The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-09-15
PLANS FOR NEW
PHONE COMP ANY
Formal Announcement Made
by Heber ]. Grant & Co.
Fiscal Agents.
WILL RAISE s1,2oo,O0O
MANY WELL-KNOWN MEN BACK
ING REORGANIZATION.

Plans nave been completed for the reOr-
ganization OF the Utah Independent Tele-
phone company. Heber j. Grant & Co.
will be the fiscal agents in charge Of the
reorganization and President Grant yes
terday announced the plans of the com
pany. As stated in the open letter issued,
they are as follows:
1T is proposed to raise 81. $4,000. which
sum will be sufficient to acquire the bonds
and stock, and pay off all indebtedness
. OF the company, and in addition thereto
VIII provide, Approximately, $4,000 for
on hand and paid for.
IN addition it is proposed to put $4,000
bonds into the treasury as a reserve for
future extensions and to cancel tho re-
mainder of the bond issue. It is proposed
10 Increase the capital stock of the com
pany from SlOOOO0. its present capital TO
81, 10000
1T is proposed to give each subscriber
10 the Sl.3O.O0o to be raised, the amount
of his subscription in bonds at par with
interest accrued thereon since July l. 1897
and payable January ]. 1903; said bonds
being twenty-year per cent gold bonds
of the Utah Independent Telephone com
pany- bearing date Of January l. 1906 and
in addition thereto an amount Of stock
(par value), equal to his subscription: the
remaining Sl,5O0,000 of the bonds issued
100000 to be cancelled.
AS the net profits are now Si20OOO per
annum, an investment in these securities
OF per cent from the time il is made,
with per cent accumulated on the bonds
since July /, 1907"
Men Interested.
The securities of the company now held
in the east are to be purchased by the
local company for $4,000 1t is under
stood that $4,000 of this has been paid
down to hold the option until about the
middle of next month. Those who have
contributed to the payment of the $4,000
option money are:
Thomas r. Cutler vice president and
general manager Utah-IdahO Sugar COM
pany; NJ. H. Walker, president Walker
Bros, bankers; John c. Cutler, governor
of the state of Utah; Heber ]. Grant.
president Home Fire Insurance company;
Elmer 3. Jones, managing director Utah
Independent Telephone company; Francis
NJ. Lyman, director lions Cooperative
Mercantile Institution, HebeT NJ. Wells.
manager Utah Savings & Trust company;
George T. Odell, general manager Con-
solidated Wagon & Machine company
Charles s. Burton. cashier State Bank of
Utah: John Henry Smith. president Coop
Furniture company G. G. Wright. man
Wagon &, Machine company; James Chris
Hansen. state treasurer, Nephi w. Clay
ton, president Clayton Investment COM
uanV. Horace G. Whitney, secretary and
treasurer JTtah-Idaho Sugar company:
John c. Sharp capitalist; George Nj. Can
non, real estate and loans; l.. II: tarnS-
worth, cashier Walker Bros, bankers; A
Fred Wey, proprietor Wilson hotel; c.
s Martin. president c S. Martin Coal
company, w J. Bateman, secretary
lions Benefit Building society; Joseph
Geoghegan. S. F. Fent0n and Brigham F.
Grant
Terms for Subscribers.
The terms on which subscribers are in
vited TO invest are that per cent be paid
in cash and of the remainder. twO-thirds
payable on or before october 10, 1891. and
oDe-tbird on or before December 10, 1901.
sums of 500 and upwards will be re-
ceived.
President Grant states that the company
has exchanges from Preston, Ida, to Eu-
reta Utah and that 1856 miles of copper
wire connect these exchanges. The com
many has. according to the statement IS
sued Yesterday. 10000 telephones IN oper-
stion and the system has a capacity for
$1,000.