Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-03-01
Stockholders Raise Objections to
The Plan Of Placing Their Prop
erty Into Monarch Combine
SMALL INTERESTS COMPLAIN.
Statement from Quincy Warde BOcsc,
Attorney for the Voting Trust Com
mittee Another Meeting

properties OF the Majestic Copper Min
ing & Smelling company, with those
which the Monarch Mines & Shelters
corporation proposes TO control, seems
to have received a serious set back In
the east and the Monarch enterprise
may be carried out without the former.
According to the New York CONNER
cial, all efforts to bring the Majestic
into the combine have been practically
abandoned, all on account OF objections
raised by some of the stockholders, 80
the future OF the big Beaver county
propositin is very much unsettled. Says
the eastern publication;
Developments regarding the pro-
posed annexation OF the properties OF
the Majestic Copper Mining q Smelling
company In Utah TO those OF newly or
ganized Monarch Mines G. Smelling cor
poratIon has received a serious setback
during the past few days, II Is learned
that as coon as the possibility OF the
plan going through as announced last
week was brought to the attention OF
SOIIlt VI lflt NlbIfStlt NHNg
Immediately offered innumerable pro-
tests concerning the consolidation. This
attitude Is reported TO have been so dis
pleasing TO the voting trust committee
who had engineered the preliminary
steps Of the deal that all further nego-
tIatlons regarding the matter have
practically been dropped for the time
being.
1T Ia said that large majority Of
the stockholders OF the Majestic COM
pany were strongly In favor Of the pro-
posed combination as II was pointed out
that under It's terms, as unofilclally
made public, the Majestic property
would again be placed on It's feet and
the large Indebtedness amounting 10
over 500 900 would be taken up by fin
ancial interests. The complaints have
come mainly from parties holding but
a small interest In the company accord
Ing 10 the information secured from
those In touch with the enterprise. They
are reported to have paid very little for
their stock, but their objections may be
sufficient to block the contemplated
merger. Members Of the voting trust
committee have not hesltated to express
their complete surprise at the attitude
Of those stockholders and these com
plants have destroyed all the interest
which they had commenced TO feel in
the developments as they were pro-
crossing.
"A meeting is to be called this week
by the voting trust committee TO fur
Their consider what action should be
taken looking toward the financing OF
the Majestic companys debts. II Is
also learned that they wlll consider the
proposition Of placing the Majestic
holdings In the Monarch company, but
what the result will be In the light Of
what has transplred In the last few
days cannot be foretold.
Quincy Ward Boese, the attorney for
the voting trust committee, when seen,
did not hesitate to say that the pro-
posed merger wac not far or whereas
last week there was every probability
Of lis going through
"'I feel thoroughly justified In say.
ing he said, that the depositors Of the
Majestic stock will not receive any pro.
position for some time regarding the
deal which II was expected would soon
go through. The voting trust feels that
all the objections and protests that
have been lodged against II since It was
announced that combination might be
effected has warranted their dropping
negotiations for the time being, While
| their was every probability OF the deal
| going through last week by the terms
| OF which the company's stockholders
would have been given an opportunity
| to ratfy and authorize the transfer.
| now the chances Of It's being made are
/ slim. The committee finds itself
| thwarted In an attempt 10 rehabilltate
the Majestic properties and | cannot
] state what further plans they will UNI
| dertake
II may say In this connection, that
the duties and obligations OF the voting
| trust have been very much mIsunder.
| stood. The impression seems to prevail
that they are obliged to finance and
| place itupon producing basis They
| agreed substantially to such a plan
| provided the representations made re.
| gardlng the conditions and assets OF the
! enterprise would be found as stated
| Since then We have discovered that the
company's debts are much larger than
we had been made TO understand we
would flnd them and other facts have
| been discovered that has placed the vot.
| Ing trust committee In a difficult posi-.
ton What the outcome win be re.
mains to be seen, can add that the
committee will do everything In its
power 60 prevent the appointing Of a
receiver for the company and endeavor
to secure an adjustment By best arbi-
| trary means"
|
A message from the east today con-
veyed the information that the meeting
referred 10 will take place tomorrow
and further that the Indications seem
| favorable for the dlsc0rdant Majestic
stockholders patching up a truce and
giving their consent 10 the plan 10 com.
! hIno with tho Monorch