The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-01-02
AMERICAN METALS Co.
ALIEN OWNERS ARE OUT
eeoReANiZED UNDER 0lREc.
TON OF ALIEN PROPER.
TY CUSTODIAN.

Local interest in the fate of the
american Metal company is occa-
sioned by the fact that this company
was a large stockholder in the Con-
solidated Interstate Callahan COM
nany. Following the action of the
alien property custodian in taking
over the affairs of the company on
account of it's large German owner
ship. arrangements were soon effected
nv which the contract for the zinc
output of the Interstate Callahan held
by the American Metal company was
cancelled and the holdings of the
metal company in the Interstate CAL
lahan were turned back to the mining
company. The present condition of
the American Metal company is de-
scrlbed in the following statement re-
Gently issued by the alien property
custodian:
Appoint voting Trustees.
"The alien property custodian has
completed an arrangement which will
eliminate all enemy interest in the
above named corporation, and will
Mace the control of the company in
the hands of five voting trustees nam
ed by him, for period of five years.
I'm, a1raa DIV
been named: Hon. Henry Morgen-
thau and Messrs. Berthold Hoch-
schild and Joseph F. Guffey. Mr..
Hochschild is chairman of the board
of directors.
"The outstanding capital of the
company consists Of 10000 shares Of
which the alien property custodian
has taken over 1854 shares belonging
to alien enemies. A further amount
of 1880 shares belong to American
citizens who have had control of the
management of the corporation. The
remaining shares are held by a group
of British shareholders, principally
consisting of Henry B. Merton & Co.,
Ltd, and the Merton Metaliurgical
Co.
1T is the purpose of the alien pro-
perty custodian to offer for sale at
public auction at an early date the
voting trust certificates representing
34,644 enemy shares, and two addi-
tional trustees will be named by the
alien property custodian after the
said sale has been completed.
No Moro Alien Ownership.
TN order to protect any part OF this
important enterprise from reverting
to enemy ownership after the war
and to assure to American ownership
the full control over this important
ore supplies owned by the company
the alien property custodian and the
American shareholders, who are the
officers and managers of the COM
pany, organized the voting trust
above mentioned. The method OF
control which the custodian deemed
important in the public interest coule
not have been put into effect without
the consent Of the American share
holders who have willingly cooper
ated with the custodian in all nj.
plans.
Some statements have appeared II
the press indicating that the corpor
alton itself has been taken over %!
the alien property custodian. This il
not correct, since he took over onl
the shares owned by alien enemies. Il
accordance with his custom, he ap
pointed directors to serve on tn
board of directors in order to repre-
sent the shares held by him.
"In pursuance of arrangements car
ried on between the alien propert
custodian and the British embass.
the owners Of the shares held
Great Britain have also agreed to &c
post their shares under the votir
trust agreement and to sell the vol
ing trust certificates within year,
purchasers approved by the allie
property custodian or his appointee.
I'm this manner the complete An
ericanization of this important ente
prise will shortly be accompishe
and all persons are invited to DE
with the company accordingly