Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-03-14
Blue Sky Seems to Be the Princi-
pal Asset OF This Idaho
Mining Company.
FINANCES BADLY TANGLED.
Discovery Made That Company Has
No Title TO Property--Ncw
Directors Elected.

Blue sky seems to be the principal
asset of the Weimer Copper company.
At least, this was the opinion express
ed by number of shareholders today
at the close OF the special meeting call
ed by President James d. Pardee 1t
developed during the meeting that there
Is something radically wrong and un-
I'll the books of the corporation are
examined IL Will be difficult TO arrive at
the exact status OF the finances of the
concern and 1t may be that before the
matter Is finally cleared up that some
OF the former officials will be called in
to court to explain how approximate
ly $4,000 has been expended during the
past year, and how II happens that the
company has no title to the four pat
ented claims which served as the basis
for the organization of the Welner Cop
per company over a year ago. 1t is said
that something over $50, 900 was re-
CeiVed from the sale of treasury stock
and that the receipts from the sale of
ores shipped last year aggregated
something like $4,000, Still the cor
pora.1n is In financial distress, and It
is questionable whether 1t owns any
thing.
PROMOTED IN THIS CITY.
The Weimer Copper company was
promoted by John Il. Welmer Of this
in as president of the corporation, and
also had charge OF the development
and operation, while j. b. Weimer
performed the duties of secretary and
treasurer II was sort of a family
affair all the way through, and the
elder Weimer seemed to be the guild
Ing spirit in the undertaking. But
another startling development in to-
days meeting was the fact that Frank
G. Worthing, a son-in-law of Weimer,
puts in a claim for $1,000 which he
claims is owing him on an unexpired
option. This is how IL was discover
ed that the corporation has vet to OBJ
tain title to the -FOUR original claims
referred to, and which constitutes the
cream of the WeiIner possessions. 1t
was stated by j. l.. Perkes. a share
holder, that Worthlng secured an OPP
ton on the claims for the sum of $751;
600, and then delivered Il TO j. b.
Weimer, who then turned the prop
erty into the company Tor S30S00;
which on the face of it, left profit
to Worthing Ct $15,S00, me original
owners received the $500 due them
from Worthing, and the records
show that $4,000 additional was paid
to apply on the purchase price, max
ing In all $20,S00 paid on the property.
1t further developed in the meeting
| that unless Worthing receives his mon
expired and the company forfeIts all
That has been paid on the purchase
price. Consequently, some tall hustling
VIII have TO be done during the day to
save the shareholders from complete
defeat President Pardee stated, how
ever, that the money would be raised
and that the newly elected board of
directors would then determine on what
the next move would be.
Considerable indignation was heard
expressed at the action of former Sec
rotary and Treasurer Weimer who IS
said TO have sent word that he was
no longer a shareholder and that 1t
was therefore immaterlaI to him what
was done ut the shareholders meeting.
The annual meeting was to have been
held last November, but the date passed
without any action. Recently, how
ever, President Peter Weimer resigned
and Mr. Pardoe was chosen as his sue
oessor At todays meeting II. w.
Deardorf OrenZo Price, Jr, H. w.
Brown, j. u. Pardee and j. l.. Perkes
were elected directors and they are
scheduled to meet this afternoon for
organization.
Weimer stock sold in the local market
last summer above 50 share and
was iloated in the east around that
figure. The company is capitalized for
100000 shares. 100000 OF which have
been Issued. A large group of claims
was located for the company during the
past year. but the principal develop
ment, has been done on the four pat
ented properties.