The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-08-02
BLACK BEAR MINES
FIGHT FOR CONTROL
WENIGER is CONFIDENT
Bernier Explains His Posi-
ton in a Long Letter to
the Stockholders

~
Mines company is at stake in
the meeting of stockholders to
be held in this city tomorrow
afternoon at 200 o'clock. The call for
the meeting was issued by Sheriff r.
e. Weniger as the representative of a
majority of the stockholders. In "a
letter accompanying the notice of
meeting Mr. Weniger attacked the
present management of the company,
which he charged was dominated by
Peter Bernier with the cooperation of
the president c. A. Hagan, and that
their personal interests were being
served rather than the interests of the
stockholders. He advised the stock
holders that he was in position to
close a deal for the property greatly
TO their advantage, and urged them to
either attend the meeting in person
or send him their proxies in order to
insure the election of new officers who
would carry out the plans outlined. AS
a result of this appeal Mr.. Weniger
says he and his friends will go into
the meeting prepared to vote over
100000 shares out of the million out
standing. and viii therefore be able to
elect the board of directors and take
over control of the company.
Bernier Comes Back.
Peter Bernier the largest stockhold-
er in Black Bear and who for many
years has controlled its destiny was
enjoying life in southern California
when Sheriff Wenger launched this
thunderbolt against the Black Bear
organization. This is not the first
time Mr. Bernier has been called up
on to defend his policy i'm handling
affairs of the company and in every
case he has shown his resourcefulness
and retired from the scrimmage re-
tanning his grip on control But know
ing ones say that he is now confront
ed with the fight of his life, while
Sheriff Weniger intimates that the
Bernier bacon is already corralled and
all that remains to be done is the for
mality of bringing it home. Evident
ly Mr. Bernier holds quite different
opinion of the outcome of the pending
conflict. When the news reached him
in sunny southern California that in
der the leadership of Sheriff Weniger
a director of the company were com
bining to accomplish his overthrow.
he hurriedly headed for the north to
line up his forces and resist the on
slaught Mr. Bernier arrived in Wal
lace last Thursday and soon there
after issued a lengthy letter to Black
Bear stockholders. of which the fol-
lowing is a part
Position Explained.
AT the outset let me compare my
interest in the Black Bear company
with that of Mr.. Weniger. I Own and
control approximately 100000 shares
which represents my life work for 30
odd years Furthermore. l have for
years enjoyed the confidence of
large number of stockholders who
have relied upon me to protect their
interests and / have given my best
Efforts to that end. Mr.. Weniger, on
The other hand, owns less than 5000
shares he bought on the open market
)ut a few years ago, for a few cents
Der share. as a pure speculation, and
MS only interest is to create a tenn
oorary fluctuation in the stock in or
Ter to make a profit for himself on
his penny ante speculation.
IF he can put the stock to Is cents,
IS he says. by negotiating a newspa-
Der deal. he personally can make
,roft, but how about you who paid
more than 80 cents for your stock in
rider to develop the property? If he
vas acting in good faith and for your
interests he would never suggest a Is
ent deal, for the stock is actually
worth many times that amount as 7
hall point out to you.
TT is, and always has been. by OBJ
ect to obtain for the stockholders the
rue value Of Their stock even though
t may take a little longer than it
would to turn a 15-cent deal
Syndicate Deal.
1.-THE Black Bear company has some
valuable assets. in ad-
ition to the valuable property which
{ owns It's long tunnel which was
constructed under my direct supervi
ion is the logical means of access to
large amount of very valuable min
ng property adjacent to and in the
-icinity of our property. The owners
# this property can prospect their
arious holdings through our tunnel
much more economically and to better
dvantage than by driving their own
unnels.
"'To illustrate: Through a deal ne
.otiated bv myself. with the aid of
majority of the present directors for