New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-16
TO SEE HEINZE BOOKS.
WESTERNER GETS ORDER.
To LooE Into accounts of United
Copper Company.

tUppCF OOHt pU"J'
Justice J. Franklin Fort, Of the New Jersey
Supreme Court, will grant order 10 Thomas
NJ. Hodgens. Of Montana, in Jersey City TINS
morning, directing the United Copper Company
controlled by F. Augustus Heinze to show cause
why a writ OF mandamus should not issue COM
Polling the company allow an inspection OF It's
books
Application for the order was made TO Justice
Fort, IN the Chancery Chambers in Newark yes
terday, by ex-Judge Alfred F. Skinner of New
ark. associated Is counsel with William A
Lockwood. OF this city, and T. J. Walsh. of
Montana. In his petition Hodgens charged the
copper company with having paid dividends FOR
a year $450C0000 worth Of common stock
at the rate OF per cent. making the aggregate
dividend payments including a q per cent dlVi-
dend on S5,O00O00 of preferred stock S3.45o000,
whereas the net earnings-of the concern. it WAS
alleged, amounted to only about $l0O0ONl
Mr. Simmer in making the application, pre-
scented large petition. which he read 10 the
court and asked that Stanley Clifford the seere-
tary and treasurer Of the company, be directed
to Sc5mit the books Of the company for exami-
nation. Mr. Skinner said that it would take
abort three weeks for the experts to 60 over
the various papers and books desired, if they
Were ut The disposal Of the examiners each day
between 10 O'Clock in the morning ana O'Clock
in the evening. After hearing Mn SINNERS
presentation of the case the Court said he would
grant the order and would sign it to-day. max
ing ii returnable March so
Mr.. Hodgens according to the petition, is the
owner OF 300 shares Of the companys preferred
stock, which he has held for about two years.
1t is recited in the petition that Mr.. Hein2e. in
a report TO the stockholders Of the company
nearly "A year ago. said there had been a settle
nj all Tba which has long
hanIpered our operations" involving about $50
causes OF action and claims against subsidiary
comranies, aggregating close 10 S10O.O00,O00
The petition further sets forth that the United
company was incorporated on april %. 1907.
under the laws Of New Jersey. with an author
tied capital stock Of SS0000,O0O. of which there
was issued S45OOOOOO par value of common
stock and S5.OO0.000 par value of per cen.
cumulative preferred stock. Tie corporation
was organized by Mr.. Heinze and certain assoc
cates, with a view 10 its becoming the owner
of the stock. or a majority Of the stock. o.
various corporations engaged in the business of
mining in Montana. Later it says. the United
Copper Company became the owner Of about -
per cent Of the following companies: Montana
Ore Purchasing Company, Nipper Consolidated
Copper Mining Company and Belmont, Cerra-
Rock Island company, Minnie Healey. Johns
town Hypocka. Guardian and La France min
ing companies. the aggregate total capitalization
Of which was S12500O00 The stock OF the
companies named it is alleged. the United COM
pany acquired by transferring to its holders II.
exchange for the United company's $i5000OO0
Of common stock. The S5OO0OOO Of preferred
stock. il is claimed, was issued for cash.
At the time the stock of the companies named
was acquired by the United company. and up
to January 80. 1906, these constituent compa-
MES owned and worked mining properties in
the county Of Silver Bow. Mont. Before that
IT is alleged, various other mining companies.
controlled by the AmaIgamated Copper Com
pany, were likewise engaged in mining in Sill
yer Bow County, ana litigation Of an extern
constituent companies of the United Copper
Company. some OF them. on the side,
and the constituent companies Of the Amalga-
mated Copper Company the other side
II is further alleged that prior TO January 80.
1906, HeinZe representing the United States
Copper Company and its constituent companies,
entered into negotiations with Thomas F. Cole,
as a result of which all the mining properties
owned or operated by the constituent compa
nies of the United company. except the La
France Mining Company. were transferred to
Cole FOR Sl0,JU00OO Since such transfer none
Of the constituent companies, except the La
France Mining Company, has been engaged IN
the business of mining or in any other business
for the conduct of which such corporations were
organized il is said
After the sale Of the properties of the several
companies none Of them, the petition alleges,
barring the La France Company had any prop
ertx whatever Of any substantial value except
such as il received from its sale. and at the time
OF the sale the assets Of the United company,
the complaint alleges, consisted only of the
of whose mining properties had passed out Of
their possession and of the stock Of the Basin
Mining and Reduction Company, and an alleged
surplus Of $4O00OOO