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Show MINING AND FINANCIAL H A FAMILY JAR, Hf Now what is the matter with the Pioche K merger? A month ago everyone was throwing H bouquets 'at Ernest R. Woolley and telling what H a line general h6 was to yoke the lion with the H lamb and make them pull together. Now the Hj bouquets have turned into bricks and a dozen V hands are trying to unharness the lion from the m WJoolley lamb. "Whatever may be said of Mr. M Woolley's accomplishments he did a good job of H, harnessing. The transfer of the Ohio-Kentucky H! and Consolidated Pioche to the Amalgamated H Pioche is an accomplished fact and, in the opinion H of legal gentlemen, will hold as firmly as if it H had been made twenty years instead of two M weeks ago. The conflict is a family affair con- m fined to the brethren in the Nevada-Utah and 1 Amalgamated Pioche company. From what has H been published here, it appears that the new H directorate of the Nevada-Utah, chosen under the H Vogelstein control, takes exception to the means f by which Mr. Woolley, as president of the Ne- M vada-Utah, raised the cash that was absolutely 1 necessary to bring the Ohio-Kentucky and Con- 1 solidated Pioche into the merger. It is alleged H that President Woolley let James A. Cunning- H ham of Salt Lake have 165,000 shares of Nevada- M Utah stock for 25 cents a share when others were 1 paying 75 cents, and that he put Amalgam ted m Pioche bonds, having a face value of $500,000 in M soak for a $35,000 loan. Mr. Woolley has two m lines of defense. One is that his acts were ap- m proved by the directors and the other is that he m needed the money. H B From the evidence now before the public, it is M difficult to see wherein the complainants can M make a case. Mr. Woolley and his board of direc tors had full authority to do what was done. That they had to sell and hypothecate the property prop-erty of the company for absurdly small sums is a reflection on the gentlemen interested in Nevada-Utah, many of whom were well able to advance ad-vance the cash required for the merger on less stringent terms. Mr. Woolley had to take the money where he could get it or abandon the merger and everybody should understand by this time that the Nevada-Utah without the interest held in its claims by the Ohio-Kentucky was a dead card worth no more than the 25 cents a share Mr. Cunningham paid into the life-saving fund. |
