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Show SAYS E(S "Si! is SECURE FBI ATTACK Official Declares Minority Stockholders Have No Grounds for Grievance. 1 MEETING NEXT MONTH Complete Accounting of Finances Fi-nances Will Be Forthcoming Forth-coming Then. That, tin1 propo.i(J ,'i-tion aiiiji the 4 ;inrnH ,'onuli d;it -, Mines company hy t minority stoi-kliollers in the OM Kmma, mine hIioiiI'I run so no ahu m lo u ny pcr- (ions int'Tentrd in any of the properties ' r induried in tin mm soli Nation, is the I ' opinion of an official of t Ik; eon. soli -1 dated conip.-iny. Jt is points! out that i the flccoiiiitin desired hy the minority 1 utiQckhol-liTs in tliu OM Knuna company .is (o romo up fur eorisMeration at the 1 annual meeting of the Kmrn.'i Consoli-1 Consoli-1 plated next month, ami in the meantime, 1 ,' it iy asserted, things will continue as t usual. In this eonnevfion the following Btatement was given out hist night by ( ' an official of tin; Kmma Consolidated ' M inoH com puny : The. tli rciiicncd in ! km of ;i few , dinintleii fcpfiMilat'U-s should nut , ularm anyone Interested either in tin Kimiia l 'onsoli'i.'itotl, " )M Kniina Alines company or (lie Kirinta I upper , romriany. The position t' tin; Kmma I iJoiiHulilatf,! Mines company is pcr- ( r'oLlv - Herum 1 1 oin n n a i tiirk of ttie moi'I "i hrea leiiofl nt the infiMH-lty stockholders' stock-holders' meeting held on Thursday. 1 . Cause of Complaint. The. chief chunc of complaint, ac-eordlnH ac-eordlnH to the iie.spnpcr stories, of this small minority, who represent on ly a hunt ."i per edit of the tota I uul.itaiidiiiK capital slock of the company ami less than one-third of i ho uto.-k not owned hy the KJiima. i 'onso I j da 1 cd Mines company, is that no ricroiintiim lias heen made of the mwilly paymenls under tlie lease ol tiie i)id aiiiuii Mine, which lease expired ex-pired on Oeioher 2 lust. That Is ha re I v more than two months ao, and in view of the fact thai the annual an-nual meeting of the company will he held nest month, a financial .statement .state-ment is promised at I ha t time. It is presume J that this financial state-ment state-ment will show exactly the income and expenditure since the date of the last annual report. The Minority st oek holde i s. instead of having a rievntice. against anyone, any-one, should he thankful that they were not called upon to shoulder any propoi lion of the capital expenditure, amounting to. roughly, $l.rO.0tK), which has heen supplied entirely hy G. 'G. Kiee, and which could have been, in part at least, seemed by levying- an assessment of I'M to -jr cents a share against the outstanding stock. One of the com mi I tee reports that he, as well as Mr. Kideout, the chairman chair-man of the commit tee, purchased ICmnia Mines company at around $t last year, on the expectation that the Kmma Consolidated was proinp to take over the Old Kmma Mine's stock on a basis of two shares of the former for one of the latter. In other words, they were jrnln to set about M for one, and because they have miscalculated l hey feel that the Kmma Cunsol Ida ted should be compelled com-pelled to purchase their holdings. They seem to be of the opinion that the Kmma Consolidated should make so"d their losses. regardless of whether the directors and the stockholders stock-holders of the Emma Consolidated want to increase their Old Kmma Mine holdings, or nut. Rice Unrewarded. Another factor which seems to be overlooked is t ha t the Km ma Consolidated, Con-solidated, owner and controller of the Kmma Cooper and Old Kmma Mines company, has expended during the past fourteen months, in excess of $"."0,000 for labor, material and supplies and equipment In Alt a and Sait Lake City. The bier investment liicii Mr Uice and his associates -have in this enterprise, has not yet heen rewarded by any profit to them and before any stockholder or other interested person becomes frightened at the action of the committee appointed ap-pointed at the meeting, they should learn the fa c I s of the case. It is freely ad mi t ted t hat the ore that has been extracted this year has been taken from the Old Kmma mine, hut either malice or ignorance is back of any statement that the Kiimhh Consolhla t ed Mining; company is using funds so dciivod for the de-ve'oi'tuent de-ve'oi'tuent of other property.- The .Kmma Copper company has contributed a very large proportion of t he expenditures made, and v until the present lime has not mined one pound of ore out of its territory. terri-tory. Until the time that Mr. Rice backed t He opinion of his engineers with good money, the Old Kmma mine was an a handoued hole in the ground full of water. Mr. Kice personally per-sonally advanced over SUHi.CWO to otiuip the Old Kmma shaft with the necessaiy machinery, tin watered the mine and brought the property to a state of production, after a lapse of more than thirty years. I'p until the time that Mr. Rice's engineers, whose salary and expenses lie paid out of his own pocket, showed the possibility possibil-ity of finding the long-lost faulted Old Emma ore body, the Old Emma mine stock was a drug in Salt Lake at U cents a share. It lias not been listed on tiie Salt l.aUe stock exchange, ex-change, nor is it now. The action of the committee looks like mi effort to compel the Emma Consolidated to purchase their holdings hold-ings under the threat that If this is not done t:e noise will affect the stock market values or in other ways cause injury which would! result in their demands being met. The Emma Consolidated owns over s per cent of t ho outstanding cup-iial cup-iial stock of the Emma Coppor company com-pany and over mi per cent of the capital" cap-ital" stock of the Old Emma Mines cotnpany. No action in the courts or elsewhere ran compel the Emma i 'onsoiid.tted to increase Its hoVurigs if ii does not wish lo do so. and so far as the account tm;' is concerned, tins will he fortceonuiis: at the an-i:-ml meeting in February. |