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Show ' REORGANIZING NEWHOUSE MINE. 1 Salt Lake City, June 17 A dispatch from Charles A. Morse of Boston, chairman of the reorganization committee com-mittee of the Newhouse mines and smelters, declares that the plan adopt- I ed Is now certain of being carried out. j He asserts that 91,000,000 worth of j the outstanding $1,300,000 In bonds j have already 'been sent" In to the corn- i pany to be" reissued under the plan. The necessity for reorganization la announced an-nounced lo the stockholders at follows: fol-lows: "Owing to the recent depression In business generally, and In the copper : industries especially, and also owing ! lo numerous unfortunate caves and j mishaps at the mines of your company located at Newhouse, iu the state of I Utah, your company finds itself with ' ' an Indebtedness of nearly $20,000 part-ily part-ily past due, on which suit is threat- , ened, and with no funds with which ' to meet the semi-annual Interest that i will fall due on July 1. 19 '.!, on Its $1,300,000 par value of outstanding first mortgage bonds, and the $100,000 required also on July 1, 1909, for sink- j lng fund purposes. j "The company Is unable to meet ob- I ligations and requires substantial fur- ; thcr working capital for the develop- ; inent of Its mines, the alteration of Its mill, and to pay Its creditors To that , end a prompt reorganization is imperative." imper-ative." The reorganization committee, composed com-posed of Charles A. Morse (chairman), Frank A. Schirmen and Louis N, Kramer, Kra-mer, plans the formation of a new company com-pany to acqulro the property under foreclosure. The new company will have $1,300.-000 $1,300.-000 C per cent, twenty-year income bonds convertible Into stock at par, $3 per share, and 000,000 shares of common com-mon stock. The holders of the present $1,300,000 first mortgage bonds will exchange I same, par for par, for the new Income bonds, and the present holder of the ,' C00.000 shares of common stock of a par value of $10 will receive a share j of stock of the new company, par value j $5, for each share of .the old. upon subscribing and raying one dollar per share. There will remain In the treasury treas-ury 2C0.00O shares of stock to be held for the conversion of the bonds. |