(See expanded list of charges two weeks subsequent to the charges presented below)

THE TEN CHARGES ON THE RESOLUTION SUBMITTED AT AMERICAN SMELTING & REFINING’S SHAREHOLDER MEETING IN APRIL OF 1921:

1. The charge that the affairs of the Company are dominated by the Guggenheims, who are but slightly interested in the Company and have large conflicting interests.
2. The purchase, while the Company was under the control of the Guggenheims, of various mining properties from the Guggenheims and their associates for approximately $22,000,000 and of other mining properties including unsuccessful ones and ones in localities as distant as Chile.
3. The charge that the Guggenheims, although and at the time when in receipt of large salaries from the American Smelting & Refining Company and although they sold to the Company mining properties in which they, themselves, were interested and caused it to invest in other distant and hazardous properties, nevertheless took for themselves the good opportunities which were presented to the A. S. & R. Co.
4. The charge that at one time there were as many as five members of the Guggenheim family receiving very large salaries and perquisites fixed by themselves and kept secret even from the Board of Directors.
5. The transfer to the firm of Guggenheim Bros. without consideration, while the A. S. & R. Co. was dominated by them, of contracts between the A. S. & R. Co. and various mining companies for the sale of copper on commission, which contracts are claimed to have profited the A. S. & R. Co. more than one million dollars per year.
6. The methods and reasons for the methods which were adopted in the sale of the copper of the A. S. & R. Co. which methods are claimed unnecessarily to have cost the company many millions of dollars.
7. The claim that the Guggenheims were interested in the subordination of the stocks of the A. S. & R. Co. so that now the preferred stock, instead of being the first security and the common the second security, follow both bonds of the Company and the stocks of a subsidiary.
8. The question of whether or not the dividends paid during 1920 were earned, as was officially claimed by the management.
9. The reason why the net quick assets per hundred dollars of capital and indebtedness are approximately the same as fourteen years ago.

10. The use of the company’s funds and facilities and the time of its highly paid officers and of its employees for investigations of properties for the benefit of the Guggenheims, for the solicitation of proxies and efforts to perpetuate the control of the Guggenheims and to extend their strangle/hold on the company and its property.