The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-04-03
BANKRUPTCY OF
MAJESTIC CO.
Matter Will Come Up in Fed
erai Court Next Saturday.
ZINE AND SMELTER PRODUCT
sANACA SYNDICATE TO RESUME
-CARIsA WILL SINK.

After complying with the order OF tho
court requiring him 20 turn over the
property Of the Majestic company ia
Receiver r. L. Tanner. Acting General
Manager n NJ Nays came up from Nil
,ord yesterday morning. Later in the
lay United States Marshal Haywood took
advantage of his presence 10 serve him
With a copy Of the citation issued by
Judge Marshall OF the federal court Tor
The Majestic company TO appear and
show cause why the company should not
% adjudged an involuntary bankrupt
Next saturday. April 9, is the day set
The status of the whole matter. as ex-
planned by one Of thG attorneys in the
-eceivership end of the nixup. is Just
ihis: While the property is now in the
actual and absolute possession OF Re
reiVer Tanner. he viii do nothing more
.or the present than make an inventory
9f ali the cOmpanys property and take
-are Of the same. pending the adJudica-
hon Of matters at the hands OF Judge
Marshall in the federal court If it is
determined that the United States court
nas jurisdiction and that the receivership
action cannot lie. then the receiver VIII
make an accounting to the district court
and the record Of proceedings will be
turned over TO the United States court
What the outcome will be the attorneys
prefer not to speculate upon. But the
opinion is expressed that the matter will
Do Strengthened out before Judge Mar
m Beaver county after the appointment
~ Mr.. Tanner as receiver for the COM
papy the Milford Times Of Friday says.
Attorney CherringtOn went up to
Beaver Wednesday and filed the COM
plant and the order Of the court appoint
ing a receiver. Mr.. Tanner Immediately
qualified and his first official act was to
stop the sale of the HerringtOn-H Hickory
mine 10y the sheriff TO satisfy judgment
IN favor of the CunningtOn company. At
torney Cherrington and Mr.. Tanner then
ager Mays immediately tured over TO
them all OF the company's property and
books. as ordered by the court.
1T is impossible to say whether the re-
ownership viii hasten or delay the settle
ment Of the claims against the company.
but IL is feared that matters viii now
drag along in the courts for an indefinite
period The failure Of the company to
to the miners. merchants and others in
this section. and there appears to be no
immediate relief in sight.
Attorney Cherrington stated that so
FAR as he knew. the plaintiff had no
definite plans for financing the company
or paying off the Indebtedness. but de?
clared that these proceedings would not
stand IN the way Of any practicable plan
of settlement.
ION Wednesday bankruptcy proceedings
were instituted by a number Of creditors
I'm the federal court AZ Salt Lake and IL
Is presumed thar these proceedings will
he resisted 10y the reCeivership crowd. as
IL is claimed that the assets of the COM
pauv are much more tina insufficient to
pay all liabilities.
Last evening the receivers met with
Attorneys George Z. Greenwood and w.
I. Knox. who represent local claims ag-
gregaunE nearly Al9O00, nearly all OF
which are secured by first hens The
receivers submitted a proposition TO pay
Off all Of these claims with receivers
certificates. running for one year and
hearing interest at the rate Of > per cent.
these certificates TO constitute n first
lien on the property. The plan was re-
1ected 10y the attorneys who were IN
able 10 see that it offered any relief to
their clients. az they now hold first liens
at Dcr cent"