The Wallace miner. [volume], February 07, 1924, Page 8, Image 8

About The Wallace miner. [volume] (Wallace, Idaho) 1907-current

Image provided by: Idaho State Historical Society

                
STOCKHOLDERS MEET
Failure of Management to Is
sue Report Responsible
for Disatisfaction
OCAL STOCKHOLDERS ol the
Mining
L
Juck Waite
held a meeting
evening In the olH
company
last Suturday
of Judge
ways und
information re
f the company,
(i. W. Walker to discuss
means of obtaining
since the officers do not seem dispos
ed to give then! the information which
they desire and to which they are en
immediate
us the recently
levied assessment, notice of which was
mailed to the stockholders without a
statement of the financial condition or
the company, operations at the mine,
f why tlie levy
guiding the affairs
The
voluntarily.
titled
cause of the meeting
or any Intimation
the ,
what purpose
was made or for
funds derived from it were to be used, j
If this had been the first time the
right of the stockholders to complete
Information had been ignored by the
Waite management, the local ]
would probably huve
Jack
shareholders
been disposed to let It pass without |
But it appears that
serious protest.
f withholding Informa
this practice
tion from the stockholders has become
management
the fixed policy of the
and it developed at the meeting that
a considerable number of stockholders
had written to the secretary for Infor
nd that they not only failed
mat ion
to receive the information sought, but
that they did not even receive the
courtesy of a reply
to their
asked t<
letters
nt
come
Now that they are
essment
through with another as
the rate of $10 per 1000 shares, with
if what disposition
>r what
out explanation
has been made of other funds
ith tlie money
ts proposed to be done
raised through the current
ment, these stockholders want to he
shown before parting with their cash.
A committee consisting of Judge O
W. Walker, C. 1. (Irimsinoe and A. J.
asses
to take
steps
Dunn was appointed
to secure the desired information. Oth
stockholders present were Geo.
Garrett. K. R. Turk. J. O. Nordquist
K.
. r
and P. H. Sullivan, of Burke.
Much Ore Shipped.
that
the Jack Waite
It was stated at the meeting
beginning with 1917
received approximately
and as
company has
$200,000 from ore shipments
sessments. and that during that per
tod no statement has been issued
j n _
given
No
official
has been
the shareholders, and no
formation whatever
them regarding company affairs.
o,j t .
charges direct or implied were
reflecting upon the honesty of the of- j
fleers, or that the funds of the com
It is sim- |
yckholders
they
1 1,
pany had been dissipated,
ply a case In which the st
know that legally
entitled to full Information
gardtng the business of the company
and they know also that they have the j
of getting the Information
and morally
re
ii r e
I
means
the officers persist in withholding
it
been
Conditions at the Mine.
For some time a few men hav
employed at the Jack Waite mine re
tunnel and also
timbering the lower
the raise connecting with the tunnel
It will probably re
480 feet above.
quire another month to complete this
tunnel level nnd
work. On the lower
also In the stopes there Is said to be
<•
quite a large tonnage of good milling
i, i,,,
ore, while higher up it is slated t>\
, ..
one who recently Inspected the prop
* ., . ,, , „.-„a of
ertv that there Is a good showing or
high grade lead, such ns has been
shipped irregularly for several years,
Even more significant
of the future
from one
of the mine, it is learned
who knows that the shaft sunk 40 feet
from the tunnel level
ago ts In ore of good grade.
severai vents
Several
mill
years ago the company had under con -
sidération the construction of a
of probable inn tons capacity, nnd it
is believed that the condition of the
mine now justifies such a plant, par
♦ieulnrlv in view of the high price or
lead nnd the favorable outlook for
continuous strong demand
metal.
a
for the
•
I the senate
GOLD-SILVER COMMISSION.
Reports Progress in Preparing Ex
haustive Report.
The progress report
commission of gold and silver inquiry
is to be presented to ihe senate in the
near future. Proofs of the report now
are before each of the members of the
commission, but none of the material
is being made public until each mem
ber of the commission has hud an op
In a general way, it is stated, the
report presents the information which
the commission has been able to gath
er in connection with the permanent
loss that results from the wastage of
This, leads into figures
as to cost of production, amount of in
vestment and the yield on the Invest
portuntty to go over it.
ore reaerv
ments.
Tlie progress that has been made in
the investigation of foreign currency
and exchange is set forth to show the
adverse effects of depreciated curren
cies upon American trade and indus
AETNA CAMPAIGN FOR NEW BUS
I NESS COVERED THE EN
TIRE NATION.
Hei man J. Rossi, manager of the
Rossi Insurance & Investment com
I puny, who is confined in Providence
i hospital
of an operation
for appendicitis, received the follow
ing message lust Friday morning:
Rossi Ranks No. 1.
'It
i
Hartford, Conn., Jan. 31, 1924.
I Herman J. Rossi, care Rossi Insurance
[
& Investment Company.
We are pleased to advise that your j
|
!
|
j percentage of gain In written business |
during Remington Over-the-Top cam- j
palffn wag the | )t . st of any ot the com
! p an j. g general agents, and yon ac- ;
: eor dlngly rank No. 1. We very sin
I cercly and heartily congratulate you.
Wft a , HO ,„ ipe lhllt you are rapidly re
j cov(>I |ng your health and send you our
j wish „ s an(1 mll0h good luck.
w L MOONEY,
Vice President.
What the Victory Means.
This contest which was won by Mr.
itosst was inaugurated by the Aetna
company following announcement by
Vice President Remington early last
year that Aetna would go over the top
with an Increase of 25 per cent for the
year in casualty and surety insurance
| n order to reach that goal an "Over
the-Top" campaign was arranged for
the months of October, November and
December, which meant a contest for
I new business among the hundreds of
, general agents of the Aetna company
throughout the United
nossl went Into the contest with his
I
j
I
states. Mr.
characteristic energy and enthusiasm,
at the same time knowing that he had
[as friendly competitors some of the
most accomplished Insurance men in
the I'nlted States and most of them
[probably having far more populous
ftc-1 <1 h In which to develop business.
j Under thCHe circumstances the wtn
nin^r 0 f fl rs t place by Mr. Rossi is. a
notable achievement, and is a fine tes
H monial to bis ability and enterprise
| n the field of insurance.
FORTY YEARS AGO.
Interesting Item Reprinted i
DOIS.
Paper.
Under ihe heading "Forty Years
Ago,'' the Boise Statesman of last
Sunday hud the following item taken
! from the Statesman of February 4.
j 1884. which will be interesting to old
timers who came to the Coeur d'Alencs !
at that early date:
"United States Marshal Dubois, who
to."»« KOOU opportunity
'about the Coeur d'Alene mines
nort h recently, is fully convinced that
the Coeur d'Alene region will prove a
learning !
while
of
success and that thousands of people
country In the
wl11 flocIt lnto ,he
;«Prlng. In fact, minors, prospectors
;, nd traders are pouring in now ns fast
us the modes of travel will permit. As
jii® came out he passed one party go- i
Ing in on a sleigh drawn by oxen. The
xen will he killed for meat ns soon !
'
as they get In."
Famous Drumlummon.
The old Dnimliimmun
of
j Marysville is soon due to become the
I greatest gold mine in Montana.
ae
l^rdln K tp plans that already are un
j 1 *® 1 ' headway, said Matt W Alderson
bile in Helena on Monday.
Mr. Al
. eleison said that on Monday morning
upet's were placed in escrow giving
| h
I him an option to purchase the hold
| ings of Mrs. William Mayger, and that
I , ,
i the first payment had been made on
"
! tins option. This was all that was
needed, said Mr. Alderson. to clear the
property ot financial entanglements,
i *
j " hid. have prevented any operations
j of consequence for years past.
Rubber Paving.
|
What is believed to lie the first rub
! her pavement in the United States has
| been laid on a railroad crossing
The section of rubber
! paving will be given a severe trial at
in
• Racine,
| this crossing used by thousands of
automobiles and heavy motor trucks
jeach day. A similar pavement in
Princess street. Edinburgh, has been
Wis.
j used for more than 20 years, yet it
has lost only a fraction of an inch in
thickness during this period.
German Miners in Michigan.
A party of T# German immigrants
I have arrived in Calumet In the Mlch
| igan copper district where they will
I be employed in the Calumet & Heola
Consolidated mines. They came
j through from Halifax, N. S.. where
, they had been detained for a month
; awaiting a special permit from the
.[department of labor to enter this
|
j
I
; country
j The cow, according to scientists.
j makes it unnecessary for the ladies to
' >u ' cosmetics at the drug store. May
l>e they havent the price of a cow.
-——
|
j would
werent' told not to.
: _
There are many things the children
never think of doing if they
Some people imagine they are being
sympathetic when really they are on
|ly being inquisitive.
;
Rashness leaps before it looks:
{courage looks liefere it leaps; timidity
'does not leap at all.
,
PASSENGERS BUY GAS.
Cara Not Taxad if Not Operated for a
Profit.
More than 100 employes of the In
ternational Smelting company and the
Inspiration Consolidated Copper com
pany, by a recent ruling of the treas
ury department, have been exempted
from paying a tax for the operation of
personal cars used to transport work
men to and from the mines, when the
expenses of the owner are shared by
his passengers. In the ruling that has
been received from the deputy com
missioner of Internui revenue, it is
stated that since the workmen 'do not
operate their cars as a business or for
profit, they aie exempt from the fed
eral tax. Kach year collectors have
invaded the district and forced the
payment of this tax by employes who
use their cars to take fellow workmen
to the mines.
FEDERAL IN OKLAHOMA.
Start Production in New Section of
Zinc Field,
Preparations are being completed by
Federal Mining & Smelting company
'" r hurting production from Its Jarret
niine in the w estern part of the trl
state zlnc The mil1 is ,,einK re '
paired and put in first class condition,
nn< ^ I* 1 ® second field shaft has been
put down to about 300 feet, a pump
station has been cut at 297 feet and
drifting toward the second shaft will
be started at once.
The Curry Mining company has a
lease just north of the Jarret, and just
north of this the Eagle-Picher Lead
company Is sinking several shafts on
a 320-acre tract which it acquired
several months ago.—E. & M. Journal
Press.
YUKON GOLD.
Arragements to Finance Tin Dredging
in the Orient.
Guggenheim Bros, have agreed to
underwrite $1,500,000 6 per cent notes
during the next three years as requir
ed by the Yukon Gold company to fin
ance to completion its present tin
dredging project in the Federated Ma
lay States. Trustees of the Yukon
Alaska Trust, which owns 2,858,875
shares of the 3,500.000 shares issued
by the Yukon Gold company, and
hold notes of Yukon Gold totaling $6,
028,743, on which $136,491 has accrued
in interest, have agreed that loans of
the trust, as w-ell as interest now- a<^
cmed or which may hereafter accrue
shall be subordinated to these new
notes.—E. and M. Journal-Press.
SPECIAL
Saturday and SüîlUdÿ
HAWAIIAN FRUIT
ICE CREAM
BRICK OR BULK
Saxton's
Which
Car Is Best?
You have your opinion.
But what car isn't BETTER on a
Concrete Road?
The car with the highest gas
Mileage has higher mileage on
Concrete.
The car with the quickest "pick
up," picks up qui ter on firm un
yielding Concre
The least e> pensive car to drive
is less expenuve on Concrete,
And the gritty Concrete surface
is skid-proof.
Motorists know these are facts—
and motorists, if they insist, can get
the kind of roads they want.
Our Booklet R-3 tells other interesting things
about Concrete Roads. Write for your copy.
Portland Cement Association
Eiler Bldg., Spokane
Seaboard Bldg., Seattle
A National Organization to Improve and
Extend the Uses of Concrete. Offices
in 27 Other Cities
SHEET METAL GOODS
SEE US WHEN IN THE MARKET FOR:
Air Ventilating Pipe
Stove Pipe
Gutters
Chimney Jacks
Large Cooking Pans
Furnace Work
Or anything else in the Sheet Metal Line
Our Sheet Metal department is fully equipped with
power-driven machinery which will save you time
and money when placing your order with us.
Standard sizes of ventilating and stove pipe carried
in stock.
Furnace Pipe
Cornice
Skylights
Roof Plates
Large Boilers
Roof Work
COEUR D'ALENE HARDWARE & FOUNDRY COMPANY
Wallace, Idaho
Goes to Spokane.
O. W. Maurer, manager of the Alice,
accompanied by Mrs. Maurer, went to
Spokane yesterday morning,
ports development of the Alice
gressing favorably, and plans
considered for undertaking more ex
tensive operations.
He re
pro
belng
vould far rather
The average man
give in when he is in the right than
when he Is in the wrong.
SALE OF KITCHEN
ACCESSORIES
Most of the articles in this spe
cial sale are of aluminum and not
We are
able savings are offered,
rt find
cr more
ru,, you
tides that
kitchen,
on odd dishes.
use in your
you can
We also have a special
Ühß ÎÜotàtell Ccr
'H4 , H*W44W m H4W4 m
' *•* *1* •** »*♦ **• **«
!v
£
y
J.
McNeil's Stock Exchange
f
V
V
j;
M. L. McNeil
v
2
v
Phene 190 Wallace, Idaho
2
■
i
:
We buy and sell any of the Coeur d'Alene
Mining Stocks in the Coeur d'Alenq Mining
district at the market price,
selected ten (10) Mining Properties that
in our judgment will make producing Mines.
This list will be furnished outside buyers upon
request, giving quotations on the properties
above mentioned.
:
i
!
:
We have
i
Y
:
:
:
:
;
j;
■*:-*x-*x--x--x--x
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V
Where the Railroad
Dollar Goes
Practically all the money the railroads take in is immedi
ately put buck into circulation. Railroads do a large volume of
business
on a narrow margin of net income,
lar earned from operation by the
States, there was absorbed in 1922, by
Wages and Salaries .
Fuel .
Other operating and maintenance expenses
(including such items as rails and ties,
loss and damage) ...
Taxes ...
Hire of equipment and joint facility rents.. 1.5
Net operating Income
Out of every dol
railways of the United
44.4 cents
9.4
25.6
5.4
13.7
100.00 "
Out of this 13.7 cents of net operating income, 12.2 cents
went for interest on bonds and other fixed charges, leaving
1.5 cents for stockholders. Adding 6.9 cents of income from
outside sources, net corporate income was 8.4 cents, of which
4.9 cents was paid in dividends, leaving 3.5 cents available for
appropriations and surplus.
Gross earnings of the railroads in 1922 were $1,567,000,000
more than in 1917.
mediately paid out again as follows:
$918,000,000 in added wages to railroad employes.
135.000. 000 In added cost of coal, mostly miners' wages.
122.0OC.0OO for additional taxes.
500.000. 000 additional for materials and supplies largely rep
resenting wages.
The stockholders and bondholders of the railroads got
none of the increase.
This $1,567.000,000 and more too, was Im
It is significant that good times are always coincident
with heavy buying on the part of the
and
railroads
that bad times are periods of light railway purchases.
The Union Pacific System is one of the most Important
enterprises west of the Missouri River. Its nearly 50.000
employes, and their families, constitute a buying power which
is the main reliance of many businesses. The purchases of
the Union Pacific System from firms located on the System,
or which have offices on our lines, aggregate millions of dol
lars each month.
The railways are planning to spend hundreds of millions
of new money during 1924 to better serve the public.
"Our transportation movement during 1923 is the out
standing industrial accomplishment of the year. The waste
of the year 1920 with its car shortages, its derangements of
price levels, stoppage of industry, probably amounted to not
less than a billion of dollars, and the American people and no
economic fabric could have stood that loss that did not have
a total income in excess of sixty billions. One great contri
bution to the business stability of the past year has been the
fact that we have had a free and regular and orderly move
ment of transportation."—From address by Secretary of Com
merce Herbert C. Hoover, January 9. 1924.
C. R. GRAY,
President.
Omaha, Nebraska
February 1, 1924.
UNION PACIFIC SYSTEM
i