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Show Gunnison Sugar Co. Absorbs Old Concern A reorganization of the Gunnison Valley Sugar company was effected at a special meeting of the board of directors at Salt Lake City last Monday, Mon-day, by which the business and assets of the old company were taken tak-en over by the Gunnison Sugar company. com-pany. The Wrigley Chewing Gum company interests added a half million mil-lion dollars capital, and with this increased in-creased strength and the fact of the added support the factory is getting, together with the first-class reputation reputa-tion with all the beet growers, manu-acturers manu-acturers and jobbers, the company will gain strength and prestige as never before. The William Wrigley, Jr., Co., known as the largest chewing gum manufacturing concern in the entire world, has added, it was stated at the meeting, about $500,000 addi-Y addi-Y tional. capital to ithe new company. This additional capital will place the company on an extremely sound foundation and with the increased acreage shown each year by beet growers within the district covered by the factory, there is every assurance assur-ance of early dividends to the stockholders. stock-holders. Another important action taken at the meeting was the declaration that the stockholders of the old company, the Gunnison Valley Sugar company, both common and preferred, would receive stock in the new company, share for share, for stock in the old organization. There were but few changes in the selection of officers and directors of the company and the directorate for the new organization is Wm. Wrigley, Wrig-ley, Jr., Chicago; J. C. Cox, treasurer treas-urer of the Wm. Wrigley, Jr., company, com-pany, Chicago; W. Harvey Ross and R. T. Harris of Salt Lake, and I. D. Voorhees, Manti. The officers chosen at the Monday meeting were: W. Harvey Ross, president; I. D. Voorhees, Voor-hees, vice-president; R. T. Hams, treasurer; M. M. Glenn, secretary and assistant treasurer. Judge Joshua Greenwood will act as attorney attor-ney for the company. At the Monday meeting of the stockholders there were present and represented, 73,321 shares of common stock out of a total of common stock issued of 75,000 shares, and 49,253 shares of preferred, out of 54,354 ' shares. When the question of trans-! trans-! ferring the assets of the old company com-pany to the new one was brought up, there was not a dissenting vote and the members present, after the plan had been proposed, greeted the proposition solidly, believing it would result in placing the company on a footing equal to any in the western country. All the assets of the Gunnison Gun-nison Valley Sugar company are now owned by the Gunnison Sugar company, com-pany, and all debts and obligations of the old company will be assumed by the new "company on the terms of the accepted. In a letter which has been mailed to all stockholders the company announces an-nounces that of the 100,00 shares of preferred stock of the Gunnison Sugar Su-gar company, 54,35412 shares have been issued and delivered to the Gunnison Gun-nison Sugar company to be exchanged, exchang-ed, share for share at par, for the present outstanding preferreed stock of that company, the remaining 45,-645 45,-645 shares of preferred stock having hav-ing been issued and delivered to the Wm. Wrigley, Jr. Company in exchange ex-change for promissory notes of the Gunnison Valley Sugar company held and owned by the Wrigley company, com-pany, for the principal sum of $431,-218.56, $431,-218.56, with accrued interest of $25,-326.44, $25,-326.44, or a total of $456,455. The 75,000 shares of common stock of the Gunnison Sugar company, the letter further states, have been issued and delivered to the Gunnison Valley Sugar company, to be exhanged for share for share at par, for the present pres-ent outstanding common stock of that company. The announcement of the reorganization reorgani-zation of . the company, with the financial fin-ancial matters in first-class condition, condi-tion, added to the fact that the beet growers of this section are geeting squarely back of the big industry, speaks volumes for the Great Gunnison Gun-nison Valley and every blue-blooded "booster" in this section is greeting the action of the company officials as one ofthe most important since the sugar company started operations opera-tions here. With the million dollar factory and with the assurance of approximately 6000 acres of beeets to be planted, the future of the valley is not problematical, but its success from a financial standpoint is now assured. |