Show PLAN REBUILDING SERVICE COMPANY Plan on Foot to Reorganize De Defunct Defunct Defunct Corporation In Hands of Receiver SCHEME OUTLINED BY MAIL CREDITORS OP or COLUMBUS IN m FRONT OF OP NEW PROPOSAL An effort to reorganize the defunct Salt Lake Public Service company whose capital stock Is is to 11 be ing log made by J t J t Chambers president who has hu addressed the creditors of the company with hla hie hi proposition for re reorganisation reer organisation er He lie baa b sent out circular letters to the creditors In which he stat that In the event the receiver W V B n Is III obliged to sell en the assets of the pan under an order of r the th court the proceeds will fall rau short of taking up the bonded indebted indebtedness ness aces to t ay y J nothing of paying off ot In Individual I nae lie Ue guarantees that In the event the creditors will accept a ept SO 28 per cent of or their claims as aa a settle settlement meat ment IR lit full he wilt see Bee that such an annl amount nl Is pair pale and that a IOn of or the company will follow tollow Although the company has hM been In Inthe Inte Inthe the te hands hand of a receiver for a year there has hll been but little headway made toward an as adjudication of the estate tate which Is III 1 badly tangled It is to understood that a deal d al Is III pending for forthe forthe the Ule sale lItLIe of the tho city property of tko the I company It Is I 1 also aleo reported that No o braska parties are arc negotiating for The tAe purchase of the water right In In Dip DIg and Little UtIle Cottonwood canyons To Auk Ask Court Order Mr r Chambers admits that Receiver may shortly apply to Judge C W V Morse for tor an Rn order permitting him to dispose o of the city property The taIlor latter however denies that there Is Ic a adeal deal pending for the sale fIlo of the water rights which at present pre ent are tied up In litigation through a suit Bult filed flied some sometime sometime time ago 0 by II lL L I Thomas who claims claim to have located the water ater rights right after the state tate engineer had bad refused to grant the Public Service SeMlee company an exten extension sion slon of or time on the original location Thomas Is represented by the law firm of ef Thurman Wedgwood Irvine John Dages one of the heavy heay eastern stockholders In the Public Service company has baa been In the city for soy sev several ev oral eral weeks It Is understood that he ho also represent William Andrews and nd C K R Bonebrake all aU of Columbus O 0 It Itis is IF sold said that these three men have bave about 21 tI ee tied up lp In the proposition lUon The city property of f the Public SerY erv ervI Ice I company comp ny In the tile main maiD consist of the site at Third West street between First and Second SecoRd South streets upon which h the te large Jarge stack was wao built There IK tIC said to be mortgages mortgagee to the amount of or about lIl 15 on the property 9 e of which Incumbrance Is 1 held by the Capital Savings Trust rust company f t Columbus O 0 |