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Show EHN IS injiirrm Details of Reorganization Are Received by the Western Shareholders. RECEIVER'S SALE NEXT Assessment of Fifty Cents Called for by Interests in Control. According to a message received yesterday yes-terday over (he Pollock wires, the reorganization re-organization plan of the Nevada-Utah company contemplates an assessment of 50 cents a share, stockholder;! receiving the amount of the assessment In 6 per cent convcrtlblo bonds, one share of now stock to be exchanged for one share of tho old. The first Installment of thirty cents Is to be paid on or before May 18. the balance In two equal Installments of ten cents on May .11 and September 30, A transfer tax of twenty cents per 100 shares is payable on deposit. Stockholders Stock-holders who have deposited their slock with tho Pavuy committee will be entitled enti-tled to participate In this plan by surrendering sur-rendering their certlilcatos or receipts to Trippe Co., and they will receive credit for whatever they havo paid already. al-ready. Tho New York Twining Age says In regard to this matter: Utah Receiver Sale. The next slep will be for the reorganization reorgani-zation committee to buy up the properties proper-ties at a receiver's sale to bo held in Utah and the present committee is prepared pre-pared lo make this purchase and give sultablo protection to the present creditors credit-ors of the company. In the event that the properties should be bid up to a figure beyond what the present committee commit-tee believes the properties to be worth, the money obtained from the present sliareholdei's will be returnd minus the expenses of the reorganization. There is very little likelihood of tills development develop-ment occurring, however, as the largest creditors of the company have already expressed their satisfaction with tho terms offered thorn in the settlement of their claims by the present committee. commit-tee. The new company will bo known as the Consolidated Nevada Utah company, and will be Incorporated for 2.000,000 shares of a par value of $3 each, while an Issue of first mortgage G per cent bonds, amounting to $900,000, will be issued is-sued in addition. Schedule of Creditors. According to the schedule recently submitted sub-mitted of the company's debts, there Is due for taxes in Maine S775. The secured claims amount to $140,000. the largest of these being on for $92,500 of L. Vo-selsteln Vo-selsteln & Co., and one for $10,000 of the Bristol Consolidated Mining company. The largest of the unsecured claims are: Paterson National bank, Paterson, N. J , $7500; John YV. Griggs, Paterson. N. J , $5000; C. .1. Caughcy. Now York. S13.977. and others, bringing up the total lo S44.25S. In addition to these there are disputed claims amounting to about $180,-000, $180,-000, of which the largest is a noto for $125,000. held by the Merchants National biiik. of Salt Lake City. It Is also shown that tho subsidiary companies are Indebted In-debted to others In an amount greater than $50,000, aside from certain disputed claims against these companies. Tho schedule of assets filed shows principally a largo amount of debts due lo tlic Nevada-Utah company from subsidiary companies on open accounts, and shown at their face value to be worth $307,743. Will Start Work Soon. The plan of operation is to Immediately start work at the company's properties at Pioche. Nov.. and begin making shipments ship-ments so that tho company can be placed upon at least a self-supporting basis and earnings made to pay the Interest on the bonds. The management of tho property prop-erty is to be of the most economical kind, so that all of the earnings obtained may be turned to the benefit of the company, com-pany, and the officials who are to become associated with tho proposition are to serve for purely nominal compensation. In fact. It is Jikely that no salaries whatever what-ever will bo paid to anyone until a substantial sub-stantial earning basis has been established. |