The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-04-14
CONTROL OF BLACK BEAR
AGAIN THE BIG ISSUE
FORMER SECRETARY APPEALS
TO STocKHOLDERs TO
SEND PROXIES.

If those who are now in control OF
the Black Bear Mines company are
laboring under the impression that
the resignation of President Peter
Bernier brought about permanent
peace in that erstwhile troubled COM
pany they are due for a rude awak-
ening at the annual meeting of stock
holders in this city on April %, ac-
cordng to a circular letter that has
been mailed to stockholders by John
L. Fitzgerald, of this city formerly
secretary of the Black Bear company.
Attached to the letter is form of
proxy which he requests the
stockholders to execute who are
opposed to continuation of
the msmanagement of the affairs of
the company in order that the prop
erty and assets of the company may
not he used for the personal benefit
and advantage of any persons or per
sons. as has been evidenced in the
past" The letter reviews to a con-
siderable extent the financial affairs
of the company, and Mr.. Fitzgerald
explains why he was invited to resign
by a majority of the directors. The
letter follows
To the Stockholders.
Before sending in your proxy to be
voted at the stockholders meeting on
April 25, 1921, you are requested to
consider whether it would be to your
interest to continue the present man
agement of the Black Bear Mines
company or to vote your stock for
board Of directors who would handle
the affairs of the company in the in
terests of all the stockholders regard
less of whether such stockholder was
the owner of one share or one hun
dred thousand shares. ! believe that
every person who bought stock in the
Black Bear Mines company in the
hope that it would some day become
a mine is entitled to full and COM
plete knowledge of the affairs of the
company and is also entitled to a
square deal for the money they have
invested.
"On January q. 1921. as secretary
of the company, 1 mailed a financial
statement to each stakeholder show
ing the total receipts and disburse-
ments for the preceding year was
not aware at the time that in doing SO
would incur the displeasure of the
as afterwards proved to
be the case.
This statement shows that the to- /
tai receipts including an assessment /
Of one mill, amounted to practically /
$4,000, and, under the direction of /
three directors who remain on the /
board and who are asking for your
proxy so they may be reelected and
in office, all the money in
he treasury was expended in useless
development and there still remained
IN Indebtedness of about $4,000
against the company.
"This reckless expenditure of the
money can only be termed
ross mismanagement and if the
desire further evidence, I A.
ltely upon the work being undertaken
he price of the stock dropped from
; cents per share to cents per
share, where it remains today
Why Fitzgerald Resigned.
Immediately following my letter to
he stockholders, dated January q,
921, giving a plain statement of the
fairs of the company to the stock {
folders, a meeting of the directors {
vas held and I was informed by the {
majority of the directors that the sec
etary was not authorized to furnish a;
to the stockholders with s
mt being instructed to do so by the ]
oard, and I was requested by the
majority of the directors to tender &,
ny resignation This was new cor {
oration ethics to me. as I was always {
rained to believe that the first duty 4
f a secretary was to furnish com s
lete detailed information to the S
tockholders showing how much I
money had been received and the {
he board, my resignation was tender {
4 and promptly accepted. In this 7
onnection I might state that upon {
ny resignation being demanded for I