The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-01-31
|DAHO-NEVADA COMPANY
ASK EXTENSION or BOND
PROBABLY WILL BE GRANTED
MOVEMENT TO ELECT NEW
BOARD OF DIRECTORS.

Official notice of the suspension of
operations by the o-Nevada Ex-
ploration company is contained in
letter just issued to the stockholders
by A. ]. Mcdonald, manager, The
company had reached point in the
development of the property, which is
miles from this city, at which the man
agement was confronted with a large
expenditure in order to prove the pro-
perty at depth, and which was not JUS
titled without an extension of the
bond. About this time the flood de-
stroyed the wagon road which render
ed 1t practically impossible to deliver
supplies to the mine without the ex-
penditure of large sum on the wag
on road. AS the company had been
ment for an extension, and as its funds
are derived wholly from the assess
ment of stockholders, the directors de-
cided that the only course left to them
was to suspend operations.
Managers Letter
"Slnce my last report we have done
1875 feet of drifting on the 2O0-foot
level, which makes total Of about 900
feet of drifting and prosecuting on
this level without developing any ore
of commercial value in paying quanti-
ties We have proven this level as far
as we have gone. In the meantime
we asked the owners of this property
for an extension of time on the bond,
in order that we might sink the shaft
to greater depth, as we didn't have
enough time left to do this work and
develop the next level. In this they
told us they would give us an extern
I sion of time on the bond, providing we
paid the interest and part of the prin-
cipal, and this the board of directors
declined to do. 1t is hard enough to
get money to carry on the de-
velopment work on the property with
out paying anything on the bond until
we find ore in paying quantities, so
there was nothing else for us TO do but
to pull the pumps and everything out
Of the shaft"
Meeting of Directors.
meeting of the directors of the
Idaho Nevada was held last week
when a conference was held with Alex
Livingston, who represents the con-
trolling interest in the Idaho Nevada
property. According to reliable in
formation, Mr.. Livingston expressed q
willingness to extend the time of the
bond but how long was not agreed up
on. II an agreement is reached with
him it is believed that the minority
owners. none of whom are here, win
come into the agreement also. In view
of the fact that considerable criticism
of the present board of directors had
been heard, Mr.. Livingston was in
formed that If he objected to the poll
icy of the present board he was privi-
legged to select any four stockholders
to take the places of an equal number
of the old board who would resign
The point was that the present board
had no purpose except to promote the
best interests of the company, and
that they would gladly step down and
out In order to accomplish that pur-
pose. While no definite conclusion
was reached, ii is believed that bet
ter understanding was accomplished
and that an agreement for an extern
sion will soon be entered into which
will enable the company TO resume OPP
erations.
An Opposing Faction.
In the meantime movement has
been started by number of stock
holders to call special meeting to
remove the present board of directors
and elect new board. Whether a
sufficient number of stockholders have
signed this call for special meeting
Is not known. From the standpoint OF
common interest, it is hoped that this
move will be abandoned. What is
needed now is harmonious action. Pos
sibiy the old board has made mistakes;
no mines have been made without
them. But the directors have used
esiNh pSSt JuuSiiCHt aHQ every ublldl
coming into their hands has been used
In the development of the property 1t
Is a thankless job at best, and they
have shown a commendable spirit IN
offering to vacate If 1t is believed that
others can do better. So far as is
known the opposition has nothing to
offer that promises better results. The
proper thing for them to do is to join
in the efforts to secure an extension
of time That is the most pressing
consideration at this time When that
is accomplished there Is no doubt that
they will be given representation on
the board of directors. The stockhold-
ers in the idaho Nevada are largely
wage earners and men of moderate
means and failure to get an extension
through dissention among themselves
would be most unfortunate. Recent de- /
velopment work on the property is
most encouraging, and it is hoped tina !
all differences will soon be settled and /
work started, which is to the interest 4
OF all concerned.
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