The New York herald., 1921-04-07
GUGGENHEIMS WIN
SHELTERS ELECTION
Gain Full Directorate of 90
Eilers to Fight On, He Says
i'm Statement.

The present management or the Amer
generally known as the Guggenheim
management won a decisive victory In
it's battle to retain control OF the cor
poration al the annual meeting yester-
day defeating the efforts OF Karl Eilers,
a former director. ana his associates.
In the only vote taken. which gave a
test of strength, the Guggenheim inter-
ests cast ballots for approximately $780,
600 shares, against about $50. 900 shares.
This vote was on an appeal from
ruling of the chair on point OF order.
and after the vote disclosed that the
management controlled considerably
more than half of the 100000 shares
OF stock outstanding, the Eilers sup
porters refrained from casting their bal
lots In the election Of directors As
result the entire so called Guggenheim
slate of twenty-eight nominees was
elected to the directorate for the en-
suing year. 6S2.22S shares being voted
| for them.
The attendance at the meeting was
by far the greatest In the company 8
| history. Considerably more than 100
stockholders were present In person,
! while almost 100000 Of the total out
4 standing shares were represented. AS
! a result the Jersey City office in which
the meeting is usually held was found
to be inadequate and an adjournment
was taken to ST. Peters Hall.
s. r. Guggenheim, brother OF the
| president and former chairman or the
executive committee. read lengthy
| statement in refutation Of the charges OF
1 hxF -
| The statement declared that Mr.. Eilers
had been dismisNed from the board for
incompetency, for INSTRUMENTATION, for
4 wasteful extravaganza and because his
1 activities constituted an increasing detri-
ment and constant menace to the COM
pany." Mr.. Eilers made no reply, but
his counsel endeavored TO ask some
1 questions of Mr.. Guggenheim, who re-
| piled that all he had to say was In the
4 statement he had read.
Counsel for the committee recently
/ formed by Henry Evans and other large
4 stockhold to Investigate the com
\ pany's affairs told the stockholders that
\ the committee was determined to md
out whether the charges had any foun-
4 dation. f. H. Brownell. vice-president,
who presided assured the committee
4 representative that the management
would facilitate It's Investigations.
! Early In the meeting a motion was
offered by III. R. Leary, counsel for
Mr.. Eilers. declaring the meeting ad-
1 journed until the first Wednesday In
October and providing for thorough
investigation Of the company's affairs
in the interim. This motion was de-
clared out of order. the resultant vote
showing the strength of the two fac
tions. After his failure to control the
meeting Mr. Eilers issued the follow
ing statement:
THE Guggenheims have won at this
election. Notwithstanding this we feel
that they will have increasingly to
recognize the impressively growing
strength of the opposition OF about
| 1000 stockholders with more than 100000
shares. AS the Guggenheim control has
not been eliminated we must continue
our efforts. We feel that the increase
in number of anti-Guggenheim proxies
/ from 1000 shares last year to more than
200, 900, which are now positively against
them. plus a greater number who re-
fused to vote altogether, Is prophetic
of even greater increase next year as
| the stockholders become more ac-
quainted with and alert to the disas-
trous results of outside adverse con-
troll"
AS recult of the Eisler agitation two
I
under way soon, one arranged by the
| management under the direction of ex-
President Taft. and second by a COM
mittee representing approximately ST.
100000 worth OF stock and headed by
Henry Evans, chairman of the board of
the Continental Fire Insurance Company.
The following were elected:
Directors not holding official positions
Daniel Guggenheim, Merrill p Call
away, F. J. Leary, Benjamin Joy, Fred
erick II Walker. wilfred Shore, z. c.
Jameson. E. B. Schley. Lyman Candee.
W. S. Mccormick and Walter T. Page.
Directors who hold official positions
Simon Guggenheini, president: Edgar l..
Newhouse. Francis III. Brownell, C. w.
Whitley, William Loeb, Jr., n. A. Guess.
III. A. Prosser John G. Emison. F. r.
Raif. Hamilton NJ. Brush. John n.
Steele. Charles Earl. Willard S. Morse,
G. P. Bartholomew, f. w. Hills, c. A. Fl.
De Saulles and Roger w. Strauss.
New names on the directorate include
Frederick r. Walker, representing Ca
madam interests; Wilfred Shore, repre-
senting Dutch banks. and Merrill r,
Galloway, r. ]. Leary, Benjamin Joy.
Lyman Candee and Il. G. Jameson. New
York bankers and financiers.
The twenty-eight directors will meet
in New York next Tuesday to elect on
GERS.