The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-03-21
|DAHO.NEVADA CONTROL
ISSUE COMING MEETING
DIRECTORS LETTER DRAWS A
REPLY FROM OPPOSING
FACTION.

The letter to the stockholders of the
Idaho Nevada Exploration company,
issued last week by three of the di-
rectors of the company, in which a de-
NAL was made to the charges that had
been made against them by those who
were instrumental in calling Il special
meeting to elect a new board of di
rectors, has drawn reply from the
three men who engineered the revolt
against the present management. The
letter is signed by John p. Abramson,
A. l.. Fisher and A. e. Knudson. They
state that several statements made by
the three directors they believe can
not be substantiated, but refrain from
entering into a detailed discussion of
them until the coming meeting on
April Is. They expressly disclaim
any charge of dishonesty against the
directors but contend that the record
will show that the money raised by
assessment was not wisely spent The
letter follows:
To the Stockholders.
"a letter dated March 10, 1918, has
been signed by three of the directors
of this company and sent to the stock
holders in an effort to secure proxies
with which these three gentlemen
hope to perpetuate themselves in Of
flee. In support of this effort they in
dulge in several statements, the truth
of which we believe can not be sub
stantiated, but that matter will be
taken up at the meeting. 1t is inter-
esting to note that only three out of
! FIVE directors signed this letter. 1t is
also interesting to learn that at the
time of the levying of the assessment
Of November 13, 1917, they claimed the
then board of directors held 121,625
shares Of stock, but they do not at
tempt to tell you how much they hold
or claim now, well knowing that a
large portion Of the stock was permit
ted to go delinquent and be placed in
the treasury of the comapny; whether
this was done with a view of later
taking it out at a nominal figure we
do not know but we submit that it is a
matter which may when called to the
attention of the stockholders, arouse
their suspicion.
"These men, in support of their
claim for reelection, give you no state
ment of their intentions as to the flu
ture Of the company. They have pull
ed the pumps; the work upon the
property has been indefinitely sus-
pended; they are making no effort to
secure an extension of the bond and 1t
requires no unusual degree of intelli-
gence to see that this property Is
about to be lost to the company unless
something is done and done immedi-
ately.
"They do not deny their intention
to continue levying assessments but
they do not offer you any explanation
as to what purpose the money collect
ed may be devoted to.
without indulging in any charge Of
dishonesty against either Of the di'
rectors, we respectfully submit tha
an inspection Of the books and prop
erty Of the company will not show al
intelligent outlay upon the property
of more than so per cent of the none!
collected. If 50 per cent or even {
smaller percentage of the stockhold
ers' money has been squandered with
out bringing results, the men wht
have wasted it are not entitled to ex
pect to be continued in positions wher
they may pursue such a policy in tn
future.
1--WE have no desire to accomplish
anything but the best interests of tn
company and to select a board of di
rectors which will be actuated by sim
liar motives. We urge all stockholder
who possibly can to, be present at tn
(Continued on page 81