The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1924-02-07
JACK WAITE AFFAIRS
WANT INFORMATION
STOCKHOLDERS MEET
Failure of Management to Is
sue Report Responsible
for Dissatisfaction

Jack Waite Mining company
held a meeting last Saturday
evening in the Office of Judge
G. W. Walker TO discuss ways and
means of obtaining Information re-
garding the affairs Of the company
since the officers do not seem disDos-
ed to give them the information which
they desire and to which they are en-
titled voluntarily. The immediate
cause of the meeting was the recently
levied assessment, notice of which was
mailed to the stockholders without
statement Of the financial condition of
the company operations at the mine
or any intimation of why the levy
was made or for what purpose the
funds derived from it were TO be used
If this had been the first time the
right of the stockholders TO complete
information had been ignored by the
Jack Waite management the local
shareholders would probably have
been disposed to let it pass without
serious protest. But it appears that
this practice of Withholding informa-
ton from the stockholders has become
the fixed policy of the management
and IL developed at the meeting that
a considerable number of stockholders
had written to the secretary for infor-
nation and that they not only failed
TO receive the information sought but
that they did not even receive the
courtesy of a reply to their letters
Now that they are asked to come
the rate of $40 per 1000 shares. with I
out explanation of what disposition /
has been made of other funds or what +
is proposed to be done with the money
raised through the current assess
ment, these stockholders want to be I
shown before parting with their cash /
A committee consisting of Judge G /
w Walker c. I. Grimsmoe and A. :. /
Dunn was appointed to take steps /
TO secure the desired information. 9th /
er stockholders present We're Geo. K.
Garrett. e. r. Turk, J. O. Nordquist I
and =. IT. sullivan, of Burke.
Much Ore Shipped.
It was stated at the meeting that
beginning with 1917 the Jack Waite
company has received approximately
5000, 600 from ore shipments and as
sessments. and that during that per
iod no statement has been issued 10
the shareholders. and no official in
formation whatever has been given
them regarding company affairs. No
charges direct or implied were made
rejecting upon the honesty of the Of
fcers. or that the funds of the com
panv had been dissipated It is sim
ply a case In which the stockholders
know that legally and morally they
are entitled to full information re-
garding the business Of the company
and they know also that they have the q
means of getting the Information If
the officers persist in Withholding it
from them.
Conditions at the Mine.
For some time few men have been
employed at the Jack Waite mine re-
timbering the lower tunnel and also
the raise connecting with the tunnel
$50 feet above It viii probably re- "
ouire another month to complete this
work On the lower tunnel level and =
also i'm the Slopes there is said to be
quite a large tonnage of good milling
ore while higher up it is stated by
one who recently inspected the prop
arty that there is a good showing Of =
high grade lead. such as has been
shipped irregularly for several years
Even more significant Of the future
" the mine il is learned from one
who knows that the shaft sunk 40 feet
rom the tunnel level several years b.
,go Is in ore Of good grade. Several b.
Years ago the company had under con- r.
'ideration the construction Of mill p'
If probably 100 tons capacity, and il u
s believed that the condition Of the an
nine now iustihes such a plant. par ga
icularlv in view of the high price or p
cad and the favorable outlook for a ms
continuous strong demand for the h'
METAL th