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Show WillaBe Reorganized as the New York-Montana, With Offices in Butte. I'n dor the plan of reorganization worked out by a commit ice composed" of K. B. Howell or Hutte, Dr. W. C. KWish of ynlt Lake and M. II. Mc- Clement of Xew York, the Kannack ; Gold Mining- company in to pu.-'.- into history and in i: place is to l" organized or-ganized the New Yor k-M oniarm Mines conij-aiiy, with headquarters in I'-ntte. Articles oi' incorporation have been filed in Mori tuna by the new company and the new ot:'i,-nrs are to he selected at meeting- t' he held in the near future. Beside puuinjj the cOTnpanv on a firm ba.-i.s tlie rco: gani.ern attempted j to c;ct as far as pov-iMe from the old ! r.ame. To do This an as-esment of 10' ceiiT.- a hare i to he levied on the stock. In addition LJdnM) shares of stock are to he returned to The treasury, t ho PTi-hane of the old :ock tor new i beiiitj on the ha si"' !' four tn three. ! In connection wish the report of the committee it was announced that t he I obliutinns of the old company to creditors cred-itors won Id be litpiidat cd bv December 1. I L in calculated that the assessment will provide a fund whi'-h will retire bonds to the extent of $'2 "),"() and leave from $40,000 to '', Oi'O in the treasury besides the iMO.QnO shares of stock. The new company will assume mortgage bond- to the extent of SluO.000. It i pointed out in a letter to stockholders stock-holders that the ret urn of one share of i lie old stock out of four to the treasury will in no way lessen the proportion pro-portion of the individual holdings, but that it will provide holdings from which money for further work, if more funds shonbi be needed, can be realized. While it is penerally understood that an active campaign of development is to he under taken as soon as the reor-ganizAtion reor-ganizAtion in effected, the details in this connection are yet to be worked out, the task of the reorganization committee be-inu' be-inu' only to prepare plans whieh would make m -h a campaign possible. The committee w as appointed more than a month ago at a meeting of the stockholders stock-holders held at Ruttp. |