The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-01-21
TO REORGANIZE
ITS FINANCES
Utah Light and Railway Gem
pany Wants to Place Bonds
of $2,500,000.
NEW YORK ATTORNEY
WILL TAKE A HAND
Representative of New York
and English BOndhOIders to
Visit Salt Lake.

Another attempt is TO DO made to re-
organize the dislntegrated finances of the
Utah Light and Railway company, on
several occasions in the past The TrIb-
une has Informed the people OF tho diff
fculties encountered In the scheme of re-
organization. and just what success will
be met with In the new venture time
alone will tell.
Represents Foreign Interests.
In short time W ]. Curtis, one OF
the leading members OF the law firm OF
Sullivan K Cromwell New York City.
VIII arrive In Salt Lake, The Arm Of
MIR. Curtis represents number or the
Eastern and English bondholders. tho
latter OF whom hold about third of the
companys outstanding Indebtedness or
something over S2.OO0000, the aggregate
amount of bonded Indebtedness being
placed at Sc $50 600 This debt was in
Cured by the issuance of bonds at va
rloUs times on the street railway eys-
TEN agGregating 100000, and bonds on
the power and lighting plants owned by
the company IN Salt Lake. Ogden and
other cities. amounting TO S3,SO.Oo0
Company Not to Change Hands.
The statement which has been pub
lshcd that the railroad and lighting sys-
tenn Is To change hands is denied by
Judge lie Grande Young. who is general
counsel for the company Mr. Young
suites lnal tneGr VIII De no SnanSC what
ever in the status OF the Utah Light and
Railway company. Just what the final
result of the reorganization Will be Il, S.
Campbell, manager of tho company, who
was seen by Tribune representative
yesterday, was unable to state.
S1O,ooO,ooO Bond Issue.
As has heretofore been stated in The
Tribune when the Utah Light and Power
company and Consolidated Railway and
Power company We're consolidated In
January, 1904. under the new name OF
Utah Light and Railway company, pro-
vision was made that In order TO secure
the payment OF Its debts and TO borrow
money FOR the purposes of the corpora
tion bonds should be issued from time To
time not to exceed In the aggregate So
10000. The purpose was to retire the
5.$50,000 of underlying bonds leaving a
balance OF $4,000 or this balance ST.
without going to the bondhodcrS or
stockholders, 10 pay for the improve
ments of 1929, which approXimated
$OlOOO. This sum was secured. a por-
ton, Just how much Mr. Campbell was
not prepared TO state, OF the $1,000
bonds being put up as security for the
at the time the loan was made, Then the
residue Of the S1.l50C coo was 10 go to pay
the Improvements OF l9Ci-05, amounting
10 approximately S00.OrD.
Now Trying to Float So, 100000.
The task which confronts the company
now, according TO Manager Campbell. is
the notation of 81 100000 bonds this be-
ing the balance Of the 10000 001 The
purpose TO which ths sum Is TO be de-
voted, according to the same authority,
Is the redemption of the collateral i'm
provemcnt notes. amounting TO approx
imately $1,000 000 and interest leaving a
balance In the nelghborhood of Sl,500OOJ
for the carrying into effect OF the i'm
provements contemplated and the better
ment OF the system generally The Cam
eron bonds, which were placed originally
on the Rapid Transit company's prop
erty. and which arc still outstanding are
included in the s6. $4,000 of bonded In
debtedncss, and Will not be redeemed out
Of the S2.5e0.090 received from the sale
OF the bonds, provided the sale is con-
summatcd, according to the Information
given out by Manager Campbell.
Must Await Developments.
Just when Mr. Curtis. the representa-
live OF the Eastern and English flnan-
ciers, Will arrive is not definitely known
Judge Young has received letter from
him saying he is coming and he Will
probably arrive before the end OF the
month. Whether or not Mr Curtis has
scheme OF his own for the reorganlzlng
Of the company, whether or not he pro-
poses 10 secure control for his clients and
reconstruct the affairs OF the company In
accordance with their IDEAS, is a mat
ter which Will develop when the New
York attorney arrives here