OCR Text |
Show J. J. Daly and Other Stockhold- ! ers Arrayed Against Mc- , Cornick-Bamberger BOTH SIDES APPEAR ' ? CONFIDENT OF YICTOBY 1 Claim Made That Present Man- agemont Has Not Properly Handled Property. Special to Tho Tribune. DENVER. Colo., Feb. 15. Denver is the battleground, nnd tho forces aro L, gathering to open the fight tomorrow H for control of the Daly West mine, j; Utah's great bonanza. The slockholders, represented by .r J. Dalj, discoverer of tho. mine, are planning to wrest tho control from tho directors and officers, wh'oso fight is jH being conducted by Banker W. S. Me- Cornick. J. J. Daly has pooled his interests with the stockholders and is fighting McCornick, II. S. Joseph, cx-spcakor ot Utah house of representatives, and J- E. Bamberger, financier and western jH millionaire. For several years Daly and h'tn friends say the pcoplo who have held the bulk of the shares of this Utah bonanza have been dissatisfied -with ' the management of the property. They 3t claim that McCornick, Bamberger and ! i S Joseph havo been opcraiing the prop - erty under an extravagant management '. i t and have made no adequate reports of : tho operations. In support of this as- sertiou, they point out tho fact that the price of the stock has declined dur- - ing the last fourteen months from $-0 to $10 per share, and fivo dividends to - the stockholders have declined to a cor- : responding degree. Ml i Claims of Other Side. j it ' The directors point out on the othet w hand tho fact that tho prico of silver ;. JR ;. has declined and that tho company i F has been otherwiso embarrassod on nc- ' ! ' count of financial distress, and tho.y f ' declare they havo operated tho prop ' ' fj ' ' crlv to the best advantage. yf. !' The shareholders say that iho lowei jlr levels of one of Utah's richest mines m . have been flooded for several years, K IH and the ore extraction had to be limited to the upper levels, where- tho values ; P ' are not so high as in the deep work- i ! ings. Tho shareholders also assert that ' ; ' a plot is on foot to freeze them out( ' They say thej nni here to fight tha I1 - present board of directors to a finish, , (t ' and declare they have a card up their sleeve, which is taken to mean thai II their proxies aro sufficient to outvoto ft '-the '-the banking and olhor interests which Mr, now dominate and control tho property. li 'C. In Salt Lake for the last, sixteen H ? months the Da) West stock has been Or 1 a puzzle. . If- i jH Jlhe stock has steadily declined dur' 11. ing the pnst .year. The present bonrd fit of directors, some of Salt Lakc'rf K wealthiest and most prominent cil.i- E- zens, merely say that the Daly West, "t 1 like all other mining enterprises which r8 depend upon tho production of silver, 'j,. had been up against it and that they . ; look for a return of old time jrosperity ilf' as soon as the price of silver will war- ! I'. rant the working of all the levels of I I 'C the mine. ! 6 ,i Daly hi righting Mood. fS ; Daly is here with his fighting clothe.'. on, and he has in his coatpockot a in ' largo envelop, in which he carrios many ; proxies which ho will voto tomorrow. , oj. , Ho says they aro sufficient lo remove g tho present management. This tho op j ,' position denies, and assert that they r4' have many things up their sleeve which ! pf . they will present at the proper time. ( Mr. McCornick said today: ffij "It looks as if we hold proxies WS , -enough to insure tho election of tho j '. ' officers wo favor. Tho mine is being !!"' worked now. but not to any great ex- J1".-teal, J1".-teal, because of the low prices of sil- ' ver. iikr "Just what has caused tho present Sir- dissensions I am not at liberty to re- ft i) ' ' late tn detail, but it will all como out ; before the meeting is over. ,j i -1 "1 will say, however, that wo havo - V not disagreed over a sale to somo Eng- . f (; lish capitalists. No ono is trying to j fe v the mine, but the western inter- jj i ests would like to secure control in or- aat 1 dor to material!' change the present j?'' - policy. 17 'Ml |