Show ity I 1 T THE MONTANA TONOPAH ELECTION x I 1 f X s X E the three days session of the steel stockholders of the montana tonopah company terminated yesterday afternoon says the i daily herald of the with the election of the knox ticket in its entirety by an overwhelming majority a majority that was always safe owing to the more than shares of proxies held by secretary R P dunlap senator george S nixon G F badgett C E knox and A J samuels names appeared on both tickets and with the exception of knox who was cut out by the minority when it came to voting the persons named carried the bulk of votes from both sides mr knobs vote ot of represents the normal strength of the majority in the meeting while represented the strength of the minority the directors elected were charles E knox george S nixon A J samuel george F badgett dudley baldwin R B cantler Want ler R P dunlap J J and thomas J lynch the minority ticket or that portion ot of it which was defeated consisted ot of C E morris W H dickson Di chEon A C ellis jr M L mcdonald and george A bartlett to give even the briefest kind of a synopsis ot of the war that has been waged on the knox contingent by the minority headed by judge W H dickon Dick gon A C ellis jr J bruce kremer a butte lawyer representing mal calm L mcdonald and others would take columns of space the fight all grew out ot of a difference of 0 opinion p touching t the payment of dividends and managerial policy and president C E knobs statement in his annual report that he had endeavored to serve the best interests of both large and small shareholders was taken as a a text in the meeting to make all sorts of charges against him all propositions advanced by the minority looking to a formal investigation and filing of charges were promptly voted down and when it came down to electing directors and the minority wanted to fco have C E morris elected on the ground that he had been neutral all through the fight and that his large interests demanded that he be recognized the vehemence of judge Dick sons attitude in presenting the matter was probably the reason that it was turned down also though mr air morris was given representation through R B want ler his father in law the fight was a stubborn and bitter one personalities were often indulged in and had it not been for the able and tactful manner in which judge J cf C campbell of san francisco filled the office of chairman the proceedings might at times have reached a serious stage the reports showed the financial condition of the company and the physical con of the properties were presented in great detail and when they later reach the shareholders in printed form it will be seen that the company is on a firm footing and that its mines are all and more than has ever been publicly claimed for them A resume of the financial statement made up to august 31 makes the following exhibit receipts from ore shipments transfer fees toll on cars dividend on treasury stock 00 total receipts disbursements operating expenses labor etc ore handling account development and permanent improvement pro sundry departments including labor and supplies in assay office blacksmith machine and carpenter shops salaries I 1 traveling expenses and ana office supplies dividend no 2 balance cash in banks 64 ore statement during the year a total of tons of ore ogre of the gross value of or a total value of was shipped to market the cost of transportation and treatment was 1099 per ton or thia leaves the net value of the ore shipped approximately per ton or as shown in the financial statement managers report the report of retiring general manager donald B gillies was a rather lengthy but most comprehensive one and it certainly bore out the contention of the dickson ellis mcdonald faction in the old board of directors that the company was in a position to declare a dividend of and continue it for several years to come or to use the language of judge dickson for six years and nine months after enumerating all the improvements that have been made at the property during in the year and the new equipment provided the report shows that there was feet of development work done exclusive of all and that there is at present feet of workings in the mine manager gillies report then takes up 0 the development of the mine in consider able detail though stripped of all technical terms toward the close he mentions the hopeni opening ng of fine bodies of sulphide ore on the foot level and recommends a connection with the north star mines work ings at that depth for the purposes of development ventilation and safety of the miners employed in both properties ore in sight it is estimated that the ore reserves of the mine today will total tons of I 1 shipping grade says the report no estimates or calculation has been made as to the quantity of milling ore as what is considered milling grade and that which is too low to mill depends entirely entirely on local conditions some time back mr gillies was asked to let the directors know what he could db in the way of supplying the money from the mine with which to pay dividends and he replied that could be paid whenever the directors cared to call for it and that amount could be maintained quarterly he based his conclusions on what had been accomplished at the mine in paying up its indebtedness and the monthly earnings beginning with march of this year during march to july inclusive the monthly earnings had averaged or practically per quarter deducting per quarter for operating expenses and the mine was earning net As the tre treasury stock would earn of an dividend it only required or less than the earning capacity to meet such a dividend many other things in the report would have to show the splendid condition cf the mine and its prospects for the future but the shareholders will have to wait for the printed report to get the details the new board of directors will likely organize today |