The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-03-01
UNDER LAWS OF
MASSACHUSETTS,
Mackay Companies Will Or
ganIze Into a Trust.
CAPITAL THIRTY MILLIONS
CIRCULAR LETTER SENT OUT 80
THE STOCKHOLDERS.

New York. Feb. 29.-Clarence H.
Mackay. president of the Commercial
Cable company, today addressed d cir
cular letter to the stockholders of the
company. in viting a deposit of their
stock for exchange for shares in a
trusteeship created under the laws OF
Massachusetts under the name of The
Mackay Companies" The capitaliza-
tion of the Commercial Cable company.
which also owns the Postal Telegraph
& Cable company, which also owns the
Postal Telegraph & Gable company. is
100000 600. upon which per cent divi-
dends are paid. The MaclSay compa-
mics have authorized for exchange for
this stock SS0000-O00 par value of its
own 4 per cent cumulative preferred
shares and like amount of common
shares SO that each stakeholder in the
cable company viii receive for his
holdings 200 per cent in the preferred
and geo per cent in the common shares
of the new concern.
The Maekay companies is an invest
ment trust designed by Mr.. Mackay 10
perpetuate the name of his father. to pro-
vide FOR the Development of the cOmpa-
MES which he founded and TO safeguard
on an even basis with his own the in
terests OF those who have invested in
the enterprise with which John W.
Maekay was most eonspicuously identi-
fled.
The agreement and declaration of trust
were drawn by William W Cook, coun-
sci to the Commercial Gable company,
and former Attorney General Richard Oh
sets. which, in their opinion. seemed to
afford the most adequate protection to
all parties in interest II is similar 70
the English Investment trusts and will
continue for forty years unless dis
solved by the shareholders in the mean
time
The Trustees
The trustees. with power TO fill va
cancies arising from death or resigna~
ton, are: Clarence II. Mackay. John l.
Waterbury president of the Manhattan
Trust company of New York; IT. Jeffer-
son Coolidge, Jr.. president Of the Old
Colony Trust company OF Boston, bot IA
directors of the Commercial Gable com
pany, and William w. Cook, counsel Of
the company.
The plan is practically an accomplished
fact, a large majority of tie CONNER
eial Gable stock already having been
deposited under the agreement. The re-
naming shares will be received tor ex-
change on or before March 80. 1904. by
tht Manhattan Trust company in New
Boston. and Messrs. Barring Brothers IN
London. According TO the circular the
first dividend upon the preferred shares
viii be paid on April 3, 1904.
Mr.. Mackay when seen this evening
said that the plan was the outcome OF his
desire to put upon q permanent basis
the properties created by his father and
TO provide for all contingencies that
might arise from death or changes in
commercial conditions. With these OBJ
iects i'm view, he has selected as CO
trustees men, not only of established
conservative reputation, but also OF ages
which, in the ordinary course of nature.
would obtain for the company the ad-
vantages Of a long continuous service and
a consistent policy Personally he will
continue to devote his entire time 10 the
active management Of the company.