The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-09-27
Management Issues
Letter to Stock
holders
POINTS TO MINE RECORD
Local Stockholders Meet and
Pledge. Their Support
to Pfirman
TvHE FIGHT instituted by Frank.
lin pfirman against the man.

lin Pfirman against the man
agement of the Success Mining
company, which resulted in an
order from the court requiring the
Success management to permit Mr..
Pfrfnan to examine all books, records.
ore contracts, etc, has now reached
the second stage in which the fight Is
being continued to wrest control of
the company from the present man.
agement. A thorough examination of
the books and records was recently
completed by an expert accountant on
behalf of Mr.. Pfrman and his associs
ates, and the findings are now being
compiled for distribution among the
stockholders Of the company and will
no doubt be in their hands before
many days.
Letter From President Gearon.
Evidently In anticipation of the
move to be made by Mr.. Pfirman,
letter to the stockholders was issued
by P. J. Gearon, president and gen.
eral manager of the Success company
for the purpose of "at least partially
acquainting you with the character of
the men and their object" in asking
the support Of stockholders. Mr.
Gearon asserts that Mr.. Pfrman is as
sisted In his action against the man.
agement by Sidney Norman, a mining
broker of Spokane and editor of Min
ing Truth, and that he is informed
that they are financed by the Alame-
d. meaning the company which has
been in litigation with the Success
company over the ownership of large
ore bodies developed in the course of
operating the Success mine He as
signs as a motive prompting Mr. Nor
man to oppose him his refusal to sub
scribe for stock to the amount of $500
In the company he proposed to organ
ize for the publication of his paper.
The attitude Of the Alameda crowd"
is explained by Mr.. Gearon in the fact
that he refused proposition from
William A. Nichols, also mining
broker Of Spokane, who represented
the Alameda Mining company, to pur-
chase 100000 shares of Success at 12h
cents per share. aggregtaing $62,5OO.
In conclusion Mr.. Gearon says:
II wish to further inform you that
the Success Is zinc proposition, pro-
ducing one ton of lead concentrates to
forty (40) Of zinc. The present prices
of zinc. which is under eight cents,
makes zinc mining Improbable. The
Success mine was formerly known as
the Granite, supposedly worked out
and abandoned.
i wish to further state that the
present management have handled the
destnies Of Success for nearly two and
one-half years. during which time the
Success Mining company has paid
100000 or sixty cents per share in
dividends to its stockholders, besides
spending many thousands of dollars
In litigation with the Alameda Mining
company and have brought that liti-
cation to successful and final issue,
In favor Of Success.
In conclusion, wish to state that
there is but one way out for the Ala
media bunch, and that is to allow them
to get control of the board of direct
ors OF the Success Mining company
Pfirman Has an Inning.
Last Saturday evening meeting of
local stockholders in the Success Min
ing company was held in the probate
court room, having been called by Mr..
phrman for the purpose Of discussing
some phases Of Success affairs devel-
oped in the recent investigation. Six
ty-two stockholders were present
Mr.. Pfrman was elected chairman OF
'he meeting and A. A. Whaley secre-
tary. Mr.. Pfrman explained at con-
siderable length the motives which
prompted him TO take up the fight
against the Success management
which originated with the option TAX
en- by the Success management on the
custer county mine. He explained IN
general the condition of the Success
company as determined by the recent
Investigation, read the contract under
which the ore from the Success Is now
being shipped. and made 1t plain that
IN his judgment the only. hope of i'm
proving conditions and placing ths
property on a paying basis was in 6
change Of management.
Resolutions Adopted.
Following the statement made by
Mr.. Pfirman and more or less genera
discussion, on motion Of II. j. Rossi
committee Of three was appointed tt
fCnrkluvnA nn~o