Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-06-08
Representative Of Company VIII
Leave for the West During
The Present Week.
PREPARED TO PAY THEM Off.
Circular from the Defence Committee
Received Today Plans to Re'0r.
gauize Beaver County Concern.

A communication received today from
President w 3. Mucklow Of the Ma
Jestlc Copper Mining & Smelling COM
pany contained the Information that
representative OF the defense commit
tee, which has been instrumental In
saving the Beaver county properties
from absolute ruin, would leave for the
west some time during the present
week. prepared to meet the creditors
Of the company and proceed to pay Off
the more pressing obligations agains.
the corporation.
In the mails today came also a COM
munlcatlon from the defense commit.
ted under date OF June 4, in which Is
contained the following
After strenuous campaign Of forty
DAYS we take pleasure In announcing
10 you that the 100000 needed to avc
the Majestic company from imminent
bankruptcy has been fully subscribed
by Goa stockholders. We have wired
this fact 10 the western creditors IN
forming them that we VIII Immediately
call IA these subscriptions 30 as to en-
able us TO pay of the hostile indebted
ness
This hundred thousand dollars Is Just
sufficient to secure Legal transfers Of the
hostile claims against the company to
De held by the trustees ON YOUR behalf,
This fund makes our valuable proper
ties safe, and gives MS time TO prepare
and place before you very shortly a
plan of reorganization of the Majestic
company, which viii be on such broad
and wise lines as TO merit your ap-
proVal and the endorsement OF all
stockholders. All stockholders who hol'l
notes of the Majestic company, as we'll
as those who have contributed TO this
hundred thousand dollar fund, VIII be
treated alike In securities. In other
words, II is expected that all Majestic
stockholders who are creditors VIII re-
celye first mortgage gold bonds nearing
z per cent interest together with
substantial bonus " stock, thus absO-
mtely securing to those who have saved
the Majestic company an attractive
and rGmunratiyo investment We are
confident that al stockholders holding
the notes of the company VIII be glad
20 agree to exchange their notes for
bonds Those note-hoiders and the sub
gcribefs to the present FUND are clear
lv entitled to the most generous treat
tnent. The 50 stockholders who have
not subscribed TO this emergency fund
win reap the benefit Of your subscribe
lions. In that all Majestic stock has
been saved from the Inevitable depre-
citation that would have Followed q
forced sale under bankruptcy proceed
ings The subscribers Will reap tht
benefit by receiving first mortgage
bonds and a liberal bonus Of stock, 10
- tnnN
must fecl that they have really rescued
The company at the last moment
10 strengthen the position Of your dc,
Tense committee, the stockholders WIN
act wisely. In our judgment " they
,yrl nut into our hands an addluOnai
sum of from $4,000 to $4,000 rms adj
ditlonal sum will enable your DEFENSE
10 perfect the reorganization
OF the company; 10 speedily resume ao-
Tive operation at the mines with view
az starting the smolter in the near nut
IRE. and otherwise to effectively make
progress I'm the interest ot All STOCK
holders. This additional money II
VIII receive the same treat
ment In securities as the moneys az
rendy subscribed, and II 49, therefore,
only fair that the opportunity pe gwen
Ia The 40 stockholders who have hither-
10 failed 10 respond TO our urgent APP
meals II Is. however pleasure TO re-
mort that nearly $50 of these stock,
holders have written cour teous ana
hindiv letters expressing their deep re-
pret al their inability TO help. we now
feel confident that many of the other
VIII not only communicate
with us, but literally assist IN raising
The additional fund suggested,
Your defense committee, and the
trustees appointed by us TO receive ana
dishurse the funda, have collectively
SiS,7O0 toward the NVOVOo,
and they have done so with lull
knowledge of all the facts and they be-
Iieve that every dollar Is not only en-
tlrely safe, but well invested. your
and trustees have done this
work without any remuneration WHAT
ever but our motives were not wholly
philanthropic We believe we have
given value to $1,000 shares Of Majestic
stock which we collectively own, ana
have thereby protected ourselves as
well as you.
II n also gratifying to report that
this movement has brought about har-
mony. and We believe that all die
ferences are now buried In the one ear.
nest effort TO make q grand success OF
the Majestic mines Three members Of
the voting trust committee, namely
Messrs. George n. Keith, II. O. Brad
lev and Harmon G.. Howe, have cone
tributed largely to the 100000 fund
The other members OF the voting trust
committee have not contributed, but
they have expressed their desire to as-
sist your defense committee I'm this
movement 10 establish the Majestic
company on sound aud firm basis
The voting trust committee having AM
nounced to an stockholders their In
ability and failure to finance the Ma
iestic company viii, we believe, stand
ready to dissolve at any time, or to
resign In favor OF the nominees Of your
defense committee.
Also majority Of the directors have
generously supported the movement OF
your committee, and we, therefore, feel
Justified I'm saying that We have prac-
tically the unanimous support of all
interested parties We refuse 10 rocog-
ni1e any faction and are simply work
ing TO protect our own interests and
yours, and we shall never agree 10 any
movement that would result IN the
freezing out Of any stakeholder how
ever small I'm the Majestic company