New-York tribune., 1908-09-03
THE GUGGENHEIlIS OUT
CONTROL OF SHELTERS.
Reelected to Board, but Haze Small
Stock Holdings.

1t was admitted by Guggenheim interests yes
terday that they longer were in control of the
American Smelling and Refining Company through
stock ownership. and that the Guggenheim family
held less than FIVE thousand shares of the stock
And il stated by director who is an officer
OF the company that control now rests In the
hands of PERSONS whose shares in the names
Of various large Wall Street banking houses. Fur
thernore II announced by the same ofiicer
of the company that the Standard OIL party re-
Gently owned a large amount OF stock in the con-
Germ. and that. unless the Rockefellers had taken
advantage OF the recent high price of Smelling
stock TO dispose OF their holdings in the open
market they were still big owners of the issue.
All this announced by The Tribune TWO months
ago. but then denied
According to the stockholders list of the Arneri-
can Smelling and Refining Company, which WaS
open for the inspection Of shareholders at the
annual meeting Of the company yesterday uio
f,,,prenheirn interest in the company amounts 10
only $1,000 while the capital stock or the coIli-
pany outstanding in common is S1"no" ana sSv'
100000 preferred The stock books show ina. .le
various Guggenheirns who are directors ol uS
concs-n own tust 90 shares of common STOCK anu
share of preferred. the latter being In the Name
of Daniel Guggenhein. the president VINO Is mo-
down for any OF the common. Inc ia4 So eo, -
yduaJ holder the books. Theooore FL 'Lee'
with 2a aN shares does not represent the Gusseh
helms according officer OF the COMPANY an a
st is believed that, with various pafhlhs N
.hat bold large amounts Of the stock' ne iepie
sents Rockefeller interests large anioue xo5 -
sn,eitinr stock Il is understood. was uaiisiei
10 banks Just prior to the company anilua- ~ =. ~
,ne for the purpose of conceallns the na4hes VI ~
real owners. r,,,,
notwithstanding the small holdings oy tne Ous-
.e,bairns the four members of the fanny "h'
have been directors since the concern was 04
t.s we're reelected to the board yesterday .he
C,onsard oil interests not asking for represents
60 7, &c the general belief in the Street that 4
e. Letter still hold two hundred thousailo
,.-as a. the stock as reported in The Tribune In
T,,,, they do not care at this time to tahe an
active nart in the oompany's management
The con1pany in its annual report Tor lhe se0
ended April 30 makes a poor EXHIBIT OF eai Hiie.
+ougng gross returns of s9. .4o5,2s2, decrease oA
s s.s 77s from the preceding year, and net earnings
~ e sss 2s against 81 5O9 SO In the year peIole
af,e- dividends and special appropriations there
r-se a surnlus Of sl1191, compared with s'Sl1,-'f
q, 1aa7 g O2a O5 in 1906 and s1.61S912 in ls9 Inc
net amount applicable to dividends showed a re-
auction of s2eO3O62 from the preceding year
The decline yesterday in the stock OF the ArneIi-
an Smelling and Refining Company was due Iaree-
L. % tho fact that the American Smelters Security
Cornnany was compelled TO use practically l's eh-
-,-e srrnlus last wear TO meet dividend payments
snnrorinnatelv 81 100000 was withdrawn from totai
s,,rn,,,s 10 satisfy dividend requirements AS ue
20. al srrplus Of the company at the present uiie
,s 1ess than sssee the preferred per cent b
.+ocL amounting TO sSo0o0,GO will become hHeo
charge for American Smelling and Refining uhless
.he earnings of the securities company show ma
,eriaI inproveu1ent The smelling company guar
.,+.ss the dividend on the preferred b STOCK OF
the securities company but far the former COM
many has not been called upon to meet any OF lhe
navrneuts under its guarantee