The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-12-16
GREAT AUCTION SALE
Utah Light & Power Company S
Property Brings 100000.
REIMBURSEMENT OF DEBT
FORECLOSURE OF MORTGAGES
AGGREGATING 81, 10000

All the property of the Salt Lake &
Ogden Gas & Electric Light company,
the Big Cottonwood Power company,
the Salt Lake Citizens Electric. Light
company, the Pioneer Electric Power
company and the Little Cottonwood
Power company was sold under the
hammer at the west door Of the joint
building yesterday at noon. Master
Commissioner S. II. Lewis of the Unit
ed States court was the auctioneer. The
property brought just 100000.
The sale was the result of friendly
foreclosure suit brought by the Farm
erS Loan & Trust company of New
York to foreciOse mortgages amounting
to s., 29S, G32. 40. Oscar W. MOyle, acting
as attorney for the Utah Light L
Power company, was the only bidder.
AS soon as the master commissioner
had finished reading the descriptions OF
! the property, H l.. Driver entered a
protest against the sale. He gave no
tice that he had secured a lis pendens,
or notification in formal style. Of his
suit against the ogden Gas & Electric
Light company to recover poles, wires,
pole lines and other property which he
| claims is his own.
Sold for 100000.
The sale went on over the protest
/ of Mr.. Driver. Mr.. MOyle bid 10000.
| Judge Thomas Marshall was on nand
| in the interest of the trust company,
but he offered no bid, and the property
was all knocked down to Mr. Moyle on
| behalf of the Utah Light & Power COM
/ pany. Under the terms of the order
| of sale granted some months ago by
| Judge John a. Marshall in the United
! States court, Il was necessary for the
! successful bidder to pay at least $0,UOt
| in cash on the purchase.
Mr.. Moyle complied with this re
| quirement by depositinS certified
| check for the amount named with Com
| missioner Lewis. The sale was all I'm
ished in short order. More time was
| consumed i'll reading the description OF
the property than in any other way
| for the descriptions took up nearly foui
columns in the newspaper in which th'
| advertisement was published
To Readjust Debt.
The sale Of yesterday was anothe
step in the reorganization pans which
were inaugurated some time ago. an'
by which the Utah Light & POWe
company readjusts its bonded debt
| When the consolidation was erected l
! was seen that any new corporation
could not carry the enormous bOnde'
| debts Of the old ones The interes
rate was quite high, also, and the mrs
| steps taken were toward a scalln
| down of the debts and interest.
With this end in view meeting o
those interested was held in New Yor
City. The bondhOlders agreed 10 re
ductfon of one-third Of the value o
! their holdings, and to reduce the inter
est rate from 6 to / per cent. Wit
these concessions the work OF reorgah
ization was continued. and the sale c
yesterday marks the all but final step!
The last thing will be the turnln
over to the bOndhOlders new bonds (
the amount of two-thirds of the Valu
, of their present holdings All the prop
: ertv of the Utah Light g Power com
r,anv will be pledged to secure the pay
! ment of these bonds and the inteTes
on them, and it is thought by IN
: fnanciers in charge Of the matter tha
! the troubles Of the consolidated com
. panies are about at an end for the pres
! emit