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Show KNIGHTS SELL HOLDINGS IN SPRINGVILLE Control of Springville-Maple-ton Sugar Co. Transferred to Springville People. The controlling interest of the Springville-Mapleton Sugar company com-pany passed from tie Knight Investment In-vestment company to the citizens of Springville and Mapleton Friday afternoon in a; deal involving $423,-'500. $423,-'500. The purchase was made by the minority stockholders of the company. ' - The purchase included 48,000 shares of the capital stock of the company and includes the entire holdings in the sugar concern by the Knight Investment company part of the private stock owned by W. Lester Mangum, general manager mana-ger of the company, and part of the stock owned by the Mendenhall family of Springville. The price paid for the stock was at the rate of $8.75 a share. According to the aggreement $13,500 was paid Friday and $100,-000 $100,-000 will be paid August 15, and the remaining $310,000 will be paid September 15. The papers transferring the control con-trol of the company to the former minority stockholdres were signed by J. William Knight and W. Lester Mangum. The committee representing represent-ing the stockholders consisted of H. T. Reynolds, M. O. Packard and Mark Cook. According to present arrangments the stock will be transferred to the new owners immediately following the second payment, when it is presumed pre-sumed a new board of directors will be elected. W .Lester Mangum will remain as general manager of the company with C. R. Jones as secretary-treasurer. . The purchase of the Springville-Mapleton Springville-Mapleton Sugar company followed closely a court contest in which the minority stockholders protested against the recent decision of the majority stockholders to increase the capitalization stock and to amalgamate am-algamate the sugar company with other interests fostered by the Knight interests. It is the intention of the new owners of the company to canvas the Springville and Mapleton district dis-trict for the sale of stock. It is desired, de-sired, according to the committee representing the stockholders, to make the company a home concern, owned and controlled by the people of the district rather than by any outside interests. During the last two years the company has been the only sugar concern in the United States operating operat-ing the osmose process of making sugar from molasses. It is understood under-stood that the right to continue this process was Included in the transaction. tran-saction. 1924 BEET SUGAR CROP SHOWS 25 PER CENT GAIN NEW YORK Aug 2. American farmers have planted 915,000 acres to sugar beets this year as compared compar-ed with 733,000 acres in 1923 and 606.000 acres in 1922, reports Facts About Sugar. This gain of nearly 25 per sent over the area devoted to this crop last year, and with favorable favor-able erowing conditions should re- suit in the production of over 2,000-000.000 2,000-000.000 pounds of sugar. Colorado is the leading state in the extent of its sugar beet plantings plant-ings having 237, 301 acres. Next comes Michigan with 115,178 acres, Utah 96,308 acres, Nebraska 66,372 acresr Idaho 58,522 acres, Ohio 55,-513 55,-513 acres, Wisconsin 34,200, Wyoming Wyo-ming 20.306 acres and Iowa 25,200 acres. The remaining 68,000 acres is scattered among a number of states, including Indiana, Illinois, Minnesota, Kansas, Montana, Nevada Nev-ada and New Mexico. The crop that suffered from dry weather in southern' California, Utah and Idaho and the tonnage in these states probably will nof be much higher than last year in spite of the increased acreage. In the Rockv Mountain section and in the central states the condition of the crop is reported fully up to the average. aver-age. In Michigan field conditions are exceptionally good. |