The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-04-14
CONTROL Of HECLA
NOT FOR THE DAYS
Meet Inglorious De-
feat in Annual
Meeting
VICTORY FOR MCCARTHY
People of District as Well as
Stockholders Gratified
Over the Result

"HE ATTEMPT of the Day
Smith combination to gain con-
troll of the Hecla Mining com
pany at the annual meeting il
Spokane last Tuesday proved to be g
perfect hasco. The stockholders foI
the second time refused to elect +. R
Day a member of the board of direct
ors. and on this occasion Mrs. Sarah
f. Smith seems to have been retained
on the board solely through suffer
ance due to her sex. though the fact
that she is the largest individual
stakeholder doubtless had something
to do with her success in retaining
her place on the board. 1t is stated
upon apparently good authority that
mp until the evening before the meet
ing Mrs. Smith and Mr.. Day were
confident that they would have a ma
jority of the stock represented and
that they would therefore be able to
name the directors and elect Mr.. Day
president of the company. This con-
fidence was probably built on nothing
more substantial than reports from
"gumshoe" men who must of neces-
sty make a showing of results in or
der to be retained on the payroll. But
when the meeting was called to order
Tuesday morning and a check made
of the stock represented, the Day
Smith combination is reported to
have had under its control only 1907
600 shares out of a total of 100000
and of these 100, 900 Mrs. Smith is I'M
derstOod to own $4,000 and Mr. Day
2O,OOO leaving only 1900 shares as
the net result of their efforts to Sc
cure proxies during the past few
weeks.
People Pleased With Result.
There has never been a meeting of
stockholders of a company in this dis
trict in which there was such general
interest nor a result that more clear
ly met unanimous popular approval
While confidence was generally felt
that the Hecla management would be
fully sustained, the fact that it was
known that desperate effort was be-
ing made by the opposition to gain
control of the company caused con-
siderable concern until the news came
about noon Tuesday that the old
board had been reelected. The inter
est manifested and the satisfaction
expressed by the people generally
showed that it was not merely stock
holders who were concerned in the
action of the meeting. The express
sions of qualification that the old
management had won out came from
people who know the direful conse-
quences to the district that would
have followed the success of the Op-
position. They know that the present
management gives consideration to
the welfare of its employees and the
people of the district and will con-
tinue production as long as it is pos
sible to do so: and they believe that
if the opposition had won the Hecla
mine would have been closed without
delay, while stockholders are suspi-
cious that the change in control would /
eventually transform the Hecla into /
Tamarack so far as dividends are
concerned. So the people of the .
Occur d'Aiene district are disposed to /
regard the defeat of those who hoped .
to gain control of Hecla as a personal
victory, and are therefore happy and
thankful for having escaped the i'm
pending disaster.
Gray Explains Litigation.
John p Gray, attorney for the
Hecla company in the litigation with
the Federal and Marsh companies. and .
who assisted in arriving at terms or
settlement, explained the questions
involved to the stockholders and
showed how the management had
added much to the value of the Hecla,
probably s2.OOO,OOO represented by ore Il
in the least vein" alone, through end
ing the litigation by agreement out of
court.
John H. Wourms. attorney for the
Days asked various questions regard
ing the underground workings of the
Hecla, and also regarding the terms
of the companys ore contract with
the Bunker Hill smelter. all evident
" designed to draw out information {
of value to the Days.
The question of increasing the cap
italization of the company in order to
avoid payment of unjust taxes under
the federal income tax law was dis
cussed and referred without action to