appears to have stepped danger
ously close to illegality. The com
lany has recently taken over the Am
oergris Mining company, the latter's
capital of $S,O00,00O having been re-
luced to $1.O00,O00 under the present
name Stockholders of the old com
Dany We're asked to place their hold
ngs in the hands of Ramsey Walker
asher of Wallace National bank of
Wallace, also controlled by the DAYS.
certificates have been held up for
many months upon one excuse and
mother and We're only distributed last
week. In one instance in the knowl-
dge of Mining Truth certificates were
eceived In the mail leaving Wallace
I a. IN. on the morning of January
D, Meanwhile no notice of assess |
ient had been received and the hold |
OF the certificate disposed of 1t In
ne open market. The buyer forward
q 1t to Wallace for transfer and was
Horned by the secretary that assess
rent OF two cents levied January 5.
ad not been paid Notice of assess
tent was not received by the original
wner until January 26 the notice
eng postmarked Z a. m, January rs.
Wallace, Idaho. AS matters now
and, brokers are held for the ASSESS
ent in cases where original holders
fuse to pay the amount or where
ey can not be reached The episode
Ids one more instance of indifference {
treatment of minority stockholders 4
the controlling factors. The same 9
ndition exists in Ray Jefferson, $
lmarack & Custer. Stanley, Moon I
hit and in fact every corporation /,
til which the Days are connected. n
ming Truth has not looked up the h
y on the subject. but suggests that 4
is time the Spokane stock exchange Q
TX some steps to protect the public
IN such manifestly unfair and in
ent tactics. Some concerted action h
ould be taken to force proper treat "
mt of stockholders in mining cor hi
'ations. even where they are con- m
He'd by men of wealth who notori- n
'ly refuse to recognize minority N
hts" :,