Show HEAVY FORECLOSURE On the Salt Lake and Ogden Gas Electric Company MILLION AND A HALF MORTGAGE BONDS HELD BY FAR2EERS LOAN TRUST CO Said t Be a Scheme to Aid the UnionLight and Power Company By Squeezing Out Minority Stockholders Stock-holders Who Object to the Consolidation Con-solidation Miscellaneous Busi sold ton liisceleou ness In the District and Justices tices Courts The Farmers Loan Trust company of New York has entered suit in the United States circuit court against the Salt Lake Ogden Gas Electric Light company et al to recover 1 500000 and interest on first mortgage bonds of the first named defendant and company issued on Jan 1 1893 payable on Jan 1 1918 in gold coin of the United States or in sterling in London Lon-don at the option of the holder The interest on the bonds is at the rate of 6 per cent per annum payable semiannually and it is provided that if default is made for a period of three months in the payment of the interest that the bondholders may declare the entire principal to be due ajid payable forthwith I is also provided that a sinking fund should be formed for the liquidation of the principal and that on or before Nov 1 1895 one and one half per cent of the principal should be paid into said fund and a similar amount every year until the whole is paid I is then set up that the Salt Lake Ogden company has paid nothing noth-ing into the sinking fund and that it defaulted in the interest due on July 1 1897 The bonds are secured by a mortgage on all the property of the company real and personal in Salt Lake and Ogden and it is alleged that the company is insolvent and the mortgaged property could no be sold to advantage at once wherefore the plaintiff prays that a receiver be appointed ap-pointed to take charge of the property and to dispose of it in the most advantageous ad-vantageous manner possible I is also prayed that an injunction issue restraining re-straining the defendants from disposing dispos-ing of the property pending the hearing hear-ing of the suit and that plaintiff may have judgment for any deficiency which may exist after the sale of the property prop-erty under the mortgage The Union Light Power company which absorbed the Salt Lake Ogden Gas Electric Light company is made a party to the suit Messes Turner McClure and Rol ston and Messrs Marshall and Royle and D B Hempstead are the solicitors for the plaintiff TIt T-It is claimed by some that the foreclosure fore-closure proceedings were Instituted at the instigation of the majority stockholders stock-holders of the Salt Lake Ogden Gas Electric Light company who favor the consolidation to squeeze out the minority which objects to the company com-pany being absorbed by the Union company District Court Orders F E Warren Mercantile Co vs Frank Hoffman answer withdrawn and judgment for the plaintiff for 18342 R M Hockaday etal vs B Stein man judgment for plaintiff for 42088 by stipulation Henry Lauer et al vs B Steinman judgment for plaintiff for 55673 by stipulation Salt Lake Building and Manufacturing Manufactur-ing company vs Johannes Halvorsen judgment for plaintiff by default for 35913 John T Gilmer et alj vs 11 R Williams lams dismissed ro Franklin IV Young et al vs Daniel F Parsons et a1 judgment and decree de-cree of foreclosure for the plaintiff for 750 by default George Stringfellow vs the Western Book and Stationery company judgment judg-ment for the plaintiff for 1 380 and costs |