New-York tribune., 1920-12-21

MY Dear Mr. Eilers: Shortly after
| became president of the American
SINE ting and Refining Company it be-
anne evident that you were not in
sympathy with m. administration, |
ma h0ped that time would bring
change IN your attitude and bring
ABOUT better accord between US. but
year has gone by with no prospect
I such result Our views differ so
fundamentally and on so many ques-
tions that we cannot with advantage to
the company or in justice to either of
US continue to be longer associated
IN the management. have reached
inns conclusion with the deepest regret
because Of our on. association. The
slderatlon and | regret the step as
eng absolutely necessary for the vel
lare OF the company.
This letter is written that YOU may
nave an opportunity of yourself TAX
ng the initiative and rendering your
~natIon before the coming annual
election on April 7, if you so desire.
~ 9ssrrance # personal regard and
good Will, respectfully yours.
SIMON GUGGENHE1M."
diverse Interests Suggested
49,. Elers replied to this communi-
cation on April in part as follows:
Dear Sir: You are very right when
You say l. have not been in sympathy
with your administration. That is per
maps one of the strongest reasons why
my continued connection with the com
pany should be to its advantage Since
your brothers caused you to be made
president YOUR views and mine as to
have differed fundamentally, possibly
because We represent different in
tcrests and may be working for diff
ferent ends.
MY family and are now among the
largest stockholders and have held the
stock from the company's beginning,
and we have no interests of any kind
adverse to the company. You and your
family associates have disposed of
practically all of the 800 900 shares
which you had when you assumed con-
out OF It's stock, you have practically
no stake whatever in the company and
may not be free from adverse interests
"Ihrcughout your administration my
views as to policy have smatically
been overridden by you. I disapprove
OF gambling in copper, and | dsaQ-
proved of gambling in copper during
the years 1912 to 1918, when it oc-
caSioned loss to the company of FIVE
or more millions of dollars. feel that
loss should be made good.
81 have disnpproved os ,re Dawn NJ
20 certain members Of vOur family CT
sums aggregating at leas. s5O0,0O each
il. a'ary and office facilities during
rer dercd. / have disapproved of t. c
1rhtrary manner in which you have
allied TO consult the directors of the
= mpAny, men who in many cases hav.
hhd far m ere experience tren yourself;
o.. consulting them have failed 20 e vr
tie slightest attention to their vews.
From the time when YOUR brother trea-
cd the directors as puppets in order
to bring about your election. you v"lr-
self seemed to have regarded and
treated them as punpets. One of cur
present directors summed up the ml.-
.er correctly when he stated Simon
snaps the whip and the rest all have
TO jump Such d method of opera
ton would be harmful under any ci--
cum instances, but when employed h. one
whose interests may not necessarily
he that of the company il bee mes an
pal'incly dangerous. Now have net
had to Jump, and | do not propose to
umn. and I will not rosion
Declares Organization lmperiled
81 have disapproved of your vacilla-
tion, your financial policy and your
lack of any consistent operating and
extension policy, of your treatment Of
the companys valuable employees.
believe that you have been undermin-
ing the loyalty of the men and destroy
ing the organization which should be
the company's most valuable asset
have viewed with alarm our unsat s.
factory earnings and the decline of the
market price of our stock during the
period of your direction. therefore
suggest that you should forthwith
tender your resignation as president
Of the Amrican Smelling and Refining
Company and should at once take steps
to make up to. the company for the
stockholders the various losses which
they wrongfully and unnecessarily suf-
fered. Yours truly,
"KARL EILERS."
"