The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-02-03
EILERS-GUGGENHEIMS
CONTROL OF A. S 8 R. CO.
LETTERS FROM ElLERS TO THE
STOCKHOLDERS ASKING
FOR PROXIES.

Following is letter that has beer
sent to the stockholders OF the Amer
lean Smelling x refining company by
Karl Eiers ior tine purpose of secur.
Ing proxies to be used in the annua
meeting on April 6. when MIR. Eiler.
hopes TO wrest control OF the
company from the Guggenheims:
ITO the stockholders of the Ameri-
can smelling X Kehning Company
Gentlemen. You have seen in tn,
public press of recent issues the many
articles concerning the Messrs. Gug-
senheim and their unfortunate adj
ministrauon OF the affairs OF the Am
erican Smelling u Refining company
ilom these articles YOU may have
gained the impression that the out
look for the company is not promis-
ms and may have considered the ad-
Visibility of selling your stock. In
view of this possibility ] feel impell -
ed TO advise against any such sale. |
most strongly urge YOU to retain your
stock. In my Judgment with proper
management the future for our com
pany is bright. The opportunities
foi development 1 believe to be prac-
ucally hmitless, provided the strange
hold of the Messrs. Guggenheim on
our company is broken.
ITO that end have decided to
urge upon the stockholders the cleo
ton at the next annual stockholders
meeting of board of directors whose
only interests will be those of the
company and its stockholders. in or
der to place the American Smelling
< Refining company in the predom-
inant place which it should occupy in
the basic industry of mining, smelt-
ing and metal refining
ITO show the necessity for such ac-
ton consider it my duty to make
known certain facts
when the Guggenheim family
first came into the company their in
terest was "a thirty-fve million dollar
one 1t now appears that they have
of about 80 per cent of their
stock.
While in control of the company's
affairs the Messrs. Guggenheim have
secured and developed many other
enormous mining properties, not for
the cOmpanys account as should
have been the case, but for their per-
sOnal benefit in marked contrast
with the way that other similar in
iustrial organizations have been built
up.
with an ownership so small and
with their personal interests else
where it could hardly be expected
that the Guggenheims would look up
on the a. $. & r.. company as their
first consideration.
AS indicative of this, very recently
it has been announced that the sell
ing agency for the copper production
Of the Utah Copper company Nevada
Copper company, Chino |
Copper company, Chile Copper COM
pany, Braden Copper company Ray
Consolidated Copper company, Beat /
son Copper company, Kennecott Cop /
per company was transferred from /
he American Smelling & Refining .
company to Guggenhem Brothers, /
ne. This deprives the American
smelling & Refining company of COM
missions aggregatng from S75O,OOO to
u, 100000 per year
you should also know that there
nave been losses of millions of dol
airs caused by the Guggenheims
the policy of marketing
opper and adopting one which
GEMS nothing less than gambling
UGH as selling copper for future de-
very without at the same time pro-
Getting the company, and also with
gliding copper from sale when it
ught to have been sold and until
erious drop in price had occurred. In
tead of a large cash balance and sew
raj millions in Liberty bonds, the sit
alton a year ago, the bonds have
cen sold and the company has been
bHged to borrow several millions Of
ollars.
The power of the Guggenheims in
he affairs of the company has de- !
ended upon the acquiescence of the
tockholders who, not knowing that
hey had quietly sold out most Of
heir holdings have continued year y
fter year sending proxies as re-
uested, and thus perpetuated the !
ontrol of the Guggenheim board.
an the light of recent disclosures,
o you desire to continue this policy? \
G not the remedy is to take the man
cement of the company into your ]
wn hands. and, at the forthcoming I
nnual meeting in April, eliminate {
he Guggenheim influence from the {
GARD
ITO that end. l seek your coopera-
ion and constructive help. If you
ish me to represent you, the enclos-
d form of proxy to Mr. Edward d. ;
.merson. of Boston, another stock
older of long standing, and myself,
hould be signed and returned to the
bove address. In any event, in
lite you to communicate and consult