The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-04-18
IDARO.NEvADA COMPANY
ELECTS NEW DIRECTORS
MEETING WILL BE HELD THIS
EVENING TO DISCUSS PLANS
FOR A RESUMPTION.

special meeting of the stockhold
ers OF the Idaho Nevada Exploration
company was held last Monday even
ing. This meeting was called upon
petition of a majority of the stock
holders of the company for the purN
pose of electing new board of dir
ectors, in which dissatisfaction was
expressed with the manner in which
the affairs OF, the company had been
handled by the old officers and drec-
tors. 1t was evident that the opposi-
ton to the old board would have a
safe majority In the meeting, and no
effort was made to block the recalci-
trant faction in taking over control
Of the company. The only member of
the old board of directors present was
Alex Livingston, one Of the owners Of
the property which is under bond to
the Idaho Nevada company and who
Is in full sympathy with the opposi-
ton. The number of shares represen-
ted in the meeting was 730,9O5, being
a safe majority of the outstanding
stock and most of which were in the
hands of those who demanded
change in management. In fact they
were so strongly in the majority that
action of the meeting in all essential
respects was practically unanimous.
New Officers and Directors.
The following directors We're elect
ed; A, Il. Knudson and A. B. Living
ston, Of Wallace John C. Abramson
and H. II. Hall, of Sunset; and Michael
Martinson, of Burke. The directors
organized by the election of A. E.
knudson president of the company,
and John c. Abramson vice president.
The election of a secretary and treas
urer was postponed for the time. A
meeting will be held this evening at
the Office of John Ferguson, In the
Shoshone building, for the purpose
of filling this vacancy and to consider
plans for a resumption of work on
the property.
The Idaho Nevada company has a
bond on the Castle Rock property,
situated on Placer creek. The bond
was secured for period of five years
and has now run little more than
four years. A few months ago the
management realized that further time
would be required under the bond to
accomplish the necessary work to
prove the value of the property. Ell
successful, the owners insisting upon
a cash payment to cover interest on
deferred payments as the only condi-
ton that further time would be grant
management decided that 1t would be
unwise to continue further expendi-
ture In development work The prop
erty was. therefore. closed down and
the workings allowed to hll 1t was
at this juncture that the opposition
to the management made its appear
ance In the form of petition calling
for special meeting of the stockhold-
ers for the purpose of electins new
board Of directors.
More Time Promised.
II became apparent as the contro-
versy progressed that the owners OF
the property were also dissatistie
with the management and the leaders
OF the revolt contended that they had
assurance that satisfactory agree
ment could be made for an extension
Of time If they were given control of
the company. This contention is now
confirmed by the new officers. In
conversation with Mr.. Knudson, the
new president, yesterday he stated
that Mr.. Livingston, one of the larg-
est owners of the property and who
represents the other owners, had
agreed to extend the time two years
from the expiration of the bond, which
Is next February and that all terms
would be made satisfactory for the
continuous development of the prop
erty. 1t is probable he said, that a
small cash payment will be required
to bind the bargain as matter of
good faith. The matter of extension
will be taken up at the meeting this
evening when it is expected that all
details will be worked out with view
to beginning work as soon as possible |
10 al
will be engaged to make thorough |
Inspection of the property and make
for its further de- |
yelopment.
RAIL ROADS AND TAXATION.