THE SUMPTER MINER
Wednesday, August ;i, 1904
THE PROXIES OF
STOCKHOLDERS
TIih investor of today Ih taking
keen inturuHt ih to tint rights or tni
uorlty stockholders, says the WmII
Htient Journal. My minority stock
holders Ih mount practically nil
stockholders. Ah ii mutter of fact,
corporation are UHiiiilly controlled
by those porsotiH who own thu
largest, minority intiirMHt. Home
tiuiHH they urn controlled hy persons
having tint smallest possible owner
ship in thorn. JiihImucch have not
been rare of control by men wbo have
Mutually Hold nil their stock, but who
urn Htill able to control and per
petuate thuir control through
various expedients. Thus tho
directors In control are iiniially able
to secure ruuluotlou by obtaining
proxies for a majority of the Htock,
though they may own vnry lltUo Htock
UiuiiisuIvoh. Moreover these proxies
may not always represent bona lido
stockholders. Tbey may rnpreHont
merely tempomry holders of the
Htock, Hiich mh spcoiiliiloi-H, or brokcrH
uoLing for HpeciilatorH. J'ho real
investors in the Htock may be
numerically In t majority, but
practically in a minority. TIiiih in a
Jitrt) hciihc the rights of minority
stockholders IncludeH the rights of all
stockholders and of investors iih a
cImsh.
We print clHcwhcrc a letter from
one of our HiibHcrlberH, asking uh to
use our influence to abate "the evil
of sending proxies, foi thu asking, to
intiti who probably have been using
their official poHitioiiH for the tic
i'uniiilNtlou of 'graft', and not for
the benefit of HhareholderH. "
ThiH 1h an evil for which the share
holderH are thcuiHclvuH in largo part
responsible, There would be less
(corporate mismanagement and cor
niption if more stockholders would
attend annual meetings and iiiHiHt
UPOI) HHklllK UCHtlotlH HO IIH tl) 1)11
able intclllKently to vote. Ah u rule
corporation meetings are much better
attended In Kngland than lu thin
country. Hera the UHe of proxies him
tHHmnitt no abuse. Am thu citizen in
different to hlH rinhtH of auffrMge Ih
responsible by bin I udl (Terence, for
tba liiotlon of bad men to ottloe, no
the negligent stockholder It largely
reMpotislble If bad men find It easy to
obtalu and maintain control of cor
porMtloiiH. Whether It would be
poasibla to frame a fair law to pre
vent temporary holderH of stocks
from mIvIuk or Helling proxies may tic
opeu tu dlHpute, but there can be no
question that If legitimate investors
iu HtockH would exurclMu a larger
vigilance and zeal they might be able
greatly to diminish the ovIIh of cor
porNte management.
Mot in order to be able to oxeroiHe
thiH vigilance, several things are
neccMSMry which could be provided by
law. The Unit and iiiont cHHuntlal
ot these Ih publicity. No ntouk
holder can vote Intelligently for IiIh
own interests who Iimh no means of
iihoerUlulug the condition of tlw
company of which he la one of the
owners.
The Wall Street Journal Ih be
coming more and more convinced
that the soultlon of all these quoa
tiouH lies in the dliection of
uatioual corporation law. Am
Jaines B. 0111 ban Maid:
"IVi can look for no effective
publicity, no etfecive restrictions,
or nsgulatiou of corpurMte power
under a system of diverse state legis
lation." We believe that a national incor
poration law could be framed on the
lines of the national banking act,
which provides for reaHnuable pub
licity und an excellent HyHtem of
federal examinatioriH and regulations
Such a national incorporation act,
we think, might include a chuho pro
viding for a minority repreHeutiou
in boardu of directors Thifl might
be scoured thiough hoiiio ayHtem of
cumulative voting. Thu minority
HtockholderH who would take thu
trouble to get together and organize,
could secure representation in thu
direction and seo that their rightH
were fully HiiHtained. Of course, if
they didn't organize, they could not
complain if things went wrong. An
indifferent minority always mukeH a
bad majority. Corrupt j directors
make inefficient and dishonest
ofllcialH. DJHbquost ofliaials mean
fraud for investors and consumers
It Iimh been Mild that "an houoHt
man Ih the unblcHt work or Cod." It
may iiIho be Hiiid that un houeut cor
poration is thu noblcBt work of man,
for nothing can more Hiirely and
quickly advance prouperity and in
creiiHu wealth. Hut a dishonest cor
potation is a worner of Iniquity, a
breeder of wrong.
It Ih undontood that Charles Unlit,
of Maker City, will cHtahliHh an ant-ay
ofllce huru iu a Hhurt time. Mr.
Raht wiih formerly iu thiH line of
biiHiiHHH here, but left to engage in
mining in Mexico. He will prob
ably move back at once If a Hiiitablu
building can bo secured.
SPECIAL NOTICE
If you want to read a freu and inde
pendent paper, devoted to the inter
cHt of mining and current ovuntH,
which Ih not controlled by any pro
moting concern, hucIi mh moHtof the
pacrs iu the cant are, Hcnd for a free
Hamplu copy of
NEW YORK BANKER
23 BROADWAY,
NEW YORK
NO'liCB OF FORFEITURE.
flumpter, Baker comity, Oregon,
'July 21, 1904.
fo A. P. Jones and John T. English:
You Mild each of you are hereby
notified tbMt 1 have expended during
thu yeMra 1900, 1901, 1002, and
1903, the Hum of Eight Hundred
DolUra In labor and improvements
upou the Astoria Mild Hond quMrtz
milling cImIiuu, ultuatu iu what la
commonly known mh the Cracker
Cieek (unorganized 1 mining district
lu the county of Maker, state of Ore
gon, and being altuated on Little
Cracker Creek, adjoining the
Sainpnon mine and about two and
one-half miles northerly from the
town of Mourue In Maker county,
Oregon, in order to hold said claims
under the provisions of Section 2M24
of the Revised Statutes of thu United
States, and amendments thereto con
cerning annual labor upon mlnlug
claim being thu amount required
to hold fa id claims for thu years
ending respectively December Hist,
1900, December .'list, 1901, Decem
ber Mist. 1902, Mild December .'list,
1903.
A lit' you, A. l Jones are hereby
notified that if withiu ninety days
from persoual servloe of this notice
upou you, or withiu uluety days
from the publication thereof, you
fall to contribute your proportionate
share of nuch expenditure as a co
owner, which amountB to one hundred
dollaru, or twenty-five dollars for
each of the years 1900, 1901, 1902,
and 1903 from annual labor upon the
said Astoria mining claim, your
interest In said claim, which is a 'one
fourth interest, will become the
property of thoJJTundersigned, E. E.
liauser, your co owner, who has ex
pended on said Astoria claim for
each of the years 1900, 1901,1902
and 1903, the Hum of one hundred
dollars or a total of four huudred
dollars.
And you, John T. English, are
hereby notified that if within ninety
dayH from pereouol service of this
notice upon you, or within ninety
dayH from the publication thereof,
you fail to contribute your propor
tionate n!mre of such expenditure of
j four huudred dollars on said Astoria
! claim, mh a co-owner, which amounts
to one hundred dollara, or twenty
five dollars for' each ' of the 'years
"1900, 1901, 1902, and lOO.'i, for
annual labor on said Astoriu claim,
I your interoHt in naid claim, which
amounts to a ouo-fourth interest,
will hocomo the property of your co
owner, the undersigned, E. E.
Ilauser, who has made said expendi
ture of four huudred dollars on said
Astoria claim, or onu hundred dollars
for each of thu years 1900, 1901,
1902, and 1903.
And you, John T. English are
hereby further notified that if, within
ninety dayH from personal .service of
this notice upon you. or within
ninety days from the publication
thereof, you fail to contribute your
proportionate share of the sum of
four hundred dollars expended by the
said E. E. HauHcr on said Monti
claim, or onu hundred dollars for
each of thu yearn 19.H), 1901,1902,
and 1903, your intorest in said
Mond claim, which amounts to a one
half interest, and which propor
tionate amount of said expenditure
of four huiiured dollars amounts to
two huudred dollars, will become tho
property of your uo-owuur thu said
E. E. ilauser, who has made'' said
expenditure of four hundred dollars
ou aald Mond claim or one hundred
dollars for each of the years 1900,
1901, 1902 and 1903, all by the
terms of said statutes.
First publication July 27. 1904.
Final publication October 20,
1904.
E. E. HAUSER.
NOTICE OF FORFEITURE.
Sumpter, Baker County, Ore.,
July 29, 1904.
To Otto Uuzloker, Menuo Un
zicker, J. R. Burns. R. L. Coleman,
R. S. Catos, Allieue Case, John
Arthur and J. F. Crlsman:
You and each of you are hereby
notified that 1 havo expended during
tho year i903, thu sum of one
hundred dollarH iu labor and im
provements on each of thu following
described quartz mining claims
situated in the Cable Covu mining
district, iu Craut aud Maker coun
ties, to-wit:-The Rob Roy, the
Sunset, aud tho Snov Shoe, situated
in (irant county, Oregon, and the
Black Dwarf and Midnight .situated
in Baker county, Oregon, the
locatiou notice of said Rob Roy
quartz milling claim being recorded
at page 183 of Volume J of the
public records of mining claim
1 locatiou notices of said (irant
Innnntn tl.u Bllliumf n I u i til llWIullllll
notice being recorded at page 183 of
said volume O of said records, and
tho Snow Shoe claim location uotice
beiug recorded at page 184 of vol-
ume(J of said records; the locatiou
notice of said Black Dwnrf claim
being recorded at page 189 of vol
ume Jfof the public records of
quartz mining claim locatiou notices of
said Maker county, Oregon, and the
location notice of said Midnight
claim being recorded at page 191 of
said volume J of said records of
Maker county.
And you. the above named Otto
Un-dcker. .Mi uno Uuzlcker, J. R.
Mums, R. L. (V'eman, R. S. Cates,
Alliono Case, J u Arthur and J. F.
Crismtiu, are heioby notified that if
within90 days from the date of the
personal service of this notice upou
you, or within ninety dayB from the
publication thereof, you fail to
contribute your proportionate share
of such expenditure, which amounts to
Bixty-six and two-thirds dollars
for each of the following named
claims, to-wit: the Sunset, the
Snow Shoe, the Black Dwarf and
the Midnight, and the sum of seventy
sevon and seven-ninths dollars for said
Rob Boy claim, your interest iu mid
Sunset, Snow Shoe, Black Dwarf and
Midnight claims, which amounts to a
two-thirds interest in each of said
claims, and your intorest in said
Rob Roy claim, which nmouutH to a
seven -ninths interest, will became
tho property of your co-owner,
Robert O. Doming, who has made
the expenditure of one hundred
dollars on each of the above named
five claims, during the year 1903,
for the puipose of holding said claims
for tho year ending Decombor 31,
1903, iu accordance with section
2321 of ho Rovised Statutes of thu
United States.
R. O. DEM1NO.
Firstjniblicatiou August 3, 1901.
Last publication November 2,
1901.
NOTICE FOR PUBLICATION.
(Isolated Tract.)
ITBI.IC LAND SALE.
U. S. l.anJ Office.
) La Grande. Ore.
NOTICE IS HERKUY GIVEN. That In pursuance
or Instructions from the Commissioner of the Gen
eral Lit n J Office, um'er authority vested In him by
Section 3451 U S. Revised Statutes, as amended by
the act or Congress approved February 6, 1895. we
wilt proceed to olfer at puDllc sale, at ten o'clock a.
m. on the 37th day of September, 1004, at this oftice,
the following tract of land, to-wit: NW K NE
Sec. 34. T. 10 S Range it E. W, M.
Any and all persons claiming adversely the above
described land are requested to hie their claims In
this oftice on or before the day above designated for
the commencement of said sale: otherwise, their
rights will be forfeited.
Uated August 11, 1004.
E. W. DAVIS. Register.
A. A. ROBERTS. Receiver.
riMIEft UNO, ACT JUNE 9. IITf.-NOTICE f0
PUIUCaTIM,
United Stales Land office, (
La Grande, Oregon, June g, 1904. j
Notice Is hereby given that In compliance with the
provisions of the act ot congress of June ), I87I. en
titled "An act for the sale ot timber lands In the states
of California, Oregon, Nevada and Washington Ter
ritory," as extended to all the Public Land States by
by act ot August 4. l8oa,
JOHN C. MILLMAN,
of Sumpter, county of Haker. state of Oregon, has
this day filed In this oftice his sworn statement No.
jia4. tor the purchase ot the NM NEtf. NEtfNWtf
and lot one (1 ) of Sec. jo. InTp. No. 1 1 S. range No. j8
EWM, and will offer proof to show that the land
sought Is more valuable for Its t'mber or
stone than tor agricultural purposes, and to estab
lish his claim to said land before Charles H.
Chance, U S. Commissioner, at hi- office at
Sumpter, Oregon.on Wednesday, the ist day ot
August, mo4
lie names as witnesses: William A, Green. Ralph
Mead, Van Rensselaer Mead, Eric P. Bergman,
all of Sumpter, Oregon.
Any and all persons claiming adversely the above
described lands are requested to tile their claims In
this oftice on or before said jistday ot August, 1004,
E. W. Davis. Register.
DESERT LAND. FINAL PROOF.- NOTICE FOR
PUBLICATION.
United States Land Office, (
LaGrande, Oregon, June ,u. 1004 i
Notice Is hereby given that Joseph Wham, of
Unltv, Oregon, 1 as tiled notice of intention to make
proof on his desert- land claim No. ao6, for the se!
se4 sec, jo, ne ne sec. n, tp. 13 s. r j? e, W.
M . beloie the County Clerk of Baker County at
Baker City, Oregon, on Wednesday, the 34th day of
August. 1004.
tie nimes the following witnesses to prove the
complete Irrigation and reclamation of said land:
Gene Yeaper ot Unity, Ore., Thomas B. Boyer of
Hereford, Ore,. Thomas Thompson of Unity, Ore.,
Alfred Whited ot Unity. Oregon.
E. W. Davis, Register.