The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-04-13
HECLA STOCKHOLDERS
MRS. SMITH
MANAGEMENT RECEIVES GRAFT
FLYING SUPPoRT-DIVIDEND
AND WIDE WEST.

At the annual meeting of stockhold-
ers Oh the Hecla Mining company in
spokane last tuesday. George 4. May
er. OF Milwaukee, was elected a drec-
tor to succeed Mrs. Sarah +. Smith.
The elimination OF Mrs. Smith was
naturally anticipated in view OF the
recent litigation in which she as one
of the plaintiffs preferred serious
charges against James f. Mccarthy,
president and manager of the company,
and all other directors OF the COM
pany in connection with the agreement
entered into between the Hecla and
Bunker Hill companies for the pur-
chase and operation OF the Star mine.
The trial resulted in a complete vindi-
cation OF Mr.. Mccarthy and the direc-
tors. The satisfaction of the widely
scattered stockholders with the out
come of the trial was reflected in the
meeting last Tuesday when 76S,O12 of
the 100000 shares were represented
by Mr. Mccarthy and his associate di- |
rectors. Mrs. Smith was present, as
attorneys in the trial, who represented |
the Day interests. Together they held |
$4,000 shares, Mrs. Smith personally |
having $4,000 shares. Mr.. Plummer
placed Mrs Smith in nomination for
director, but after the six old directors
and Mr.. Mayer had been placed in NOM
ination, he saw the handwriting on the
wall and withdrew the nomination OF
Mrs. Smith
The Directors.
The following seven directors were
then elected, the Day Smith stock not
being voted James f. Mccarthy of
Wallace; w. j. c Wakefield and DR..
II. c Lambach, of Spokane; E. j. No
lam of Los Angeles; Carl Landsee,
Frank J. Kip and Geo. p Mayer, of
Milwaukee. Mr.. Mayer and his i'm
mediate connections own $4,000 shares
of stock He is a prominent business
man of Milwaukee, being vice presi-
dent of the National Bank of Com
merce, president of the Mayer Boot &
Shoe company of Milwaukee and pres
ident of the Washington Boot & Shoe
company of Seattle.
Amend Bylaws of Company.
a resolution was adopted authoriz-
ing the amendment of the bylaws
which will empower the company to
hold stock in another corporation.
This action was deemed advisable in
view of the question raised in the re-
cent litigation, in which it was alleged
that the Eiecia company had no power
under the Washington law to hold I
stock in the Sullivan Mining company,
the corporation under which the Star
mine is being held and operated under
the ownership of the Hecla and Bunker
Hill. This action will of course have no
effect on that controversy which was
decided in favor of the Hecla by Judge
and upon which notice of ap-
peal has been given The appeal, how
ever has not yet been exercised.
Declares Quarterly Dividend.
Following the meeting of the stock
holders the directors met and declared Z
he regular quarterly dividend of Is =
cents per share payable on June 2S. n
This dividend will amount to s15O,OOO
md make total of 100000 paid this y
ear -
The directors also approved the plan n
# the management for the develop o
nent of the Wide West vein by driv- i,
ng a crosscut from a point above the D
I'D Tiger shaft This will cut the vein a
It depth of about 600 feet below the n
upper Wide West tunnel by driving n
bout 1900 feet. A fine shoot of high a
.rade ore, 100 feet in length, has been f,
exposed in the upper tunnel. from q
which two carloads of ore have been Il
hipped, the result of ore taken out in II
curse of development. The Wide G.
Vest is part of the old Tiger Poorman D
-roup, acquired by Hecla in the set "
lement of apex litigation with the =
federal Mining & Smelling company -
nd which has proved to be a valuable =,
cquisition. r.