The daily morning journal and courier., 1907-05-30
MORE TROUBLE FOR
 TIE LOGAN ESTATE Heirs of Walter s. Logan Have Another ,
 Suit.
MORE MANIPULATION.
Charge That Lawyer Jug gled Mining Shares
 Selfishly.

Seitlshly. Holllster Logan and Myra B. Mar | tin, executors of the estate of Walter 5. Logan are defendants in another suit over his mining promotions The Courier has told of the action begun by an officer of the San Luis Copper com pany. Yesterday 1t was learned that Logan and Miss Martin have been sued in the circuit court of Ohio county, West Virginia, The complaint was fl- ed on May IS and the plaintiffs are a committee of stockholders in the Co., pete Mining company. of whom the leader is Epes Randolph, general man. ager of the Southern Pacific railroad in New Mexico and Arizona and holder of 5000 shares of Copete stock. The specific plaintiffs in the case are Rus sell B, Build, holder of forty share of Copete mining stock, and William I. Horner, who holds 200 shares, and all other stockholders of the Copete Min ing company who have contributed to the expenses of the suit. The defend ants are the Copete Mining company, the Melczer Mining company, the Co., pete Consolidated Copper company and the two executors.
 Logan, as in the San Luis suit, is charged with juggling and manipula- tion of the stock, with appropriatlng to his own uses money received for it's sale in defraud of the stockholders rights. It is alleged that by some manipulation Logan, who originally ao5 ;.,tn 11r+ properties, had succeeded in securing in his own hands controlling interest in the stock of the Copete Consolidated Copper company and that this stock Is in the hands of his executors.
 The suit is brought to compel the ex- ecutors and their associates to restore to the company all money received by them for sales of stock and not expend- ded for the company or else expended wastefully and without authorization; to restore all stocks possessed by them tnequitably, and to give an itemized statement of the transactions as officers of the company A circular issued on February 1, 1907, by the plaintiffs states that one of the objects of the action is to get true accounting for some $500,-
  by people who have bought stock in the last six years. The plaintiffs ask for the annulment of the contract by which the Copete Mining company was absorbed by the Copete Consolidated Copper company, and for the appoint nent of a receiver if necessary.
 The Copete Mining company,it is said was organized in 1900, with capital of 1,00O,00O shares at $5 each, for the purpose of taking over all shares of the Melczer Mining company The lat ter company had capital of $10,000 and owned undeveloped copper mines in Sonora Mexico It Is alleged that the plan was to issue stock of the Co., pete Mining company in exchange for the stock of the other company and then sell part of the Copete Mining company stock to develop the mines. Mines near the Sonora property were purchased from J. J. Harwick with the money belonging to the Copete Mining company, but the title, It is alleged, re- mains in the hands of the Melczer Min ing company Certain of the notes of the Copete Mining company, which were part of the purchase considera- tion, it is alleged still remain unpaid.
 w. s. Logan was the moving spirit in the organization of the new com pany, became director and president and continued practically in control. Stock sold as high as $t5 a share, the complaint recites, and Logan received large sums of money, some of 1t used for his personal use either without excuse or under the guise Of paying of- flee or other expenses, but anyway in fraud of plaintiffs rights. Plaintiffs aver that nothing like the total amount realized was ever used for the benefit of the company"
 Early in 1906, it is complained, the stock fell to 10 cents share.
 Then it is declared Logan came to the rescue with the Copete Consolidated Copper company, capital 100000 shares of $1 each, with Logan president and director. On April 10 1906, 1t is said, 8 contract was entered into by which the Copete Mining company, ''by Walter S. Logan, president" turned over its stock to the Copete Consolidated Cop per company, "by Myra B. Martin, treasurer" This contract, 1t is declar- ed, was ratified by vote of 600,000 shares of the Copete Mining company, but these shares consisted chiefly of treasury stock and stock held by Lo- gan.
 The copete Consolidated, 1t is alleg- ed, was to develop the properties with part of the proceeds of its stock sale and the proceeds of the mine were to be divided equally between the Copete Mining and the Copete Consolidated.
 It is charged in the complaint that Logan so manipulated the stock that the shareholders of Copete Mining are owners of stock in a company with no assets except the contract with the Co., pete Consolidated; that Copete Consol- dated owns the stock of the Melczer Mining company, which has the mines but has no money to develop them, and that the whole is In control of Logan's estate.