Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-07-19
The Utah-Idaho Company Alb
serbs All Three OF the Old
Concerns.
CAPITAL THIRTEEN MILLIONS.
Meetings of All Three Corporations
Held Yesterday and Unanimous
Action Taken.

The long talked OF amalgamation or
the Utah Sugar company, the Idaho
Sugar company and Western Idaho Su-
gar company. went into effect yester-
day. when Atty. Richard w. Young
filed in the office of the secretary OF
state the articles of Incorporation OF
"Utah-Idaho Sugar company" the new
company which absorbs the other
three; the filing was accompanied by
the payment of a fee of $3.50 to the
state treasury, the tax under the in
corpora ton laws on a company having
$4,000. 900 authorized capital
THREE MEETINGS HELD.
The special meetings of the stock
holders of the three merging companies,
at which the decision was reached to
form the consolidation, were held at the
office of the sugar companies in the
Deseret News Annex at 2, 2;30 and
O'Clock p. M, yesterday, the Utah
company meeting first, the Idaho sec
ond and the Western Idaho third
The room was filled with stockhold-
ers of the several companies. though
many others We're represented by prox-
les, and the total number of shares rep
resented at each meeting was as fol-
lows:
The Utah Sugar Co. 1s1Ss5 shares
preferred stock out OF total of 300 600
ana Elb,4lO SildrpS OIL common STOCK out
of total of 100000,
The Idaho Sugar Co, 30l, $50 shares
out of a total of $4,000
Western Idaho Sugar Co., 1874 shares
out of a total of 100000 shares.
T. r. Cutler presided over the first
meeting. and President Joseph F.
Smith at the other two. II. G.. Whit
ney acted as secretary of the three.
ARTICLES ADOPTED.
Atty Richard w. Young read the
articles of incorporation Of the UTAH
Idaho Sugar Co." to all three of the
assemblies, and they were adopted by
each by n unanimous vote.
The articles provide for taking over
all the assets of the three old COM
panies and assuming all their obliga-
tons The term of existence is Tor 80
years; the authorized capital is slS,-
900 goo. of which $4,000. 900 Is in pre-
ierred. and 100000 in common stock
All the latter is to be issued in ex-
change for the same amount of COM
mon stock of the Utah Sugar company
now outstanding: of the former only
sS,10O,Ooo is to be issued to take up the
preferred stock of the Utah Sugar COM
pany, the stock of the Idaho Sugar
company and of the Western Idaho
Sugar company as follows:
APPoRTIoNMENT OF STOCK.
The 100000 preferred stock of
the Utah Sugar company to receive
an equal amount of the preferred
stock of the Utah Idaho Sugar COM
The ss,5ol,S7O stock Of the Idaho
Sugar company to receive approximate
ly $3s50000 of the preferred stock of the
Utah Idaho Sugar company.
The s1,000,000 stock of the Western
Idaho Sugar company TO receive ST.
100000 of the stock of the Utah Idaho
Sugar company.
The remaining S1,9O0,000 preferred
stock of the new company is to re-
main in the treasury to provide
working capital and for future contin-
gencies of the business.
Holders of options OF the unissued
stock of the Western Idaho Sugar
company are to receive so cents per
share from the new company for the
surrender of their rights; the amount
is payable In cash or preferred stock,
at the option of the holders.
CUMULATIVE DIVIDENDS
The articles provide that dividends
on the $500 900 preferred stock shall
be cumulative, at the rate of per
cent per annum payable quarterly, be-
ginning Sept. 80, 1907. When the
and after the preferred stock has re-
ceived its dividend, common stock
shall also be entitled 10 dividends of
per cent per annum, and when both
preferred and common have received
that amount from the beginning. any
excess may be distributed pro rata to
the two classes of stock.
In case of liquidation the preferred
stock shall first receive face value out
of the assets.
OFFICERS CHOSEN.
The officers and directors chosen to
serve until the first election In April.
1908, are Joseph F. Smith, president
Thomas r. Cutler, vice president and
general manager; John r. Winder. He
Der j. Grant. John c.. Cutler, H. G.
Whitney, Richard w. Young Joseph
Geoghegan and w. 7. Pyper. The four
last named will only serve temporarily
and will be replaced by w. s. McCor-
nick, John Henry Smith. C. W. Nibley
and George Romney. all of whom are
at present out of the state. II. G.
whitney is the secretary and treasurer.
Both classes OF stock enjoy equal vot-
Ing rights, and all issued stock is de-
clnred fully paid UP and non-assess-
able
PLANTS INCLUDED.
Fifteen pages or more of the articles
Of Incorporation are taken up in de-
scribing the various properties and as
sets OF the three old companies now
merged into the new. These properties
comprise the sugar factory at Leh tho
auxiliary plants at Provo. Springvllle
and Spanish Fork. the sugar factory Mt
Garland. the Garland Townsite the
land and canal system In Boxelder
county, the electric power plant near
Collinston, the pole line connecting II
with Ogden, the sugar factories at Idaho
Falls and Sugar City, the auxiliary
plant at Parker, the sugar factory at
NuunDn With IA Inrna NJ
estate near each of the Idaho factories.
seYeral rnllrond spurs. all book ac-