Show rOV1ER PLAN SUCCEEDS V Union Light and Power Company V Com-pany Reorganized V V V NAME IS CHANGED TO UTAH Tho Old Cdmpany at the Same Timo V Transferred its Entire Holdings to tho New Corporation for a Consideration Consid-eration of 51 First Step Toward Reduction of Bonded Indebtedness V Foreclosure Proceedings Will 1orecosure I I Follow to Clenr Up Title to Property Prop-erty Capital Stock 3500000 I Ii i I V The Union Light and Power company cetusrd lo exist yesterday when sot s-ot Irfcciporatlon of the Utah Light and V Pow companv were ted with the V County Clerk and Secretary of Stace Contemporary with the Mine of the articles ar-ticles tho Union Light and Power company V com-pany transferred to the Utah Power in Salt I company Us entire properties S Luke Weber and Davis counties for a consideration of 1 V VV V The V mnl of the articles an 1 the transfer of tho old company hoi Slogs t the no corporation waD authorized ut n meeting of the board of directors of tho Urion Light and Power company I fit its cflct in this city yesterday morn V iiiG V The deal in Its entirety is the first step toward a reduction of the Lorded indebtedness ot the old company fioia KOOCO tc 53000000 which carried wlthlt a reduction of interest from 6 to 4 per cent per annum DEDUCTION OF INDEBTEDNESS i As soon as possible bonds to the amount of C3000000 will be JSHho to V V take up the old 54500000 issue although V additional bonds may be eventually Is fled for the purchase of adJclonal Iroperticn and the betterment of th I ° > present jrlats Included In the present londs are preferred bonds to the amount c of J50000 and it is poss ble that 5 per Cnt bonds may be Issued to lake up this particular class If this is done however It Is expected tint the C pi r cent issue will be taken uo in a short time 1 y 1 per cent bonds so ado r ad-o place ell 2holders on an onual fooimg The next Plep will be the institution of foreclosure i iccedlnss r the United Stalra court through wiich the V new coTipanv will secure a clear title to the property These proceedings will be begun during the cm11 V month V monthTTVO V TWO CLASSES OF STOCK In the crticluo filed yesterday tho Ctcl capital stock is placed at 53500000 divided di-vided imp HOOUO shares of the par V alue of 25 each of which SOOOO is S ptr cent preferred V stock and COOOO shares common stock V The preferred stock Is all subscribed or a follows Lorenzo Snow trustee 26340 shares John J Banigan trustee 9M5 shares Win J Curtis New York V trustee 43060 shares John J Banlan shares V I s1ares I I The common stock Is subscribed for to the extent of 12500 shares as follows fol-lows Lorenzo Snow trustce2D102 V t V V shares George oy Cannon trustee 2239 P V shares John R Winder trustee 3C39 Shares Wm J Curtis trustee 159SO S shares George Q Cannon 55 shares Joseph P Smith fi5 shares John ItS It-S Winder Rudger Clawson Wm J Curtis I Cur-tis Lewis S Hills Thos G Webber Wm S McCornick Robert S Campbell and Murray Shepherd 5 shares each The life of the corporation is fifty years and its object In to produce and furnish light heat end power and to furnish water for Irrigation and domestic do-mestic use with principal offices in Salt Lake City COMPANYS OFFICERS George Q Cannon Is president of the company John R Winder first vice V president Thomas G Webber second I I vicepresident R S Campbell secre I tary L S Hills treasurer Murray Shepherd assistant secretary The directors V di-rectors are George Q Cannon Joseph F Smith John R Winder John J Banlgan Rudger Clawson William J Curtis L S Kills Thou G Webber and W S McCorniclc The term of of lice of the directors Is ten years and the other officers one year An executive committee consisting of I V George Q Cannon John R Winder and 1S His was also selected yesterday and Le Grand Young remains in charge V of the companys legal affairs PROPERTY OF COMPANY The company owns 4100 acres of land in Salt Lake Weber Box Elder Cache and Juab counties and elsewhere also all the plant Including powerhouses machinery pipelines reservoirs wires poles and franchises formerly owned by the Pioneer Electric Power company In Weber county also the Little Harry mining claim property In Ogden and Salt Lake cities The company also V owns the distributing plant formerly H owned by the Salt Lake and Ogden ant Gas and Electric Light company tho property of the Citizens Electric Power I company also the plant and property I and Power franchises company of the Union Light and I |