OCR Text |
Show TRANSFER OF OWNERSHIP ALLOWED The Merchauts Light & Power company, com-pany, whibh owes Its existence to a 35-year franchise given It by the city two years ago. has decided to quit Hie electric field and turn its assets over to the Utah Power ,fc Light company of Salt Lake Through its local manager. P M. Parry, a petition was presented to the board of eitj commissioners last evening, even-ing, asking the privilege of transfer-rlnc transfer-rlnc its property to the Salt Lake company, pleading that the city is In no position financially to purchase the company's distributing system The franchise held by the company was its greatest asset, it Is said, but it was held In the control of the city and could not be disposed of except by consent of the city fathers The terms of the franchise are such that chase and the company could not sell out until the municipality forfeits its right to buy The franchise also provides pro-vides that, after 25 years, the city may force the compan to sell to the ell Some time ago Individual stockholders stock-holders sold cut to the Utah Power A Light company, but the business of the concern has been done under the firm name of the Merchants' Light .fc Power company. The committee of the whole reported report-ed favorably this morning before the board of city commissioners on the petition of the Merchants Light & Power company to dispose of its hold ings in the city and a resolution granting grant-ing the petition was unanimously passed. The resolution grantlnc the light company the privilege of selling to the Utah Power ft Light company specifically spe-cifically reserves all rights to the city contained in the ordinance granting a franchise to the company, mentioning mention-ing the fact that the franchise was Granted to A L. Brewer, J. S. Lewis. M S. Browning, Joseph Scowcroft, J N. Spargo and A. T Wright. February 9. 1911 The next chapter in the career of the Merchants Light & Tower company com-pany will be a petition in the district court asking for dissolution The life of the company has been short but during the time of its existence an electric distributing system has been established on the main streets of the city and the company is now furnishing furnish-ing light to many residences, also to business houses. The company has also constructed a substation or transformer station of sufficient infinitude infi-nitude to handle the current necessary neces-sary for the lighting of a large portion por-tion of the city. Tho company came In direct compe-tion compe-tion with the Utah Light & Railway company It now has the contract for lighting the streets of Ogden and has Joined with the city, the Weber club. Ogden Rapid Transit company and property owners In plans to establish "a great white way" in the city. The Communication The communication sent to the com mlssioners last evening and acted on today follows The Board of Commissioners GentlemenThe Gen-tlemenThe undersigned. Merchants Light t Power company, has an offer to sell its electric plant and distributive distribu-tive system to the Utah Power A Light company, and the franchise under un-der Which this company Is operating provides that the city shall have the option to purchase at any time a sale Is contemplated; and being advised that the city is not now in a financial I condition to make BUCh purchase, and j will not be within the time as provid- j ed in the ordinance. It Is respectfully asked that the commissioners pass ! a resolution permitting the sale from this company to the said Utah Power & Light company. "It is the desire of this company, and of the purchasing company, that the transfer be made at an early date, and as nothing could be gained by a delay, we respectfully ask that authority author-ity be given for that transfer "It Is understood that in granting this authority or privilege that the city waives no rights covering and future fu-ture transfer, should one be mad'- ne provided in the ordinance, and that, the company taking the transfer of this propertj will carry out and complete com-plete all contracts made with Ogdcu City by the .Merchants Light & Power Pow-er company. (Signed.) MERCHANTS' LIGHT & POWER CO oo |