New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-10


Al. nronosed directors of the compan!
for the coming year aroused strong pro-
tests The slate maintained the SUI
premacy Of the Guggenheim FAMILY III
the directorate.
81 want 70 know" said Mr. Cochran
chow much Of the preferred sto'A
whose dividends have been stopped Is
reoorded in the names of these proposed
directors"
Edgar M. Leventritt. secretary Of the
company, replied that the stock oooAS
would show.
We'll. can tell YOU" the lawyer re-
r,,sd "rhore are not more than four
hundred shares on record IN the4'
names
witty Reply Rouses Storm.
NJ Cochran insisted that the actual
ar,ount be told. and Mr.. Leventritt re-
reated his inability 10 do so. Flnaily
Mr.. Leventritt made faceuouS
mark. A. Coou-
whats that. sir?" shouted Mr.. COCK
"a, "Are YOU trying TO be FUNNY II
Won are I'll laugh, but it's the FUNNY
BUSINESS of the company that has maze
tho stockholders lose money ana Do
robbed and swindled. too
The secretary, assisted by the treas
urer 4. W. Kenworthy, tried 70 eApidii'
to the stockholders the valuaole asse,5
% Tho international Company helu
,brough various subsidiaries, or whlch
,ha largest are the Henry r. Worthins-
a., Company and Blake KNOWLES
Staar, Pump Works. There was W"
tai undivided surplus, ne SAID LOT '"o
international Company or more IMAM
81 600 900, represented by the same
amount of earnings OF the suoslolar!
companies.
Ralph l.. Lum called attention to the
fact that the time for voting for the
new directors would have expired In hNe
minutes.
Before that vote is taken said MY
rocxran. ct move that this meeting be
sdiou-ned for a month, and q commit
90 of five stockholders be appointed 20
investigate the books ard the afalrs OF
he company. There are several tranS-
actions which need explanation.
And / warn YOU" he said TO MI.
f..ventritt, who had borne the brunt or
the attack, that if you don't answer
here YOU will be compelled to 90 so
elsewhere.
Mr.. Cochran insisted upon putting his
suggestion TO vote.
The resolution was defeated 10y the
heavy Lroxy votes Of Mr.. Le9entritt and
the others holding the Guggenheim and
Haggin shares.
y emit cd "
women shareholders m Holyoke. Mass
pleaded for their interests.
This board of directors he SAID
rs an insult. Look how they Insured
when they we're fghtiGg the recent strike
In Holyoke, where they refused an In
,rease of % cents Jay 10 their Work
men. As a result they lost thousands
Of dollars in the machinery which tne
workmen ruined
Minority Stockholders Lose.
Then the minority stockholders We're
voted down in the balloting for the new
directors. Among these are members OF
the Guggenheim family, James b. Has-
gin. the mine owner; II. b. Hollins' and
Walter Laidlaw.
The officers of the company were also
elected directors These own total OF
l90 shares Of common stock Of record, and
no preferred.
Now" resumed Mr.. Cochran, 81 want
TO know how It was that one Guggen-
helm sold to the International Company
for 100000 OF stock of that company
the Power and Mining Machinery Com
pany, whose total net earnings in the
last two and half years are only
$685.
That company is a paying one was
the reply Mr.. Guggenheim guaranteed
the payment Of $500 a year to the
international Company for the five years
after il was sold in 1906"
After the meeting was adjourned the
minority holders organized an informal
committee headed by John r. Ryan of
Holyoke. Mass. to investigate the af-
fairs Of the company.
The annual report submitted to the
stockholders showed current assets Of
SO. 779 939. OF this $3.50, 1Oi was made up
OF inventories Of materials and supplies,
and S3.sOO,s72 OF bills receivable Cash
was shown to be s5S5,S62. Current liza
bilties were 2,i06.s33.
The income account for the year end
ing September 80 Shove dnet profits af-
ter maintenance charges OF N,4O7S45.
Depreciation was charged off TO the ex-
tent OF $40O, 900. and other charges, in
gliding interest on subsidiary indebted
ness. were made Of S732.2l6.