The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-09-06

The anticipated has happened, and
at The pleasure of two or three of his
business associates, John Beck's inter
ests have been transferred from one
syndicate TO another and the Bullion
Beck and Champion Mining company
directory has experienced number OF
changes. Charles S. Burton retired as
director and treasurer, to be succeeded
by Frank Knox, and it is very prob
able that there will be one or two other
designations before the world is a week
older. Mr.. Farnsworth still retains the
presidency of the company, but will no
longer have any say in the voting of
the Beck stock, his place as trustee
having been taken by Mr.. Knox.
- For some days the changes have been
imminent but not until yesterday at
ternoon were the details arranged and
the money to secure the transfer of the
Beck syndicate stock raised. 1t re-
quired the neat little sum of $4,000 to
effect the change in the ownership of
the Beck notes, TO secure which John
Beck had placed mis- $1,000 shares of
stock up as collateral in the hands of
three trustees as attorneys in fact.
These notes We're held by Messrs.
Farnsworth, Burton, Young, Cunning
lls
have been materially reduced in amount
with the dividends paid upon the stock
Since the change in the management of
the property and the election of the
new board Of directors in March last.
tue trustees have been Messrs. Farms
IUi5orth, Cannon and Bamberger, and
There have been times when the iudg-
ments of the gentlemen, especially those
OF Mr.. tdrnsworth and Mr. Bamberger-
they being the two active members of
the board of trustees-did not agree as
to the best method of working the
property of the company. When the
Beck side of the house made the propo-
sition to take up the notes by securing
the co-opera ton of the National Bank
of the Republic, through its president
and cashier, and thereby make a trans
fer of the paper and the voting strength
10 the new parties in the deal it met
With a ready response, and after hold
ang number of lengthy meetings of
all parties interested, matters were
hnally Strengthened out, the money for
the transfer Of the notes and the stock
Kas paid, Mr.. Burton retired and was
cceeded by Mr.. Knox. The latter
[Enueman was also made one of the
Whree trustees, taking the place made
vacant by the retirement of Mr.. Farms
worth, and the latters authority of
voting the control of the stock of the
company was vested in him.
When questioned regarding the mat
ter, Mr.. Bamberger stated that the deal
was closed and the exchange made
with the very best of feelings. No
other changes are contemplated. he
said, in the working of the property
and the new mill will not be DELAYED in
ITS construction by reason of the
change. The transfer of the Recll
notes were made solely in the interests
OF Mr.. Beck. said Henry M. Ryan, the
agent of the latter
MI Farnsworth. being stakeholder
IN the company in his own right. will
retain his Office as president, at least
mat IS the present arrangement Just
what the future has in store for the
Bullion-Beck company is beyond the
ken of mortals, but its prospects are
as always-very bright
Since the change in the management
OF the company and the assuming of
complete control by Mr. Farnsworth
ana his associates last spring, the Bull
uon-Beck has made a remarkable rec
ord IN six months it has paid cl1t in
ulVldends $4,000. the last four having
Deen each Of $50 000 A number Of
needed improvements have been made
ana the property is now in snIendid
shape. with a great many large and
rlch ore bodies in sight.
The formal declaration of the divi-
dend Of $4,000 for the month of An
gust, was made yesterday morning and
the money is now being distributed