Show IN r MININGCIRCLES Sam Iticlntyre Protests Against the Boards Action DIVIDEND NOT PASSED cuAIMS THA THE PROCEEDINGS PROCEED-INGS WERE IRREG1JLAR The Climax MineOregon Property That Is Showing Up In Great ShapeSlump In Mammoth Young America Makes Its First Transfers On the BoardAnother Apex SuitBack From Stateline I The Queen of ShebaSilver and Lead Ore and BullionMining Notes and PerSonals It was report on the streets yesterday yes-terday that the action of the Mammoth Mam-moth 1ririing c mpany in passing its regular dividend for this month was likely to be contested by one of the directors and officers of the company and a representative of The Herald inquest in-quest of information on the subject called at the office of the company where President Will McIntyre and Director Di-rector Sam McIntyre were found In an interview on the question abovementioned above-mentioned Mr Sam McIntyre stated that he proposed to contest the action of the board if there was any law that would cover the case his contention being be-ing that a dividend was declared at the meeting held the day before at hkh the live directors of the organization organ-ization Messrs Will McIntyre Cun Tngham Riter Young and himself erc present his explanation of the true inwardness of the meeting being tblt a motion was made by himself 3T1d seconded by Mr Cunningham that a dividend be declared The question was called fr by 1lr liter and in the bvJl ting which followed Mr Cunning hat41 and himself voted in favor of the motion Mr TUtor voted against it and Mr Young did not vote either way the president not being qualified to vote excepting in cage af a tic the re suit being that the motion carried Later an however by the combined atIon of Messrs Will McIntyre Riter anll Young the motion was reconsidered reconsId-ered or put again two voting for and two against the president casting his vote in the negative and thus deciding against the declaring Df the usual divi dnd This 1Ir Sam McIntyre stated was rmg and irregular and he intends to make the first vote stick if possible and if the law will sustain him and he further stated that there was money suffiCient in the treasury for the payment pay-ment af a September dividend and that the company would be in shape to pay its regular dividend in October alsO Prpfldent Will McIntyre on the other hand was just as emphatic in the statement state-ment that if was not policy to pay a dividend this month as it would pull down the reserve which it was the Intention in-tention of the company to maintain and he alsO insisted that the action of the board above referred to was regular reg-ular and that the minutes of the meeting meet-ing would bear him out in the assertion asser-tion He deploed the fact that there was nat more harmony among the members of the board and that so much publicity was given to the affairs af-fairs of the company Another bone of contention between the members of the board is the operation opera-tion of the mill at the mine Sam McIntyre Mc-Intyre claiming that it is running the ompany in debt as some of the ore IS toO low grade to mm and he holds to the theory that the addition of snipping ore to this low grade milling mineral does not enhance its metallic value in the least and that with this addition it will not pay to work anymore I any-more than it would before President Will McIntyre on the contrary claims that the mill is the salvation of the mine and that it is monthly earning the company 15000 net and aver and he maintains that in getting out the shipping ore it is necessary to alsO take out a large tonnage ton-nage Df low grade truck his idea being that the cost of extraction of the milling mill-ing ore is therefore merely nominal It is a wellknown fact that the mine is in splendid shape with magnificent bodies of low grade and shipping mineral I eral exposed in its miles of workings and there are many who believe that the passing of the dividend for this month was just the thing to do and that the action of the board in this direction was good business policy |