The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-06-14
STOCKHOLDERS APPROVE
MANAGEMENT
WILL RAISE SUFFICIENT FUNDS
TO COMPLETE DEVELOP
MENT PROGRAM.

The Pearson Mining company has
, reached a point in the development of
its property in the copper belt at which
the vein is expected within a short
distance, and at a point where there
is every reasonable expectation of
finding commercial ore. The vein is
strongly defined fssure carrying
values in copper and gold on the sur
face and in the upper tunnel, and
when reached by the crosscut now APP
preaching the vein at a depth of over
800 feet, it viii be under conditions
favorable to a large body of ore. The
Pearson management is deserving of
much credit for the manner i'm which
this development enterprise has been
and is being carried out. Everything
about the property indicates careful
and capable management with no evil
dence of waste, yet with all buildings
and equipment constructed and in
stalled with the view to permanence,
comfort of employees and economy in
operation. 1t is no small undertaking
to finance the driving of a tunnel up
wards of 5000 feet particularly under
the conditions surrounding the Pear
son property and it should be a mat
ter of satisfaction to the stockholders
to know that the work so far accom-
plished shows on the face of it that
every dollar has been spent to the best
advantage.
Stockholders Support Management.
That the stockholders of the Pear
son company realize that they are get
ting a fair run for their money was
conclusively demonstrated recently at
a meeting in which two-thirds Of the
outstanding stock was represented and
at which by unanimous vote the di-
rectors were authorized to levy an
assessment of 10 cents a share, rather
than to take the time and incur the
expense of financing through the sale
of treasury stock. As an offset to this
unusual assessment stockholders will
receive additional shares at par up to
the amount of their assessments. Re
ferring to this assessment in letter
to the stockholders under date of June
10, Morris Pearson, president of the
and Harry F. Pearson, vice
president and manager, have this to
say:
1.-The stockholders by an almost
unanimous vote, were in favor of levy
ing an assessment of ten cents per
share. in order to raise sufficient funds
and complete development as quickly
and economically as possible, it being
the sense of the meeting that an as
sessment would give all stockholders
the opportunity to contribute on a
basis fair and equal to all, and the
will be saved the time and
expense necessary to keep a stock |
salesman employed.
while we feel possibly more than
any other stockholders, due to our
long association with the mine that it
has taken longer to develop it than we
had hoped. we are still willing to de
vote our time and money to bring it
to a successful termination and are !
pleased that the stockholders, by such |
a large vote expressed their confidence |
and willingness TO carry on.
Officers and Directors.
At the meeting of stockholders the /
following directors were elected: Nor !
ris Pearson and Harry p. Pearson, of /
o. V. Anderson, of St Cloud |
Mimi; Rudolph Johnson, of st. Paul; /
T. J. Hamilton, of Avery. All direct |
ors were reelected except Mr. Hamil-
ton, who has long been a stakeholder !
and who will now take an active part !
in directing the affairs of the COM
pany. Mr.. Hamilton is division sup |
erintendent of the Chicago. Milwaukee /
& st. Paul Railway company, with (
headquarters at Avery. The directors |
by the election of Morris |
president, Harry p. Pearson |
vice president and general manager, !
and John F. Ferguson, Of Wallace |
treasurer.