The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-07-11
EMMA COPPER OUT
WITH STATEMENT
Complete Explanation of Pres
ent Affairs Given by Order
of the Directors.
THREE MONTHS FOR
WlPING OUT DEBTS
Stockholders Given Chance 10
Come to the Rescue OF
Organization.

Bv the authority of the board OF d.
rectors of the Emma Copper company
Secretary William M. Wantland has
issued a statement in regard to the at
fairs of the company This statement
is LOGICAL in view of the criticism which
has been directed TO the company and
its officials, and Us the statement covers
the entire field in a thorough manner,
and is self-explanatory, it is here gwen
in full:
A special meeting of the stockholders
of the Emma Copper company is here
by called for Tuesday, July 20, 1909, at
. O'Clock p. M. at the once OF the
company. II West Second South street.
Al meeting OF the board 0f dlrec-
tors held June so, 1909, the secretary
was directed TO prepare ana man a
statement TO stockholders, showing the
present financial condition OF inc cor
poratiou and setting forth such othef
dota as would be of interest to share
holders.
some complaint has been made that
stockholders have never received any
notice Of anv annual or special meeting
of the corporation. The corporation
was organized November ~, lSVo'
Article II provided that the first an
nual meeting should be held on the
fourth Monday in November. 1907, and
that no notice of any annual or stated
meeting of the stockholders need be
c,ivcn TO any of the stockholders. NOT
withstanding this provision, the seere-
tary, on November II, IS and "A, I9oi,
published i'm The Salt Lake Tribune
4 notice of the annual meeting to be
held Monday, November %, 1907. On
that date the meeting was called TO
order. but only three stockholders be,
inp present the meeting was ADJOURNED
% February >, 1908. At that time but |
Two stockholders were present, ana the
meeting was adjourned 30 February ~,
1905. At that time less than one-tenth
or the stock being represented, the
meeting was adjourned indefinitely
The annual meeting for 1905 was called
10 order November 23, and less than
20 per cent Of the stock beng repre-
sented, the meeting was adjourned to
April Is, 1909. At that meeting 4o4,-
125 shares were represented the re-
ports of the officers were presented and
filed. and the following directors elect
cd: John A. Kirby, II. s. Joseph, II. +.
Peery. W. NJ Wantland and Joseph
Lippman.
The books. papers and records of the -:
corporation have at all times been open
for inspection and examination by any
stakeholder Of record, and II exhaustive
printed reports have not been furnished
The stockholders it has not been by
reason of any desire TO keep informa-
lion from them. but IT has been due ;
10 lack of funds to PRINT such reports
The officers of the company, IN order :
10 protect the property. have generous
ly advanced their own money to meet
being criticised should be thanked for
their loyalty TO the interests OF the !
stockholders.
The articles OF incorporation show J
that the company took over the follow
INC claims: The Dicllmau. the Cohen,
the Good Luck, the Bufflo, the Buflo
No. ., the Federal Judge and Federal
being by location. These claims, with .
the exception of the last two, have all {
been surveyed for patent. The articles l
Of incorporation further show that the ! :
company took the Montezuma (patent- :
ed), Last Chance (patented), Hiawatha !
(patented) and Savage (patented), on
bond Of $4,000. and the Allegan >
claim (patented) on bond of $4,000. =
The unpatented claims contain 1854 :
acres, and the patented claims contain
10 acres, making total Of 53.54 acres :
in the group, deducting ali conflicts. i
When the company was organized, q
there were 900 shares Of stock :
shares have been disposed Of, leaving y
now in the treasury 254,650 shares. 7
The mine was operated from Novem- q
Der 90. 1906, to November 4, 1907. n
when the panic came on, and it was I
closed down for want of funds. Ore +
had been found, but not in paving guam d
titles. Being unable to dispose of
treasury stock, and having spent in \
development and taking up the bonds y
such money as the company had Sc
cured from the sale Of treasury stock,
and there being 4 balance Of $4,000
still due on the Montezuma bond. and =
other obligations pressing, the direc- y
tors concluded to close down operations q
cor the time being. A party who had. u
on February II. 1907, taken an option p
10 purchase 100000 shares Of treasury y,
stock at % cents per share during the y
summer Of 1907. only took 10000 L
shares, and his failure to take the other q
10000 shares also disarrangcd the flnan- II II
cial plans of the company. y
The following is statement OF re- 81
ceipts and expenditures from Novem-
ber 20, 1906, to November 4, 1907, as L
certified to by William j. Pateman.
public accountant, all moneys having
been paid by check and the vouchers
being on file in the office of the com.
pany; 2
Receipts. II
sale OF i46.250 shares OF stock. $50, ,4oo 90 % %
Error on payroll refunded 12,75 Il
Ovcrchargc on survey, refunded. 10 90 j
ii
500. .d42.75 OF
OVcrcrait November 4, 1907. 1902 p.
Total ............,.-.......S .S3e. .G23 Al
Disbursements. ,
Purchase Of claims (tltle and Il
sFouno) -, ,.,..........,..,.$19.21 9.211 a3 G
;door In nine ...-:,.-.........- 1883 10 Q
Thhe suppncs, machinery, etc. 4.1SJ .A6 II
,esal expenses ,...,..----.s,.. T84 30 II
5naaIE account ...;..--.,ss.-.. 1,S15 90 l.
III DIIlce expense. stationery. ETC. 52G 0f
= = iIaFelns expenses ...,...--.,.. 10 90 =,