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Show -PO. TO CESOU) AT AUCTIOn Finding it impossible, to pay part of the principal or the interest on a growing grow-ing indebtedness, the director of the Utah Independent Telephone company, at a meeting yesterday afternoon, voted unanimously to offer the entire property prop-erty of the company at pnblio aoctioa jane 8, 1911. ' According to the statement of the nnsneisl condition of the company reported re-ported at yesterday's meeting, an indebtedness in-debtedness of 3.d4,t68.2a is banging over the corporation. It was shown that more than three-Sftbs of the oat-standing oat-standing bonds of the company are held by the Registrar and Transfer company, com-pany, and that each Bondholder has mads demand on the Utah Savings and Trust company, as trustee, to demand the payment of all interest now due and unpaid, and that the company is wholly unable to pay. It is declared further that the financial condition of the eompany is becoming worse instead of better. m V.Metrsr Vn Tott. president of the - i board of director, T thi eome from the inabilily of th company u charge high enough rat- nndcr ruinous franchise to secure nllicient inijiiii.) to pay th indebUdjew c th company or reasonable rat of intr-at intr-at oa the investment. It i the judgment of the director that by advertising th property for ssle It will bring as large a sum by a foreclosure nil, and tht th former i much lee ezpeniiv than th latter. It further appear te th director that th conditio of th eompany becomes financially wore th longer the al is deferred, and that it is to th company' com-pany' advantage to convert it property prop-erty into cash at th arKrt poibl date. According to the order of sale as Kssed by th director, the sale I to advertised once a week for three weeks prior to the sale In throe Bait Lake newspapers, one newspaper In Butt. Mont.i on newspaper In Spokane. Wash., and In on newspaper each In Chicago and hw York. Th president and seersterr of the board are authorised author-ised and commanded to inaae an. preparation prep-aration for tn. sale, which will be held t th west front door of th city and county building oa th date earned at 10 o'clock a. m. ... The person conducting th l will aava tb power ta continue th sale from day to day and to reject bids. In the notice of sal aa It will ?'Jhithe advertisements all th physical property of the eompany Is mentioned, together with th secondary franchises or without them, a they may offset the sum to be realised on th eel. In esse the 1 I mad Including h secondary franchises, fran-chises, the compsny. by virtu, of the notice, serves notice on th bidders that th Solidary franchises ars transferable only at ths will of the city council of Salt Lak. According Jo the t.rms of the J th purchaser I. fr cent of ths purchase In cash, and ths belanr when th company I rd V turn over the property. Bona Me proii-pectlv proii-pectlv buyers hsvs th. Prl f looking over the property and to obtain a full Inventory thereof. fhoM present at ye.terday' meeting were th following director: Heber J. Grant, Heber M Well., Bemuel F. Fen-ton, Fen-ton, H. Moyle, George T. OdeH, John D. Speneer, WaWemar Va Cott and Lawrence Greene. ' The executive offleer of the eom-pny eom-pny r: Waldemar Van Cott, prert-dent prert-dent and managing director; D. B. M-Intoak, M-Intoak, uditor( Fred B. Jon, gnr' auperlntendant; Benjamin B. Howll, secretary and treasurer. George A. Berger ( th only director of the eompany eom-pany who we not at yatterday 's meet- "S'he TJth Independent Telephone company was incorporated under the law of tJUh in January, 1908, with eapital .toek of 1,000,000. A year later the businas was established and th company began opratlon with about 1SIH) telephone actually i-tslled. i-tslled. Th ir hangs locsted in property prop-erty belonging to the company at 113 South 8tt street i recognised . on of th best equipped exchange in the west. In addition te the building in Halt Lk, th eompany own exchange building at Ogden, Park City and Eureka. Th first oeer of th company com-pany were. H. A. Harvey, president; Fred B. Jones, general upenntendent; Benjamin B. Howell, eeretary end treasurer. - ' - |