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Show THEY COULD NOT AGREE ON SALE Stockholders of the Davis & Weber j Counties Canal company failed to ar- rive at a definite conclusion Saiur-l Saiur-l day afternoon on the question of soll- ing the company's RIverdale power plant and tho matter was taken under advisement for two weeks when another an-other meeting of the stockholders will be held. At the meotlng two weks hence it is quite certain that the question will be settled and the New York company will know whether it 111 be jDermlttod to merge the power of this company's, plant with that of the Jesse Knight and other power plants of the state. It was stated at the meeting Satyr-day Satyr-day that the board of directors of the canal company had agreed to sell the power plant for $525,000. but that tho deal would not be consummated until tho approval of the stockholders had been secured. One of the directors said at the meeting that, if the stockholders stock-holders do not ratify the sale, the sale will be declared off and no further fur-ther taction will be taken. Two meetings meet-ings of the diroctors were held before It was determined to sell, the final vote, however, being unanimous for the sale. The directors claim that they are vested with the power to make such sale without conferring with the stockholders, but It was considered con-sidered best that the stockholders should bo consulted in a matter of so much importance. The cost of the plant will amount to 5363,000 and the selling price is $102,000 more than that, There is one contract for the sale of power, that for oOO-rhorse-power which the directors negotiated for with the Salt Lake &, Ogden Railway company The proposed sale was discussed freely by the stockholders and every phase of the question was thoroughly gone Into The cost of the plant, the prospects for electric power business in tho state, deprecation, interest, maintenance, wear of machinery water flow and its relative effect on the Irrigation projects of the company com-pany In connection with the operation of a power plant, and many other questions were threshed out pro and con- Some rather heated words were passed as to certain deals and the action of the board of directors, the Injunction suit instituted by Robert Moyes a short time ago, sharp aspersions asper-sions being cast in different directions direc-tions Simon Bamberger of the Sale Lake & Ogden Railway company, who owns a few shares of stock in tho company, com-pany, stated that he would vote against selling the plant, because he thought It a good enterprise to hold on to. He said he always had confidence confi-dence In the business and that he had ever been billing to enter into partnership with the company in the power business as well as in irrigation irriga-tion projects. Mr. Bamberger's statement state-ment had much it do toward influencing influ-encing other stockholders to declare against selling the plant, he being a man of considerable 'experience in matters of that kind and" also because of his recognized business acumen generally. U was argued by some of the stockholders that, while the sale of the plant at this time would be profitable profit-able from the standpoint of dollars and cents, now needed to take up bonds and clear tho company of somo of Its encumberances, It mipht not be wise in the end. It was said that If the New York company Is ready to pay $102,000 more mor the plant than It cost, there must be somo virtue in the enterprise, not altogether known by the stockholders and that In all likelihood tho valuation of the plant would enhance in the coursR of 25 years to double the amount or money the company Is now offered for it Others thought that the sale should be made, It being a well known business busi-ness principle to sell when a fair profit can be made on investment. The board of directors and many of tlie larger stockholders of the company com-pany desire to sell The Merchants' Light &. Power company com-pany has no interest n tho matter and will not be affected in any way, whether the plant is sold or not. This company Is getting its power from the Salt Lake &, Ogden Railway company, which is being furnished from the company's own plants and from the Utah Lljjht &. Railway company plants, the latter company furnishing power to tho Bamberger people. 00 |