The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-31

rotary OF state James Il. Hammond.
This is the closing act in a struggle for
reorganization that has been unremit-
ting from the the. 30th of June last I'M
| til now.
The Union Light & Power company
was bonded for s4,5OO,0O0 and was
trying to pay per cent on this amount.
This burden of $4,000 annually was
too heavy for the industry TO bear and
the company was stared in the face
with collapse or reorganization Re
organization was agreed upon last
summer by those most heavily inter
ested and George Q. Cannon, Judge
La Grande Young, j. Bevan Braith-
wait, William Nelson Cromwell, Will
lam ]. Curtis and John j. Bannigan
were chosen a committee to reorganiZe
the company.
Bonded Debt Reduced.
The general plan agreed upon was
to reduce the bonded debt from $780,
900 to S3,000,000 and the interest rate
from to 4 per cent, the new company
reserving the right to Issue 100000 adj
ditional capital stock for the purpose
of buying up new properties and i'm
proving the properties already held.
This reorganization was a most diff
ficult job because of the many con-
flicting interests and because of the
different kinds of bonds and stocks
held by the old members of the COM
pany due to the consolidation of the
different power plants into the Union
Light & Power company.
The reorganization has consumed six
months and in that time made neces-
sary a number of trips to New York
by the leading men of the company
here. But the outcome is a complete
success the capital of the company is
placed at reasonable figure; the in
terest charge is reduced from $270.000
to 100000; and the business is put upon
such a basis that all concerned affirm
that success is certain
Credit Due Judge Young.
i. Too much credit for the outcome
cannot be given to Judge lie Grande
Young, the attorney of the company.
His tact and ability had much to do
with the successful outcome.
The articles of Incorporation filed yes
terday give to the new corporation the
name of the Utah Light & Power COM
pany. The preferred stock of the COM
pany is held as follows:
Shares
Lorenzo Snow. trustee. Salt Lake &c, $40
John J. Bannigan. executor ct al.
trustee, Providence, r. L......... 1895
William j. Curtis, trustee, New
York 49, .-..---.......-.... $50
$4,000
The common stock is distributed as
follows:
Shares
Lorenzo Snow, trustee, Salt Lake. 20, 4s2
George @. Cannon. trustee ...... 2,239
John r. Winder, trustee. .-.... 1859
William j. Curtis. trustee, New
YORK 49, ..----.-...------- $50
George q. Cannon, trustee. 80
Joseph F. Smith, trustee. .... 5S
John r.. Winder
Ruuger CiaWSon --.-...-..........
William ]. Curtis, New York;.
Lewis S. Hills, Salt Lake. 5
T. G. Weber, Salt Lake. 5
w. S. Mccormick, Salt Lake. .... 5
Robert S. Campbell, Salt Lake,. 8
Murray Shepherd. Salt Lake.. 5
800
The total capital stock is $4,000, 900,
divided into 10000 shares of S25 each.
The stock is of two kinds: Non-cumu-
lative preferred stock. $4,000 shares.
This has preference in case of liquida-
ton and in the payment of dividends.
1t will receive per cent dividends an
nually before the common stock re-
ceiveS any. The common stock, 200
shares, will share equally in the divi-
bends and surplus after the preferred
stock has received the per cent. The
common stock left in the treasury can
be disposed of by the board of direc-
tors.
Stock All Paid For.
All the stock issued was paid for to
par by the transfer to the new cor
poration of all the property heretofore
held by the Union Light & Power COM
pany. That company, as is well
known, was made up of the Pioneer
Electric Power company. the Fremont
Park Water company, the Salt Lake
Citizens Electric Light company and
the Big Cottonwood Power company.
The objects Of the new company are
to produce for mechanical, industrial,
commercial and domestic purposes,
light, heat and power and to furnish
water for irrigation and domestic use.
1t retains all the rights and powers of
the old company. The offices and
place of business will be Salt Lake
The directors of the new company
elected to serve until the second Tues
day in March. 1910. are George Q. Can
non, Joseph F. Smith, John r. Winder,
John j. Bannigan, Rudger Clawson,
William ]. Curtis, Lewis E. Hills,
Thomas ]. Weber and William S. Nc
Cornick.
Officers Chosen.
The officers chosen by the directors
are: George Q. Cannon, president;
John r. Winder, first vice president;
Thomas C. Weber, second vice presi-
dent; Robert S. Campbell, secretary;
Murray Shepherd. assistant secretary.
and Lewis S. Hills. treasurer These
will hold Office until the second Tues
day in March, 1901, and an election will
be held annually thereafter.
All Utah friends Of this great concern
that has it IN its power to do so much
for the advancement of our city and
state, viii rejoice that it enters upon |
the new year with such bright pros
poets of success.
Choosing Ones Capabilities.
fCarlisleD