The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-12-14
Corporation Takes Assets
OF Two Former Bodies.
'ITAL STOCK IS ss, 900, 600
EXAMINATION is AGREED TO
BY UNANIMOUS VOTE.

4@NEt+-A- NBleAhAA4hs NAAEN AtEAuEG "
porate new company, called the
Sugar company, with a capital
Of $4,000, 900, to take over all
ngs of the old Utah Sugar COM
and OF the Bear River Irriga-
& ogden WaterwOrks company.
entire capital stock OF the latter
pany is owned by the Utah Sugar
pany.
b change adds nothing to the as
Of the company. The principal
renee to the corporation viii be
hereafter all business of the Bear
Z company viii be ira lsacted by
xah Sugar directors. Heretofore
rs been necessary to maintain a
rate set of directors. The stock
Pr will have his immediate income
Gown. In the past he has been re-
ng II per cent on a par value of
or s1.29 per annum a share. For
share of the old stock he re-
Is one and one-half shares of pre-
ID and one and one-half shares of
non stock.
the present. dividends viii be
at the rate Of per cent per an
on the preferred stock alone. This
es the dividend S1-O5 a share per
m. But the holder of the old
viii have also one and one-half
les of the new common for each
+ Of the old that he owned. No
lends will be paid on this for the
ent, but a hope is held out of divi-
s later, when the Bear river
me has been worked out.
To Simplify Business.
Ne stockholders meeting was held
hrday afternoon in the assembly
of the Salt Lake Business col
on the sixth floor of the Temple
building. President Joseph F.
h presided and II. G.. Whitney was
: etaFy. The resolution providing for
consolidation was presented as
IN by Attorneys r. w. Young and
ow Ferguson The proposition
Explained by President Smith, Ma
Y0ung and by Vice President and
raj Manager T. r. Cutler. Pres
Smith said the step was intended
cipally to simplify the business of
Bear River company and the Utah
r company, making it possible for
board of directors to transact the
rs of both corporations.
Cutler told of the requirement of
property of the Bear River COM
and the plans for it's develop
III EtLAu -AAC Al 4-nNADAA DAOJCGL
cost 50. 900. 900, and that the Utah
lr company had bought all for
700. since having added $4,000 acres
ne land.
settling this land we are giving
preference to Utah people," he
I'VE had a chance to fill it with
srn people, but we are giving the
e people better terms"
Water Power Developed.
% and a quarter miles below the
lam the water power is being de-
ped. By next June. according to
~ Cutler, 1000 horsepower will be
liable, and later there will be 1000
epOwer. All this will be sold as
as developed to the Utah Light
ower company. A large amount Of
land above the present dam will
be irrigated and made valuable.
the expectation is that an i'm
Sc crop Of beets will in time be
liable for the new sugar factory
farland.
g resolution was then balloted on
carried without a dissenting vote,
two-thirds of the total capital
s k being represented.
1ratary Whitney announced that
certificates of the old company
be presented for exchange at
company's office in the Deseret
building Monday morning. For
certificate deposited a receipt
ID be issued, exchangeable in five
for the new certificates.
ter the meeting OF the Utah Sugar
pany' there was a stockholders
ting Of the Bear River Irrigation
ogden Waterworks company, at
ch the consolidation plan was ap-
81 red. Immediately after the two
tings the legal documents were filed
the secretary of state and the
saty clerk. The filing fee for the
cles Of Incorporation was $500.
Articles Are Filed.
the certificate OF consolidation of
s. Utah Sugar company and the
h River Water company, and ar
is Of agreement of the two COM
lies, it is stated that at a special
ting of the stockholders held yes
bay. by a vote Of more than two
ds of the outstanding capital stock
ach company it was agreed TO con-
. bate. and articles Of agreement were
pied. The name of the CONSOLE
ed corporation will be the Utah
S ar company, with salt Lake as
principal place OF business. The
zOunt OF capital stock is $4,000, 900,
ded into 300. 600 shares of preferred
TX and 800, 900 shares of common
TX of the par value OF $40 each.
ividends Of per cent per annum
IN be paid upon all preferred stock
+ ed and outstanding If, in the opin-
Of the directors, the earnings of
company warrant it.
&he board Of directors may, however,
n time to time, declare larger quar-
v dividends on the preferred stock
Eorder to increase che aggregate of
idends paid 10 an verage of z per
{ per annum for each and every
r Of the company's existence from
after the date of Incorporation,
for that purpose and TO that ex-
{ only. After the holders of the
sferred stock receive their dividends
surplus earnings Of the corpora
may be applied on the common
TX.
Properties of Company.
he Utah Sugar company has prop
les, inclusive of the entire amount
capital stock of the Beer River
Tier company, declared to be OF the
cash value of $4,000. 900. above its
bis and liabilities, and all the prop
hes and assets of the Bear River
liter company having become the
|perty Of the consolidated company,
sras decided that the 100000 shares
Estituting the entire capital stock of
corporation shall be issued TO
E5saIders of the Utah Sugar COM
Is abe proportion of one and one
54es of spreferred stock and one
alf shares of common stock
~ Of the capital stock of
ID company, the CONSOLE
liabilities and duties