Show V VI I Wasatch Mines Troubles Near Close I. I Receiver Recommends Pass to r New e 1 Owners Mineral Veins Coalition Co Organized to Take Over Defunct Properties Proper ties tie Agrees to Protect Stockholders Stockholder and Develop Mineral Claims Must Pay All Al Debts Debt and Have Big Dig Cash Cah Reserve The he lifting of ot the receivership of 01 th the 3 Mines Mine lne company and the p. p pining pin pass ing log of it its HI control to th the th newly nAwl formed formS'S Mineral Veins Coalition Mines Mine lne company compa a Utah cor corporation will wi come up before Judge I ii L. D. D Wight of ot the Third district dis court coart September 5 6 The Columbia TruSt Trim company as receivers recommend that the matter be terminated as agreed upon n and d it should I end t the long lone litigation tion I I and t troubles ut of f er the Wasatch el t Im Mines company and open the way for tor development de de- de- de and mining In the Alta Ala district dis on a Urge lac and profitable plan According to the pa papers paper er filed fed In the receivership suit Intermountain CredItOrs Creditor Creditors Creditors' Credit Credit- ors ors' or association vs VI the Wasatch Mines company the Mines company's o an l sa rc fixed x liabilities e againSt t which the re receivership re recognizes liabilities amounts to with Ac accrued Interest Contingent claims claim filed tied follow Federal bank Utah Michigan Consolidated Mining company 40 Child Barclay Co Mining Ining company for Cor alleged extraction of ore orA The Columbus Rexall Mining company also allo filed fled claims claim for tor ore extracted train from the Blue Bird lode loe one half halt on-halt of ot which It owner toS fol A. A W. W Cowls Cowla was wae owner of ot the other othe one one half halt undivided interest All Al contingent contingent con con- claims were disallowed and the Cowls Cowle and Columbus Rexall neal claims dalm were settled by agreement between the part par par- t ties The Tue Wasatch rower power ower com company any claims claim filed aggregated of or w which the Wasatch SUns Mines lUne claims were as indorser upon claims caim ot of Walker Brothers Bankers Banker amounting to 39 39 9 Other claims claIm were allowed for tor labor and mate materials Tile The receiver has on hand cash balance hal bal afire ance of and accounts for power of TOe The petition goes on onto to state that the Mineral Veins Coalition Mines company with a cash capital subscribed of was organized to acquire control of the mining property and drain and transportation tunnel of the Wasatch Mines company The new company will will take over the treasury stock of the Wasatch Mines company and pay payoff payoff off in return the amount of claims allowed at- at lowed by the receiver together with all expenses of the receivership In return returns s the Mines company agrees to allow the Mineral Veins Coalition company corn com pany to take over by leases lease all o of th the Wasatch Mint MineS properties and pay only v taxes and for development of veins In consideration for this the new company one year from date data 1 I of making the lease must pay the stockholders stockholders stock stock- holders of the Wasatch Mines company as appear on the books book of the company as or of June 4 4 1924 the sum ot of 1 a as s share or deliver to them share for share fully paid stock In the Mineral Veins Veina Coalition Mines company 1 It also Is held In the petition that stockholders stockholder whose stock was sd'S at delinquent sale No 7 for assessment have the right to b be reinstated reinstate with all of the above privileges on payment within ninety days from July 31 of 10 19 cents a share The new company agrees to have In cash after discharging all obligations of the Wasatch Mines lIlacs company and ample funds In addition to complete lie Its contemplated operations Th rue new company stock Is non All that remains remaIn In the indorsement of the court of the plant and the Wasatch Wa Wa- satch Mines company will pass to the newly formed Mineral Veins Coalition company compan of which Alois P. P said to be the controlling interest inthe in inthe the Columbus Rexall and West Toledo both of the Alta Is 85 the principal figure |