Show RECEIVERS S TAKE TAKE TAKEOVER TAKEOVER OVER THE TIE OHIO COPPER CO R Receivers Morris J. J Hirsch ch an and George Georgo C. C Austin through Attorney y Walsh Who ho howan was waR sent nent out from New York Tork took formal for tor- mal maJ charge char of the Ohio Copper offices In the Newhouse I block today In company com corn pany p with George BegUn Att Attorney Walsh went ent to the mill at Lark and th In BIngham to post notices of oC the tho re receivership re cr cel early this thin morning So far tar as c can cn n be learned this will in Ii no way tny A nf- nf f- f teet operations and the forces In lh the th local offices here will not nt be changed The appointment of oC receivers for thIs company compan In New YorK late yesterday came as a surprise There Ate afe some JoI lo local local lo- lo cal I creditors of or the Ule company that do donot donot donot not take kindl kindly to this action and think that some local man might have havo been beon named as IUS a Joint receiver these credItors creditors creditors credit credit- ors SU lUa may hold a a. me meeting and agree upon some plan of action by which the tho reaM fee oral court will be asked f fo fh name OrTone some OrT one on here to look Jook after anOl the interests of or local concerns When a n. statement was sought at the local offic offices of oC the tho company company company com com- pany this morning the following communication com corn was dictated A petition in Involuntary bankruptcy has been bean filed against Ohio Copper MinIng Mining Min Min- ing company and Morris J. J Hirsch and George C. C Austin have hare be been beon on appointed receivers of Its Ita assets The receivers have taken possession of oC the company's local office and of oC U its mine and mill properties located at Lark rk and BIngham canyon Tho rho act of bankruptcy alleged d is that the tho company company- In writing expressed its to pay Its Us debts and Its Ita willingness to be adjudged a a. bankrupt on that ground round This action became Inevitable when the tho true condition of the company and facts in regard to its past management became known to those who a assumed umed conI control con con- trot of or Its affairs In Jul July of oC the present I year It wil wll bo be recalled that at a contested contested contested con con- tested election held In July JUly- last the tho conI control con con- trot of the company's affairs was wrested wrest wrest- I ed from those who had prior to that time and back to the organization lion tion of the company compan and in fn fact t. t back to the organization of the he old Ohio Oho Copper Copper Cop Cop- per r company compan which was reorganized into the pres present nt company compan dominated d Its board of ot directors and controlled its affairs The present officers of ot tho the company and the tho majority of or its directors have since their election a a. short hort time ago AFO made ever every effort to carry rO it through and conserve conserve con con- serve ser its properties for the benefit of ot Its creditors and Its stockholders But the burden of ef past mismanagement ement became too great to carry In the face tace of Ji n falling copper market and numerous at attachment attachment at- at suits instituted by br or at at the instigation of or those formerly controlling the company's compans affairs each attachment so timed limed as to be a ley levy upon and render unavailable for tor the purposes for which intended the company's pa pay roll funds I While It is as ls yet et too earl early to make I Ian an any detailed statement of or the company's I assets and liabilities it has Jan large e equities In copper heretofore delivered dell to the smelter and It Is confidently expected that the receivership although It would have hae been avoided if IC possible will af afford afford af- af ford tord the company compan a breathing space durIng during during dur dur- ing which plans planA can cnn be formulated lookIng looking look look- ing to the satisfaction of its liabilities and the resumption of operations |