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Show INTER-MOUNTA- MINING REVIEW. IN ton financiering as it is practiced by Bigelow at al. blit it is decidedly grinding on other holders of stock as will be shown. The Davis estate owns ninety thousand shares and to meet the assessment would have to pay $9oo,cco. Hither this or lose the equity in the stock, but the administrator of the estate has no power to use money for speculative purposes and the payment of the assessment cannat .be characterized otherwiser--'solution Of the difficulty lies in the purchasing of the stock by the company, but it is already in the hands of the Massachusetts Loan and Trust company as security for $3oo,ooo worth of the first mortgage bonds, so that what the plaintiffs have possession of they are likely to keep; especially as it will become so easy to absorb the stock by reason of the estate's inability to meet the assessment. On the theory that this Davis stock comes under the jurisdiction of Massachusetts by reason of its being deposited there, two special administrators have been appointed in that state, and it is believed that it will be necessary for the courts of Massachusetts and Montana to concur before the sale of can be effected. . , From this it will be seen that the financial difficulties standing in the way of reorganization are very much complicated by the- legal objections that arise on every detail of the plan. At the hearing on , Monday the. ..receivers, Thomas Couch and John F. Forbis, submitted their report of the operations:of the propohJ March 1 3th last. The report shows erty since that out of 1 14 leases on the property given by the receivers, only nine were written leases and one hundred. and five- - were verbal.: The smelter was leased to the Eostcnand Montana company on April 1 5th for a period of one year for a monthly rental of $l,ooo. The total receipts from ores sold by the receivers since their appointment and from royalties amounted to $lo7,374.5o; the total expeditures were $82,733. q4, leaving:a. balance in the bank of $24, 64 1,46. , On Wednesday Judge Knowles granted the decree of. foreclosure on the property. A second decree providing for the sale of the whole property in a lump,' was, asked for by. the. plaintiff, but the court refused to grant it; taking into consideration the; objection of some of the heavy..tockholdersvho urged that it was a part of the original scheme to freeze out all the stockholders and the small creditors. It is believed that the refusal of Judge Knowles to grant the decree of sale will upset all the plans for reorganization that-werdrawn up in Boston; A : the-stoc- k - - their-appointmen- t e AJAX ELEGTION. . Ajax company whose property in Tintic .Thestpckholders is making such, .and excellent showing at present, held their annua meeting in this. City on the 19th,. inst. The officers elected were Frank Knox, presftfent and treasurer;. Henry M. Ryan, W. .G... Ntbeker,- secretary, and the. additional directois are George A. Lowe, Judge W. H. King, George' ;H Robinson and Lawrence P. Boyle.. The, last. two were elected to the vacancfes," caused by the retirement of .Sam Mclmire and Isaac' Jennings from the board. A report concerning the operations of the past six months was presented to the stockholder, showing that debts amounting to. $22,000, had been .retired, and that the treasury" .now had $9,000; .exclusive of .ores in .transit to market. The property' i. shown to. be in good condition for the.extraction of ore the amount of which now insight exceeding that of any former period. The reorganization of the board should result in benefits to the property, as harmony among the directors, which was conspicuous of-Th- e vice-preside- nt; - . . THE UTAH CENTRAL RAILWAY. On the 14th of the present month the receivers of the Utah Cen. tral Railway, who were appointed in November 1893, asked the court for an order to pay the interest of the second year on the $ 00,000 of receivers certificates, .that were issued on an order of the court made February 12th, 1894. The order to pay the interest was made, and as the certificates bear interest at the rate of 7 per cent per annum the receivers are now engaged in the task of disbursing $7,000 among the holders. In like manner and in the same amount was the interest paid last year, and as the certificates are a first lien on the railroad property and draw such a high rate of interest they can certainly be classed securities. among The record made on this property by James McGregor and Clarence Cary since they were appointed as receivers is one that can be regarded with pride. Prior to the closing of the Indian mints and the consequent slump in securities, the Utah Central had been financially wrecked, and it required only thecrash to expose its condition to the world. In November '93 the present gentleman were appointed, and no sooner had they taken hold of the road than they found that it was also a physical wreck. Small as the traffic was the power and rolling stock were not equal to the handling of it; the grade and the track were in the poorest possible condition, and nearly every bridge was unsafe. The treasury, too, was in such a condition that the employes could not be paid, to say. nothing of drawing on it for much heeded improvements. In spite of. the prevailing dull times of the three years of recevership, all this has been changed. The receivers now own seven locomotives, two of which; the two best, they have added to the list. The equipment consists of nine passenger coaches 1 gilt-edg- ed all of which have been remodeled, and 135 freight cars, ten of have been bought by the receivers and thirty-tw- o rebuilt. In d to this the entire main line has been relaid with good steel; 35,000 new ties of which 7,000 were standard guage, have been putin track, 10,000 of them having been laid in the present year. All the bridges and trestles, of which there are forty, have been rebuilt several miles of cuts and embankments have been widened, and a new engine house has been built at Altus, the station on the summit. All these improvements have cost money, yet the receivers have been able, to pay interest on the certificates, pay their employes in cash regularly each month; have paid all operating expenses and have managed to place a reserve in the treasury. The road may be said to be nowin physical condition, and a feature of it is that its engines and cars are equipped with the best air brake in.the world, the Hurst im provement invented by John M. Hurst of this city. That such a change should come oyer a railroad that three years ago was about to go under the auctioneers hammer for what it would bring as scrap, shows that business methods, even when applied to forty-poun- first-cla- ss rai-road- s, can be made successful. - by its absence in the old board, is now assured. - . The closing down-o- f the "Anchor mine in Park City and the conmen comes at a time of the year when sequent laying off of forty-fiv- e it is hardest to endure. It means the holding of at least $4,oco per month from the miners and their; families, and the taking from circulation in Park City a sum equal to at least five times that amount. For the money of 'miners circulates: faster than that. of almost any Other class. It changes hands more times , and every :time. that it passes from one to another it performs all the functions of money up n to its full value. The is chargeable first to the prevailing low prices of .silver and lead. The Anchor Has large bodies of concen-- ! trating ore filled with smaller bodies of shipping ore. To take out the latter the low grade ore has to be handled, and as there is no concentrating plant ready td run on the second, class ores their handling involves a loss. The completion of the Peck concentrator will probably furnish a solution. to the dtfficulty, and iii the meantime there is litttle doubt but that prices will improve and The mine he'enabled' to resume - shut-dow- 1 . operations. MORETON FREWEN ON PRICES. In an article in the London Times Moreton Frewen deals with the question of financial distress in the United States in a. convincing manner. As he puts it, it is not that the United States should re tore her credit in order to be able to borrow more,- but that she should o pta herself that she will restore the prices of what She sells in Tiropean markets. He says the United States is visibly bleeding to di ith; 55, a 000,000 sterling of debt have been contracted in two; years, duringcutime of profound peace, in order to maintain, if possible, a old fore tfe rrency, and another gold loan is now seen to be inevitable K year closes. Does any one believe that the McKinley nostrnn, to pay protection, is going to enable the greatest debtoniation on ea? h coher foreign debts without shipping gold, when her staple ox: rts, tton, wheat, copper and silver, are selling as today at half pru s of tn The present depreciation of the currencies of nine-teworld in stimulating the exports of all those countries has Testro) sil the balance of trade of America. A great rise- in- the. price of South: would certainly reduce the gold premium in Asia, in Russia .md America, thereby restoring to the United States that. balance over imports without which she must continue to be insolvent. not a question of restoring her credit her ability merely to sells m more; it is a question of restoring the; prices of what-sheEuropean markets. - n: - . - i-- f 1 ' |