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Show independent telephone ends its caeeer At a recent meeting of the stockhold-; stockhold-; ers"f the Independent Telephone system it was voted to dissolve the company and sell their holdings at public auction. The reason for this action is that the liabilities of the company are greater than the assets. The liabilities of the ; company amounts to $3,294.23 and the assets are less than $l,OJ0,0X). Other reasons given for the insolvency are as follows: ; "No man with any great stock of experience ex-perience in the telephone business directed di-rected the affairs of the company in the first years of its life. "The company's bonds were sold for 80 cents on the dollar an i interest was paid on the dollar. i "The company was obliged to give rates which were ruinous- and was obliged to accept franchises from various va-rious city governments which dictated rates which are inadequate to pay the interest on the bonded indebtedness. ; "The financial condition of the com- pany constantly becomes worse and it ! is impossible for it to pay even a small pan of the principal condition of the company becomes financially worse the longer the sale is deferred." From directors' report. The following directors were present at the meeting held May 1st when this ' action was taken: I Heber J. Grant, Heber M. Wells, i Samuel F.. Fenton. James H. Moyle, ; George T. Odell, John D. Spencer, 1 Waldemar Van Cott and Lawrence : Green. It was reported, that the company ! owed interest on out-stan Ji ig bnds I which was due and unpaid April 30, 1911, in the sum of $722,624.17, and interest ' on other indebtedness to the amount of $31,785.13, and that more than three-fifths three-fifths of the outstanding bonds of the ' company were held by the Registrar & ' Transfer company of New York, which , had demanded of the Utah Savings & Trust company, as trustee, that it re- quire the telephone company to pay all ! interest due. This demand, the report j continues, was answered to the effect that the company is unable to make such payment, wherewith the trust company demanded the piyment of , $2,401,700, the principal of all outstand-: outstand-: ing bonds. j It was pointed out that the conditions I of the company constantly became worse I and that as the interest and principal of l the bonds were due to the bondholder, ' the best course for the company to follow fol-low would be to sell its property as i promptly as possible after the giving of due notice in such a way as to realize i the largest sum at the least expense. I |