The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-08
MEXICAN MINING CO. BROKE.
VI. y. DADY ANDTHOMAS II. ADAMS
AMONG ITS DIRECTORS.
Zimapan ,IirinE and Smelling Company
Assigns william Wigglns, Its Presi.
dent, Says Jerry weinberg and w.
II, George MIsm anaEed Anairs.

uent, says Jerry WeT0UtTB Auu W.
II. George Mlsinanaged Anairs.
The zmapan Mining and Smelling Com
pany which has offices at ll2 Fulton street,
and is engaged in mining silver and lead
ore in Hidalgo county. Mex, made an
assignment yesterday to W. E. Ellis. Will
liam Virgins, who lives at 343 West Eighty
sixth street. il president Of the company,
and among the directors are Michael d,
Dady and Thomas Adams. Jr., the chew
ing gum manufacturer. Mr.. Adams WAS
president OF the company up to May 81
OF this year. when he was succeeded by
Mr.. Virgins.
Mr. Virgins said last night that the com-
pany was organized In 1901. William h.
George and Jerry A. Weinberg OF Brook
Ign being the promoters. Later, he said.
there was trouble In the board Of directors
over the way George and Weinberg had
mana ged affairs and both lost their places
as directors when the annual election was
held. Both Of these men, however, 1t was
said, still own stock in the company.
According to President Virgins the price
paid for the company's mining property
in Mexico was supposed to be 5000 900
George, he said took that amount and
went to Mexico for the purpose OF acnuir-
ing the property. George became manager
Of the mines and had full charge OF the
development OF the companys holdings,
which included besid,s the mines ranch
and some other property. which the owner
had insisted upon the company taking
along with the ore deposits.
In 1902, President Virgins says. the di-
rectors became dissatisfied with the way
things were panninR out under Georges
mana cement. and they appointed a COM
mittee of two directors to 60 down and
look the ground over. George had. in the
meantime, Mr.. Virgins says. got about
$3.50 900 from Adams, Dady and other stock
holders for working capital.
Robert H. Davis and Mr.. Virgins we're
the men appointed to take a survey OF the
situation in Mexico. Virgins couldn't
20, but Mr.. Davis went. He returned, and.
according to Virgins. reported that things
seem ed favorable. Later the stockholders
d dissatisfaction again reached a critical
point and Mr.. Weinberg was sent to Mexico.
He also saw George and. President Virgins
says, reported that the property looked
like good thing Still no dividends ap-
peared and there as a constant call for
more funds.
Finally in 1903, several members Of the
board of directors, including Mr.. Adams.
j. Parke Robson and Mr.. Davis, put up
money and sent a lawyer, down to look
the ground over. The lawyer was in
Mexico. the president says. for several
weeks and came back with report
that was not calculated to inspire the stock
holders with confidence.
1t was after the stockholders began
to complain OF the way things were
being conducted in Mexico, accord
ing to President Virgins, that George
and Weinberg left the directorate. Virgins
said that the resignation Of George AZ
manager was asked for, but was not re-
ceived until after his years term of service
had expired.
Mr.. George lives now at 3ls West Eighty
| sixth street. He denied last night that he
had ever been asked to get out as mana ger.
He said that he had left the employ of the
company because he couldn't get his salary.
He said that Mr.. Weinberg was the o.
ganizer OF the company and had talked
| it up among his Brooklyn friends.
Virgins was not able to say what per-
| centage of its obligations the com pany
would he able to pay, but it was hethought
IN pretty poor way. After George left 1t
as manager Mr.. Adams, it was said, sent a
man in whom he was interested down to
take charge Of the property, but it was
| finally decided to make the assignment
| 1t was reported that Mr.. Adams had dropped
about SEQ, 900 in the venture and Col. Dady
! probably about $4,000.