The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-01-20
EILER VS.. GUGGENHEIM
FIGHTING FOR CONTROL
SIMON eUeeENHEIM ISSUES DE-
NAL TO Stockholders
ElLER AFTER PROXIES.

Karl Eilers, who recently started
action in the courts with the view to
ousting the Guggenheims from con-
troll of the American Smelling & Re
hning company, has appealed to the
stockholders for proxies for the next
annual meeting which will be held in
April. From the Guggenheim side Of
the controversy according to the En-
cheering and Mining Journal, stock
holders of the American Smelling &
Refining company and Of the American
Shelters Securities company have
received from Simon Guggenheim.
president of both concerns pam
phlet containing a denial of charges
made against the Guggenheim broth
ers in their management of the prop
critics by Karl Eilers formerly an Of
ficer and director of the company. The
pamphlet includes a copy of Mr.. Eli
ers' statements Mr.. Guggenheim
says:
Il emphatically deny, both on my
own behalf and that of my brothers,
all charges Of improper conduct made
by Mr. Eilers in the following pages,
and assert that at all times my bro
Tiers and myself have sought honest
ly and faithfully, to the best of our
ability, to further the interests and
welfare of the American Smelling &
Refining company.
"Our connection with the company's |
affairs began in 1901, and it is with /
pardonable pride that we point to the |
development of the company in the /
intervening period as shown by the /
following comparison:
THAT the policy of the present
has been successful is
evident from the fact that in the ifs
cal year of the company ending April
30, 1901, the net earnings of the COM
Dany were $S,S2S,OOO representing 1888
per cent of the then outstanding cap
tai stock during the six and two
thirds years ending December 81
1911, the average annual net earnings
we're at the rate of S12145OOO or at
he rate of SIS per cent of the then
outstanding capital stock; during the
hree years ending December 81, 1914. |;
he average annual net earnings of
he company were at the rate of SIP
65, 600, or S.2S per cent of the then
capital stock during the
hree years ending December 81,
917 (these being war years., the av-
rage net earnings of the company
we're $21,S7521S or at the rtae Of
5.19 per cent of the then outstanding
apital stock; in the year ending De
ember 81, 1918, the net earnings We're
1S,SSI0OO, being lilo per cent of the
hen outstanding capital stock; dur
ng the year ending December 81.
919, the net earnings were SLIPS {
90, being 900 per cent of the then
capital stock, the latter
ear being a reconstruction year fol-
owing the signing of the armistice, C
uring which industrial and CONNER s
ial conditions were generally unset C
ed. CAN figures for net earnings are 8
.ithout allowing charges for depre- h
ation. as the company's records, @
rior to 1911, were kept on that basis) T
while my brothers. because of ad- II
incing years. have been compelled 70
restrict somewhat their business u
ctivites so long as any of us are O.
with the company, we shall W
'ntinue. as in the past, to work W
ithfully and unselfshly for the com u
lny's best interests and to exercise sc
ir best business judgment in the a
of its affairs
1T is regrettable that a sensational ~,
ID wholly unnecessary suit should
we been brought in a period of ~
astic readjustment of all security
lues, inevitably causing a needlessly
we're and unjustifable fall in the
lrket price of the stock of the COM re
ny ID