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Show DIRECTORS OF HANSEN LIVESTOCK AND FEEDING COMPANY CONSIDER PLANS FOR REFINANCING BUSINESS To determine feasible plans for the re-financlng of the Ilansen Livestock and Feeding company, several meetings meet-ings were held here during the past week by the board of directors of the company. As a result of the meetings the board has announced determination determina-tion to preserve the business here through re-organization and to cal) a meeting of the stockholders; where preliminary plans formulated by the board will be explained. Stockholders to INfccl The meeting of stockholders wilL'be held May according to an announcement announce-ment made yesterday. Authority will bo askod of the stockholders at the meeting to amend the articles of incorporation in-corporation so as to decrease the capital cap-ital stock of the company from $1,-500,000 $1,-500,000 to $650,000 and to decrease the par value of the common shares from $100 to 51. According to a statement issued yesterday by the board, of directors, the following plans are proposed for the ro-financing of the company. "Stockholders will be asked for au- 11. ..;!.. , .,.,,.,,1 A..(;..lr- Af T,in. poratlon so as to decrease Its capital stock from $l,5nn,000 to $G50.000, and to decrease par value of common j shares from $100 to $1 each- Stockholders Stock-holders will own the same number o,f shares and the reduction in par value of shares cuts down the compuny's book liabilities and creates surplus of ; assets over liabilities. The preferred shares, will continue to have $100 par v'aluo and the number of shares of both, preferred and common, will ,be iricreased to meet requirements of the company's financial plans. Among other things asked of the stockholders will be the adoption of lew by-laws to meet requirmnts of ;he company's new business plans: Lhe election of new directors or a vote sustaining old directors: and the adop-:Ion adop-:Ion of the plans that have been and ire being worked out. Amend 'Charter The matter of filing an amendment o the company's- charter, changing tho name of the corporation will come up. A number of Interested parties feel an Impersonal name moro fully expressing the company's proposed business will be desirable. The financial difficulties In the past have been due almost entirely to losses on purchases of llj3tock and the company was sustaining large losses. Many others In the Intermoun-taln Intermoun-taln country have suffered these kinds) of losses, but the Hansen Livestock people's losses were greatest. The directors have elected George E. Sanders of Salt Lake City, the new manager, with special authority and instructions from the directors to work out plans of re-organization of the company's business and the ro-financing ro-financing of the company. Mr. Sanders San-ders says he has been working on the new plans for less than a week and already has assurances of support and plodges that mean creditors will be paid in full and stockholders interests safeguarded and preserved. Cut On.1 Speculation j The company.will, hereafter con-j fine Its efforts-to a -milling and feed I yard business and cut out all speculation specula-tion in livestock. Its operations In livestock live-stock will be feeding for its stockholders stock-holders and other livestock growers on contracts, which can be done without with-out risk to the company. More than half of the creditors in amount have pledged Mr. Sanders their support and the board of directors is working In perfect harmony and as a unit. This will be good news to many Og-den Og-den people, both creditors and stockholders, stock-holders, and very few of them, according ac-cording to tho management of . the company, but what have faith and . confidence In the outcome of tho com-i pany's plans. The company's business is material to and has been a factor in the growth of Ogden. The big mill ,and feed yards have enabled Ogden to maintain Its supremacy over other in-termountain in-termountain cities as the leading livestock live-stock market of the northwest. |