Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-04-02
Simon R. Guggenheim Explains
How the "Frenzied Finan-
Cier" Got Into 1t.
HE SOLD STOCK TO ONE FIRM
Which Let the Public iii Through
Lawson's En-
deavors.

The spectacular advertisements of
Thomas w. Lawson in springing the
Yukon Gold enterprise, the unprece-
dented scramble for the stock ON the
Broad street curb in New York by
frenzied brokers and investors. has
caused many to wonder how it happen
ell that the Guggenheims had enlisted
the services of Lawson to sell their
stocks. The question: Did Inc Gug
genheims employ Lawson to sell the
Yukon Gold company shares?" was put
to simon x. Guggenheim by the New
York Tribune few days ago and he
made an emphatic reply, NO. How
ever, the connection OF the Guggen-
helms with the disposal of 100000
shares OF Yukon is explained thus
wise:
Following the successful sale by
Trippe ~ Co. of $4,000. 900, per cent
convertible bonds OF the Nevada Con-
solldated Copper company, two weeks
ago, the Gusgenheims entered into q
contract TO sell Trippe 10000 shares of
the Yukon Cold company stock at S5 a
snare. II was not known what disposi-
ton would be made of the stock, but
the Guggenherns believed that the firm
would be able to distribute it among
their customers and friends of w 3.
Thompson, the special partner of the
firm, who made a success of the Nipks-
sing tlotation and several other min
ing ventures. The Guggenheims since
learned that Trippe q Co.. with Mr..
Thompson, employed Lawson TO sell the
stock acquired in the open market at
the best prices to be obtained. The
f,nUr1fhpifnc n
statements made by Lawson in his adj
Nertisements are correct. While they
regret the tlainboyant manner in which
the stock of their enterprise is being
Heated on the public their greatest con-
cern Is that the public may be carried
away by the optimistic utterances of
lawson and for the time being pay too
high price for the stock. The proper
Ties are not producing gold as yet.
we have no concern with what
Trippe & Co. and Mr. Lawson are do
Ing, said Mr.. Isaac Guggenheim yes
terday. when we sold 900 shares
of the stock to that firm on behalf
of the Exploration company our con-
Germ ended when $3,500,000 was paid
into the treasury Of the company. II
MIR Thomson and his friends thought
II the best plan to hire Mr.. Lawson to
help them to sell that stock at a profit
1t Is not our business
1t is true that we have spent up
ward of $10.000,000 on the property so
far. We have practically finished a
great ditch and canal 40 miles long to
convey water to the placer mines. which
alone has cost So 100000, and which Is
considered one OF the greatest engineer
Ing feats in the history of the mining
business, The Guggenhelm Explora
ton company. along with English and
Canadian stockholders, have financed
the construction of the work up TO
the present time. When we had an on
portunity to sell $3,5O0,0OO worth OF
treasury stock we took advantage of
the opportunity"
us ii true that when the Yukon
stock deal is completed Lawson will
offer for sale stock in the Copper
Mines company, which will eventually
control among others Nevada Console
dated, Utah Copper and Cumberland
Ely Copper?" was asked.
IT he is going to carry on cam
paign in that" said Mr.. Guggenheim.
Eve are not aware of It,"