The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-12-21
TAMARACK 8 CUSTER
WILL PAY IN STOCK
AND CONSERVE CASH
Increase Capital and Declare
Stock Dividend in Line With
Conservative Management"

Il AONNiOl4JtltS OF the lamar
ack & Custer Consolidated Mi
ming company met according to
schedule in the Day building
last Monday forenoon and went
through the formality of authorizing
an increase in the capital stock of
the company from 100000 shares of
the par value of 81 to 5000 600 shares
lot the same par value; also authoriz-
ing the directors to declare stock
dividend of lG6 per cent, payable De-
cember 20 to stockholders of record
December 2S. A large majority of the
stock of the Tamarack & Custer is
owned by the Day family. and the
meeting was merely a formal ratif-
cation of plan that had already been
conceived and perfected by the ma
jority owners. Several minority
stockholders were present. but they
were for the most part silent wit
Inesses Of the proceedings, their at
tendance probably being prompted by
the hope of gaining some tangible in
formation regarding the financial con-
dition of the company In fact il is
reported that one of them had the te
merity to intimate that a financial
statement would be in order, but he
was promptly made to feel that he
had been guilty of a grave indiscretion
and he did not press the matter
Basis of Increase in Capitalization.
Some of those who attended the
meeting seemed to have rather
vague and hazy idea as to the basis
for the increase in the capital stock.
No official statement has been given
the public on this point, unless the
lengthy and Illuminating discourse in
the Day organ Tuesday morning may
be regarded as official. This journal
istic joke proclaims in black headlines
Dividend of 1876 Per Cent Is Declar-
ed by Tamarack & Custer; again
still in bold face type, Move Demon
strates How Conservative Manage
ment Acquired Great Assets for the
Stockholders" Naturally expecting to
learn the nature of these assets the
reader wades through a column and
finds no reference to assets except
repetition in substance Of the head
lines, that the increase in capital
stock demonstrates the conservative
management Of the property in ac-
quiring fixed assets OF over S5,0OO.0OO
Tor the stockholders of the company"
But nothing about cash assets in
which the minority at least is most
concerned.
Cash Surplus.
one of the minority stockholders
who attended the meeting said he
gathered from what he heard that
Tamarack & Custer had a surplus of
approximately s1,OOO,OOO which is car
ried on the books as reserve on ac-
count of depreciation and depletion, a
form of surplus which 1t may be stat
ed incidentally is not subject to fed
aral taxation. In connection with the
surplus, it is said that some one IN
the meeting holder than the rest ven
irred to breach the question OF
hristmas gift to stockholders in the
form of a small dividend but he got
no further than broaching it Speak
rg of dividends the dividend record
1f the Tamarack & Custer is not
without interest. According to the Dav
paper the Custer, part of the lamar
lsk x Custer property is "one of the
oldest producers in the entire Occur
fAlene district" and "it was taken
lnder development by the Day inter-
ssts some sixteen years ago." Control
Of the Tamarack & Chesapeake was
llso taken over and in 1912 the two
properties We're consolidated ito avoid
litigation" an interesting
tory in itself upon which the Day pa
ger does not dwell. In only five years
If the sixteen since the Day interests
acquired the property have dividends
jeen paid, as follows: