Show OHIO COPPER FINANCES there has long been more than a suspicion locally that all was not as well with ohio copper as has been indicated in some of the reports sent out and now this suspicion is fully confirmed by one in a position to know namely the president of the company who is now seeking proxies for the annual election with the end in view of eliminating those who have caused these misleading reports to be s sent ent out the company has a mine at bingham and a ton mill at lark utah in a statement being sent to stockholders president allison of the company says about a year before the reorganization was accomplished I 1 had been figuring upon a plan for the re financing of the company the primary condition of which was that mr heinze should entirely withdraw from participation in the companas comp anys affairs this mr heinze finally declined to do and those plans for re financing were then abandoned subsequently mr heinze announced that he had secured an underwriting but that the underwriters insisted that their names should not be divulged i insisted ah i cutely before any participation met b by y me m e I 1 a the reorganization upon the following fol lowine 6 con r i i editions dit ions that the two proposed directors I 1 of th the 0 new company cona pany who were mr heinze Heln zes 8 3 clerks should be eliminated from the dl di i that the board of directors should be increased from five to seven members and the two additional members should be men who were satisfactory to me that a man satisfactory to me should be elected as a director of the capmany and as treasurer to act as a watch dog on the funds of the company that stanchfield levy as attorneys for mr heinze and as attorneys for the company should give me their assurance that the affairs of the company should be managed on a strictly business basis the new york office furnished me with reports purporting to show that the company was making approximately per month and mr heinze stated to me that thai with a third unit installed in the mill the net earnings of the company would not he be less than per month since then I 1 have had reason to doubt if the company ever has shown a real net profit under the methods which it has employed in the conduct of its mining and of its financial affairs f in my opinion the existence of the company in the future depends upon a proper reformation of the smelting smelling sm elting contract in my opinion also the future of the company absolutely requires that the contract between the company and the bingham cen aral railroad shall be reformed and changed for the better protection of your companas comp anys interests this so called railroad runs from the mine to the mill and is controlled entirely by mr heinze he arranged the contract between the railroad and the mining company I 1 am informed that under this contract the railroad company has made large profits in the hauling of the ore all at the expense of the mining company I 1 am also informed and believe that the resources and funds of your company have been largely used for the benefit of the railroad company in the extension of the tunnel through which the railroad company runs without any compensation to your company for this expense in my opinion men of SU such ch character and standing should be elected as directors at the forthcoming meeting of the stow stock holders that the complete elimination of 01 mr heinze from the affairs of the company will be absolutely assured in majority majori if on the other hand a send ine interest of the stockholders shall a at their proxies I 1 shall use those proxies the meeting for the election of directors directo III of 0 whom I 1 personally know to be men inen and absolutely free from the indu s ence of mr heinze if such directors are elected I 1 shall be willing to serve as a director and as president of the company until the present influence and control of mr heinze in the affairs of the company have been eliminated |