The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-06-18
DOUBT AS TO THE
MONARCH DEAL
Prediction in New York That it
will Fail.
MAJESTIC SAVED TO HOLDERS
THIS OUT, NEGOTIATIONS WILL
LIKELY DROP.

Prediction that the Monarch deal to
take over vast mining holdings tn
Southern Utah ana Nevada win noo
so through is made i'm the New York
Commercial Of last Tuesday. This pa
per says.
LAS "a sequel to the announcement
last week that the protective commit
tee of the Majestic Copper Mining and
Smelling company at Hartford had
been able to raise more than Sl00,O0l
TO protect a portion of the claims held
by salt Lake creditors against TN.
company, it became known ON Monday
that the deal for the organization OF
the Monarch Mines and Shelters cOrpO-
ration of New York, formed to protect
the Majestic company, had practically
fallen through. I'm fact il develops that
the deal for the organization of the
Monarch company was never so far
advanced as 1t was generally supposed.
Developments also indicate that from
the time it became evident that the
stockholders of the Majest4c company
saw their way clear to raise the neces-
sary funds TO thWarU bankruptcy pro-
ceedings instituted i'm favor of credit
ors an Salt Lake, the possibility of the
Monarch merger going through be-
came remote.
Promoter Not Talking.
Edward f. Cragin, a. promoter of
No. 100 Broadway, whose name has
been associated with the organization
of the Monarch company, refused to
make any statement regarding the
present situation. I'm answer to ques-
tiOu whether the deal had been aban-
100 Frar Ta hr
Majestic company had been able to eX-
tTlcate itself from the difficulties eX-
listing last month had anything to do
with the change of negotiations. Mr..
Cragin said- L have nothing 10 say
either way
The fact that Hartford interests
have been able to raise more than
100000 60 protect their holdings In the
Majestic company has been received
with considerable establishment i'm min
ing circles in Lhis city, as il was be
leved that they had pledged most of
their resources to save the company
prior to the commencement of legal
proceedings I'm March. To was at that
time that it became evident that am
adjustment of the cOmpauys affairs
would be necessary to place the COM
pany again upon O. secure footing. II
is believed that those persons who
tious for the organization Of the Mon
arch company as "a means of saving the
Majestic properties did not consider the
claims advanced by the protective COM
mirtee that they could raise sufficient
funds 20 save the Majestic as being at
all feasible. The fact that the Mon
arch deal has TO all i1tcnts fallen
through is believed to Zoe due solely
To the fact that its advocates were
unable 10 secure the Majestic holdings
IN the combination.
Old Investors Pay Up.
"The new turn OF affairs of the Ma /
jesJic company. which dates from the I
raising OF the 100000 fund to help meet /
pressing liabilities has changed the F
ASPECT of the possible outcome OF the f.
company $ future operations. The /.
money that has been secured was OBJ 4
tanned largely from those persons who /
invested heavily in the enterprise Itt
was shown % them that by q volun- T.
tary contribution amounting to about i
secure themselves against losing the I
money already contributed.
Another element of Importance that I
has entered into the new developments f
is the fact that three members Of the I
voting trust committee, George y. /
Keith. H. C.. Bradley and Harmon G.. +
Howe, have acted hand ana hand with 4
the protective committee of Hartford,
while the other three members Of the I
voting trust have also lent their as
sistance 10 secure as much harmony
a condition SO satisfactory has pre-
vailed since the voting trust was or
sanized. Hence the move IS consid-
cred especially significant.