The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-01-07
INVESTORS MAY
RECOVER MONEY
Penn-Wyoming Copper Company
Litigation Decided in Favor
OF Bondholders.
VIRGINIA HOLDS 100000
Reorganization of Property Prom
ises to Protect 40 Holders in
Richmond and Petersburg.

Richmond and Petersburg bondhold-
ers of the defunct Penn Wyoming Cop
per Company stand TO recover 100000
which has been regarded almost as
good as lost. by virtue of decision
of the United States District Court
at Cheyenne, Wyo., declaring valid the
bond mortgage upon the company
railroad and mining properties in thar
state. The verdict follows legal
battle extending over a period or TWO
years
The Penn Wyoming Copper Co sus-
pended operations in 1908 after selling
$21OOOO0 in bonds. Many OF the
bonds were taken up in virginia, inc
principal investors coming from Rich-
moni and Petersburg. About forty IN
dividuals in the two cities invested
$500 600 in these securities, the mold
inas ranging in size from $1,000 TO
$50. 600.
The property was regarded as h's"
class Investment. controlling what IS
said to be some of the richest copper
deposits in Wyoming. Operations
were suspended when an association OF
stockholders of the company, headed
by willard A. White. of Chicago en-
tered suit alleging that the ponds ha'
been fraudulentIy issued. ana were
therefore invalid.
In Court Since January. 1910.
Litigation began in January. 1910
when the receiver, |. y. Pennock' Oh
Cleveland, o.. was appointed. ana mas
been constantly in the United states
District Court of wyoming since. Sew
en- months were devote1 20 the tahlhs
OF testimony nsmany places from Pc
al | n
\ number of dispositions were taken
in Richmond.
The suit of the stockholders was
fought for the bondholders under the
direction of bOndholters' committee
90 which Warner Moore. of this city
Is chairman The other members oil
this committee are T.. G. Filler, Mans
tee. Mich: J. r. Leonard. pittsburgh
Pa. Il. c. Arnold, Louisville. KY, ana
|, Hawse. Richmond Howard A.
Thornton. OF Grand Rapids, ich'' Is
secretary ana attorney.
A 7. Hawse. a member OF the bond
holders committee. said yesterday
that in pursuance with the decision OF
the wyoming court the trustees Will
at an early date foreclose the pono
mortgage. and that the bondholders
committee will proceed at once to
frame a plan lOI INC ASN-
the company on a Arm basis. The com
u,ittee. he said, represents about ST.
500. 900 OF the outstanding 2.l0o,OO0 IN
aonds. and will probably effect plan
nv which the bondholders will buy
nm all the company's holdings
owns Valuable Properties
The Penn Wyoming Copper Com
many or. more accurately. the United
snelters Railway and Copper COM
many. which succeeded it. is reported
T., own valuable mining and railroad
nroperties representing an investment
~ between $4,000, 900 and s5.000.O0o. II
owns the Saratoga and Encampment
roilroad. a forty eig ht-r mile line, which
co,nects with the Union Pacific at
Xvolcott. Wvo. The road is valued at
81, 100000.
Attorneys for the bondholders say
that proceedings will now be prose-
cutsd as rapidly as possible TO com
nIete the foreclosure ordered by the
court. and to effect a reorganization o.;
the properties which will protect the
interests of both the BOND and stock
holders. The holdings OF the latter
amount TO about s10.0O0,o00.
The stocks and bonds of the com
panv are held in large amounts. out
side of Richmond. IN Pittsburgh ana
Harrisburg Pa; Parkersburg ana
wheeling. ". Va: New York City.
Cleveland. Chicago. Dubuque Ia. ana
Detroit. Manistee, Saginaw. and Grand
RAPIDS. Mich