Show A STORMY MEETING J 1 The fLong Expect rt Revolt Takes Place 1 DISAFFECTED STOCKHOLDERS The Annual 3Icoling or 1lie Stockholders Stock-holders The Newly Elected Officers At hulfpnst 10 oclock yesterday morning the office of the Crescent Mining Company in the Eomney block was well filled with stockholders of the company on hand to attend the anxiously anx-iously expected annual in ee ng Nearly every stockholder of any prominence was present including L H Withev J M Barnett C E 01ncyW R Shelby representing the Michigan syndicate which controls the Crescent E P Ferry S A Merritt K N Baskin J C Mather J J Daly J < McLaughlin J R Nichols W K James J McGregor C H Withey J E Uamberger Arthur Brown George Cullius and many others in all about tnirtvflvc personO and representing something like 570000 out the 600000 shares The main business of the day tms the reading of the President Secretary Treasurer Superintendent and Surveyors Sur-veyors reports for the past year and the election of a Board of Director The reading of the reports consumed in all about an hour the following were the principal features submitted The average price obtained for the ore per ton throughout the year was jplOjO the average cost of operating Frsr ton was 1221 leaving a net profit of 085 per ton upon the A hole amount of ore sold Mr Ferry stated in answer to Col I Merritts inquiry this gavea profit fqr the yean of 75000 the present assets of I the company ore sheds works machinery I ma-chinery etc etc amount to S000 the present liabilities consist oi I the overdraft at McOornick it Cos Bank amounting to 19000 and the 1 pay roIl and supply bilk due for the month past of 17 OOiu all 3f50t the cost of the tramway was 23000 of the mill and sampling works 15000 The totI length of the tramway i1 I about live and a half miles and over one mile of workings has been opened I up during the yearS I year-S The reading of the reports which was done by Mr Ferry the president i and Mr C II Withey the secretary was listened to with the closest attention I atten-tion and was interrupted frequently by inquiries from the stockholders Mr Merritt asked to have the item of I salaries particularized and the details were given ai follows by Mr Ferry I President 3000 secretary and clerk clerk Park travel I 2100 at City 000 jag expenses 1000 etc etc l Mi MIIKKITT Traveling expenses of whom S Mn WITIIIY Of the board of directors direct-ors etc I MK MrRRtTT Does the company pay for the boards traveling expenses S Mr WITJIEY Yes sir Another gentleman inquired what rate had been paid on an item of 5500 interest which rppeated in the list of disbursements Mr Ferry replied 1f t per cent15OOO besides the ovei draft had been temporarily loaned bv the I bank and 20000 had net11 advanced by I the eastern directors at the rate named I i A stockholder inquired if there were not some liabilities not shown in the I SG500 list The reply was Yes 7000 19 still due on the Centaur and Phrcnix purchase but not payable until February next 12000 must be paid to the owners of the Walker and Webster mine on thirty days notice that the title has been perfected R N BASKK It seems evident that we cannot obtain a full knowledge of the host of small details which go to make up tnfce reports and all the items cant be understood from the I reading we have had I therefore move I that a committee of live be appointed I inspect the accounts and to report to the meeting on Wednesday evening Hncondcd bv Mr James AK SHELBY moved that the reports be first accepted he did riot mean by that necessarily approved Carried Mn L II WITHEY stated that the eastern stockholders were anxious to leave on Wednesday morning and he would therefore be glad if the committee commit-tee could report last evening S Mr B SICIK thought it would be impossible im-possible for the committee to do the work thoroughly in that time Mn L H WITHEY I move then that j the vote be taken by stock No second After some discussion it was decided j that the meeting should take a receSs until 8 oclock and that the committee should report at that time if possible It N Baskin W R Shelby J Mc Oregon J L Heywood and JE Bam were named Mr i berger were McGregor being unable to serve F D Kimball was appointed instead he being absent A H Winn was named in his place The cloud which had been hovering over the meeting during the day grew considerably blacker during the first moments of the evening session and I before the assemblage dispersed it burst into a storm which for a time raged fast and furious Mr Baskin arose as soon as the president E P Ferry had called the meeting to order and reported re-ported that the committee had gone through the accounts and found them all accurate Mr J R Nichols one of the leaders of the disaffected and owneri of about 60000 shares of stock threwj the first bombshell by rising andl say ling Mr President I move that the action of the directors with reference to the Centaur and Phoenix purchase bed be-d 5 MR BASKIX I second it A stormy discussion at once arose Mr Baskin insisted that the directors had paid 20000 for a property that he wouldntgive ten cents for Mr Nichols said that tlie reason was plainsome of the directors who voted for the purchase of the Centaur and Ph nix wprc deeply interested in thafe property Mr J Mclaughlin Mc-laughlin jumped to his feet and stated that if that remark referred to him it was false Mr Nichols retorted by saying say-ing that Mr 3IcLatighlins vote for time purchase would be found in the affirmative affirm-ative and Mr McLaughlin was ari owner in the property purchased Its a piece of blackmail shouted Mr Nichols and omeof our directors are in itl S I j itMnMcLAUGiiiiJN MnMcLAUGiiiiJN You say that which is untrue Youre aliar exclaimed Mr Nichols Nich-ols ex itedly YQS sir 1 say you are a liar a liar a liar1u Mr McLaughlin made some hot repl when chairman called for order several other gentlemen gentle-men made speeches supporting the motion mo-tion Mr Baskin directed attention to those articles of the incorporatioh which stated that 110 purchase could be mml without the approval of the stock b9Idero lhe question limmally came to a vote even local stockholder of any prol1incuce with the exception of Mr McConnell and Arthur Brown voting vot-ing in favor of the motion and the Michigan syndicate effectually squelching it by their tremendous preponderance pre-ponderance of stock the amount of stock which voted Aye was 171 597 shares that which voted No was B > 7 108 shares the prominent stocknoldcr observed in calling over the names and number of shares were as follows Ayes Baskin 29600 shares Binnie 3650 shares Nichols < personally und by I proxy 70000 shares George Cullins I 3000 shares J A Groesbeck 4800 shares L Martin 1912 shares E A I Ireland eOO shares W F James lGOO I shared J McGregor 15033 shares J C Mather 6032 shares L Marier I 6200shares W T MeVey3165shares I j K C Pancake 4200 share MThomas I 7191 shares The principal negative voters were as follows J G Davis 2730 shares E P FerrY trustee 85000shares I J L Hey wood 1000 shares J D Spencer 918 share A L Thomas WG shares PT YauZHc 330tM sharcV L II Withey 12JUH9 shftres Of H Withey 35311 shares Ferry and proxies 13000 1 Chares i A II Winn < El000 shares Mr I Whifq 200 Chafes and J Lipnian600 I Glares J S There was little done after the over Whclming vote was announced by the chairman Mr Nichols again recorded himself as being unalterably opposed to I the approval of the directors action and both he and Mr Baskin gave vent to several kutto voce threats about legal proceeding The chairman did not appear to lose his equanimity thereat however and the announcement was made that the election would be proceeded pro-ceeded with most of the stockholders watered away from now on to the close well knowing their utter powerlessness power-lessness in the coming proceedings The election resulted as follows fol-lows there being no material l change from last years ticketS ticket-S Board of directors John J Daly I Lewis II Withey Arthur Brown Harver Hollister Edward P Ferry 1 Charles 15 Olney Chester Withey William R Shelby James M Burnett I The directors met immediately aftertime I after-time election and elected the following officers B P Ferry President J J Daly Vice1rcsident C H Withey Score I tarv W S McCornick Treasurer |