The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-03-14
|OAHO.NEvADA COMPANY
ELECT NEW DIRECTORS
FRACTIONAL FIGHT RESULT IN A
SPECIAL MEETING FOR
APRIL IS.

APRIL IS.
A special meeting of the stockhold-
ers of the Idaho Nevada Exploration
company has been called for April IL
directors. This meeting is called by
petition Of a majority of the stock
holders, who expressed dissatisfaction
with the management of the company
under the present board, particularly
their action in closing down the pro
perty and permitting the workings tc
flood. But after the petition for the
special meeting had been signed and
served upon the secretary of the com
pany, 1t was believed that the con
flicting elements could be brought to-
gether through the election of new
board in which both parties would be
represented. This belief was encour-
aged by the fact that members of the
old board had expressed Willingness
to resign and permit the vacancies to
be filled by the opposition as a means
OF promoting harmony in the com
pany. With this In view a meeting of
the directors was held last week, to
which the leaders of the opposition
were invited for a conference, But
the meeting failed in its purpose, oW-
Ing to the heated and indiscreet re-
~ ,ye n Oh nj hn fat iva
Of the opposition by the president of
the company before any progress had
been made toward an exchange of
views. As a result the meeting ad-
journed with the contending parties
further apart than ever and with no
possibility of getting together
How Trouble Started.
The Idaho Nevada company has q
bond on the Castle Rock, on Placer
creek, which has year to run. Work
has been going on for four years A
shaft has been sunk 200 feet, from the
bottom of which much drifting and
prosecuting has. been done and which
has resulted within the last few
months in showing up considerable
ore, not of commercial grade, but
which appears to be the top of large
ore shoot. AT this stage the directors
realized that they would not have
time to accomplish the work necessary
to prove the property within the re-
naming year, and therefore request
was made upon the owners for an ex-
tension of time, This was refused and
thereupon work was suspended, the
pump raised and the workings allowed
to fill. However the directors still
had hopes of securing an extension
and In that event it was proposed to
transfer development work to a tun-
mel on the west end of the ground,
which would give almost as much
depth as that attained by the shaft
and would have the advantage of plen-
ty of water power. 1t is and was the
opinion of practical miners familiar
with the property that this tunnel is
the place where the work should have
been done in the first place.
Although the directors claim that
they had assurance from the owners
that the time would be extended, 1t
was never forthcoming. In the mean
time the opposing faction seized upon
the suspension as an opportune time
10 undertake to Gust the present board,
and they fortified their position by as
sorting that the owners of the prop
erty had stated that they would never
extend the time of the bond while the
company was under the present man
agement. but that they would give all
time necessary if a new board was
elected. With this showing the pro-
moters of the revolt secured sigma
lures representing a majority of the
stockholders and succeeded in having
a meeting called on April Is for the
election of new directors.
A Time for Wise Counsel.
The stockholders of the Idaho New
ada company are all men of moderate
means, most of them wage earners, |
and as a rule without experience in
the development of and operation Of
mines. The company has been inanc-
ed from the beginning by assessments
the payment of which has been quite !
heavy burden for most of the stock |
holders. The question that confronts |
them now Is not so much the merits OF |
the controversy between the two fac
tons as ii is how to protect their in
vestments. The adherents of the |
present board should recognize that |
while they may strongly disapprove
the action OF the opposition, the fact |
remains that the opposition acted
within their legal rights and must be
credited with having done what they
conceived to be for the best interest of
the company. They have won their
fight and Will unquestionably be in po-
sition to control the coming meeting.
The property is one of great promise,
and the thing for stockholders to do Is
to stay with the company and help to
carry the enterprise to successful
conclusion, rather than to sacrifice
their holdings through personal pique.
On the other hand a conciliatory at
titude should be maintained by those