The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-11-20
Fill Two Vacancies
on Board of
Directors
FIND NEW ORE BODIES
Stockholders Not Satisfied
Without Further Devel-
opment Work

a PETITION is being generally
~ circulated 10y stockholders of
~ the National Copper company
requesting the directors of the
stockholders for the purpose of filing
vacancies on the board and for the
consideration of any other business
that may seem desirable. There are
two vacancies on the board of direct
ors caused by the death of H. H.
Stambamgh, of Youngstown, Ohio, and
Harry White, of this city. The other
five directors are August Paulsen, Of
Spokane, president; A. P. McRae, Of
Mullan, vice president; Charles Nc
Kinnis, of Wallace, secretary -treasur-
er; James F. Mccarthy, of Wallace,
and R. c. Steese, of Youngstown,
Ohio. Mr.. McKinnis is now in the
Ranger oil field of Texas and it Is un-
derstood that he will probably re-
main there indefinitely, as he is ex-
tensively interested in several oil
drilling enterprises. Mr.. Paulsen, Mr..
McRae and Mr.. Mccarthy are there
fore the only directors who could be
depended upon to attend meetings Of
the board. Under these circumstances
the stockholders feel that the vacan-
cies should be filled by men who are
available to attend meetings and give
<o ha o. oirc M ~
pany.
Not Ready to Quit Property.
while there is no disposition to
question the good faith of the direct
ons in their decision ito hold the
property intact with view of dis
posing of it to some one who might
develop mine in our vicinity, or
dismantle the plant and sell the ma
chinery," stockholders generally are
not disposed to accept that conclusion
at this time. They believe, and their
belief Is based upon capable opinion
that there is a reasonable chance tC
develop a profitable ore body in the
National, and they object to the pro-
posed abandonment of the mine while
the company has ample funds In the
treasury to carry out the necessary
exploratory work to prove their con.
tention. They have no special inter
est in the election of directors to fill
the vacancies beyond providing
quorum for the transaction of thu
business of the company. Having ac
complished that, the stockholders de
sire to present to the board thei
wishes with respect to further devel
opment work When operations wer
suspended the company had in roun'
figures $4,000 in the treasury, an
the stockholders feel that part of thi
money should be used in an effort
find new ore bodies that will perml
profitable operation.
The expense Of taxes and insuranc
continue when the property is idl
just the same as when active, Will
the loss through deterioration Is yer
great The<company Is required whll
the property Is idle to employ wv
watchmen at the mill and one at III
mine, which means an expense OF nc
less than SIS per day. Altogether tn
expense of maintaining the Nations
in idleness is probably not far shol
Of $4,000 year. The stockholdel
object to having the surplus OF tf
company absorbed by these fixed an
unavoidable expenses without usin
part OF it in intelligently directed e.
forts to find new ore bodies. II the'
efforts should fail, then there could
nc difference of opinion as to the oil
position of the property.