The San Francisco call., 1907-02-27
Sullivan Trust Creditors Are
Ready to Enter Stock Pool
Shares of Mines Will Be Kept Out of
Market Until Prices Show Advance

All the stocks of the L. NJ Sullivan
Trust Company that are held by the
company or by the creditors of the
company will be pooled and kept out of
the market until the prices of the stocks
have reached levels that woUld warrant
the sale of them. That is the substance
of an agreement reached yesterday aft
ernoon at the final conference of Presi-
dent Hickey, Manager Russell, Peter
Grant and the creditors.
At the present market rates the out
standing stocks, so Hickey said, are
worth something like $4,000, 600. The
prices of the stocks have been depre-
ciated greatly by the difficulties that
have attended the business of the L. NJ.
Sullivan Trust Company. "A fair valu-
alton would be S2,00O.000 TO $S,000,OO0
more, as the mines now stand, said
hickey. When the mines are fully de-
veloped the values will be much higher.
In speaking of the details of the plan
agreed upon Hickey and Russell said
that all the stocks held by the company
and by its creditors would be placed in
the Nevada State Bank and Trust Com
pany's sub bank at Goldfeld and that
the bank would act as trustee. COM
mittee was appointed to determine when
to sell the companys and the creditors
stock This committee consists of T. B.
Hickey, Alexander Russell, ]. A Pol
lock of Salt Lake and Charles E. Hud-
son. The stocks will be marketed in the
discretion of this committee at such
times and in such quantities as may be
deemed advisable. The money received
from such sales will go in the proper
tion of 40 per cent to the State Bank
and Trust Company, 40 per cent to the
creditors of the Sullivan company other
than the State Bank and Trust Company
and 20 per cent to the bank until all the
debts have been met in full Such is
the plan that, according to Messrs.
Hickey and Russell, has met with the
Endorsement of all the creditors.
formal document will be drawn up and
signed by all the parties in interest.
President Hickey said that the mines
of the company would be developed as
fast as possible and that the results
would insure higher prices for the
stocks the work progressed. Hickey
reiterated his belief in the value of the
Sullivan mines and said: II expect to
have a good story to tell soon."
Several hundred thousands of shares
of the L. NJ Sullivan Company's mines
are held by private individuals and
these may float into the market. While
the stocks held by the Sullivan COM
pany and the State Bank and Trust
company are held in the pool the float
ing Sullivan stocks will indicate what
+ the pubic estimates the SnareS TO be
worth. This may be more or less of a
guide to the committee that has been
named to administer the matter No
creditor is likely, so said Messrs. Hickey
and Russell TO make any objection to
any of the. details of the plan, for the
reason that all have expressed complete
satisfaction. The creditors will be paid
in full. The time when the settlement
will be finally effected will, naturally
depend upon circumstances.
The local prices for Southern Nevada
stocks had a bad drop yesterday but
there were large sales. The Goldheid
/ Consolidated mines were sold in both
/ local mining boards al a wide range OF
prices. The range was from S9.87 II, the
/ lowest, to S10.25 straight and up to
S10.5O, buyer 60 Altogether the merger
shares that were sold numbered $40
The Red Top Extension shares were the
leaders in the matter OF the number
sold, the total being 66,6O0 The high
est price was so cents and the lowest
81 cents, seller 80. Blue Bell sales We're
ZOO shares at 80 and 33 cents; Mo-
hawk Extension, 12.9O0 st. Ives, 1900
shares. These were the leaders of in
terest, with the merger shares and Red
Top Extension.