| Show I NoW REORG NllED c Ui1o Light Powet Is iflail Light Power Powert EW ARTICLES ARE FILED s PROCESSOF ADJUSTMENT HAS J BEEN SLOW Work of Reorganization Was Begun Last June nd it Was Difficult to suit the Varied Interests of Those ConcernedCredit For V Outcome V Due to Judge L9 Grande Young t I The Union Light V Power company of Salt Lake Is no more It went out oi existence yesterday and In Its place Is the Utah Light Power com pan articlea of incorporation for which wee filel yester lay with Secretary Sec-retary of State JamEGT Hammond This is the closing act in a struggle for reorganization that has ben unremitting unremit-ting from the the 30th of June last until un-til now V The Union Light Power company wat bonded for 4500000 and was trying to pay 6 per cent on this amount This burden of 2000 annually was too heavy for the Industry to bear and the company was stared in the face with collapse Or reorganization Reorganization Re-organization was agreed upon last summer by those most heavily Interested Inter-ested and George Q Cannon Judge La Grande Young J Bevan Bralth wail TilllaDl Nelson Cromwell Will iaon J Curtis and John J Bannlgan were chosen a committee to reorganize the company V Bonded Debt Reduced V V The general plan agreed upon was to iOiuce the bonded debt from 4500 000 to 3000000 and tho interest rate I from 6 to 4 per cent the nw company reserving tIe right to Issue 00000 additional ad-ditional capItal stock for the purpose of buying UI nEr properties and Improving Im-proving the properties already held This rtJ1ganlzation was a most dlf ficult job because of the many conflicting con-flicting interests and because or the different kinds of bonds and stocks held by thEr old memberS of the company com-pany due ro the consolidation of the difIoent power plants Into the Union Light Power company The reorganization has consumed six months and In that time made necessary neces-sary a number of trips to New York by the leading men of the company here But the outcome a complete SUCC1Sfl the capital ot the company Is placed at a reasonable figure the interest in-terest charge Is reduced from 20000 to OOOO and the business is put upon eyich a basis that all concerned affirm that succcsg is certain Credit Due Judge Young I Too much credit for the outcome cannot be given to Judge Le Grande I Young the attorney of the company His tact and ability had much to do with the sUctCssful outcome The articles of Incorporation filed yesterday yes-terday give to the new corporation the name of the Utah Light Power company com-pany The preferred stock of the company com-pany is held as follows Shares Lorenzo Snow trustee salt Lake26aO John J Bannlgan executor et aI trustee Providence R I 0995 William J Curtis trustee New York oo 43660 John J Bannigamt V 80000 I The common stock is distributed as follows V V I CHo a Lorenzo Snow trustee SaltLk2 49i George Q Cannon trustee 2239 John R Wind trustee 3639 William J Curtis trustee New York 15980 George Q Cannon trustee 55 I Joseph F Smith trustee 5 John R Winder 5 RUdger Clawoon V 5 William J Curtis NeW york 5 Lewis S Hills Salt Lake 5 T G Webber Salt Lake 5 W s McCorni k Salt Lake 5 Robert S Campbell Salt Lake 5 Murray Shepherd Salt Lake 5 42500 The total capital stock Is 3500000 divided Into 140000 shares of 25 each The stock Is of twO dndd Noncumu latle preferred stock 80000 Shares This has preference in case of liquidation liquida-tion and in the payment of dividends It wIll receive 8 per cent dividends annually an-nually before the common stock receives re-ceives any The common stock 60000 shares will share equally in the dlvl dand9 and surplus after the preferred stock has received the 8 per cent The common Jtockeft In the treasury can be disposed of by the board of directors direc-tors Stock All Paid For All the stock Issued was paid for to par by the transfer to the new cor poratlon of all the property heretofore held by the Union Light Power com pan That company as Is well known was made up of the Pioneer Electric Power company the Fremont Park Water COrTPa1JY thE Salt Lake CItizens Electric Light company and the BIg Cottonwood Power company The objects of the new company are to produce for mechanical industrial commercial and domestic purposes light heat and power and to furnish water for Irrigation and domestic use It retains all the rights and powers of the old company The offices and place of business wIll tie Salt Lake The directors of the new company elected to serve until thesecond Tues day In March 1910 are George Q Cannon Can-non Joseph F Smith John R Winder John J Bannlgan Rqdger Clawson William T Curtis Lewis E Hills Thomas J Webber and William S lIc Cornick Officers Chosen I The officers chosen by the directors are George Q Cannon president John R Winder first vice president Thomas G Webber second vice president presi-dent Robert S Campbell secretary Murray Shepherd assistant secretlAy and Lewis S Hills treasurer These will hold office until the second rues day In MarcJi 1901 and an election will be held annudliy therlutter All Utah Iends of this great concern that has Itn Its jower to do so much for the advancement of our city and state will rejoice that It enters upon the new year with such bright pros pects of success V |
