| Show UTAH P. P L l. l CO ON NEW BA IS Corporation Will Take TakeOver Over TOver Securities of Electric Elec- Elec f trie Bond Company t NEW rEW NEW YORK March 13 Incorporation of ot the Electric Power and Light corporation under the laws of ot Maine l to tako take over the assets of ot the tho Utah Securities corp as asas well as the common stocks and certain c other securities that arc are n fl now W owned by the Electric Bond and and Share company compan of ot the New Orleans Orleans Orleans Or Or- leans Public Service Inc lne the Dallas Dallas Dallas Dal- Dal las Power and Light company the las D' Railway company the Texas Interurban railway and the Power Se Securities corporation the last teamed named company owning the com corn unon on stock and certain other 5 tyes ties of ot the Idaho Power company as announced here last night The new company will have an authorized capital stock consisting o of shares of cumulative 7 y share voting preferred stock shares of ot cumulative 7 per share share nonvoting second preferred tock stock and shares of com com- comon 5 on stock all without par value v- v I. The companies whose equities will will le be held b by the new company s' s supply public utility service In communities including the cities of or orV aKew I e V Orleans La Dallas Texas Texy s Salt alt Lake Cit City and nd Ogden Utah Durango and Montrose Colo and r 1 Boise oise Pocatello and Idaho Falls J l laho aho ho The electric transmission J s owned and operated f g t miles t the e electric dis- dis tion systems miles f Under the provisions of ot the plan pIan 1 flie he i Utah Securities corporation will willu u TA DUte to the holder of each os share are of ot Its capital stock 10 cash S plus plus' four shares of the common f jf tock stock of or the new corporation The u v lr of o of the Utah Securities s ti v c yesterday approved this subject to confirmation by g SJ y stockholders at a special meeting to toI I called II 4 later r f. f The r ie organization and financial of ot the Utah Power and Light company is not affected by othe taking over o by the Electric W l' l and Light corporation of the ot of the Utah Securities cor- cor fl oration f Uon in New Kew York yesterday an o or of the Utah Power and c l ht company stated at the gen- gen offices es of ot the company Friday In In n taking over the stocks and se securities se- se s of or th the local com company pan together toJ to- to cether gether J er with those of other utilities in Iii dif other sections of the country which h are stated to be on a sound t 4 earning basis a stabilized financial l structure is assured In turn It lt s was as stated this assures to the aff af- af f ted companies stability and sound credit It was pointed out that this assurance assurance- comes from the f that fatt-that act ct that the holdings of the ne nest J oni an Just formed are so divert diver diver- t s fled f ed This added finan financial ial Jt It t was vas indicated t d will be be a a dis dis- distinct dis asset to the Utah Power and w Light company compan and anci to the com- com which it serves In view of the prospective future growth of U the e territory calling for new plants and extensions which require new capital in greater and greater vol vol- ume m |
