The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-30
Regarding Company Finances.

The affairs of the company have been
III bad shape for a long time. That is to
say that year ago there was a mortgage
against the companys Idaho properties
for over S241 900; a note at the bank for
sl5,OO0 besides an OVerdraft for Sc 9O6 03
and S1l 1871 TO John K. Dubois and 81 100
to J.. A. Amsden. The secretary's report
shows that the latter account has been
paid; that the note at the bank has been
extended 10 March l next; the overdraft
has been reduced to $5.S4727 while the
amount owing to Mr.. Dubois has been
increased. through moneys since advanced
the company by him. to S15.6i5.7S A note
lor Ihls amount was gwen 10 MT DUBOIS
and later paid off by issuing TO him bonds
of the company TO the amount of S124 80
or at the rate of 10 cents on the dollar.
Other advances Of money, etc. ran the
company further in debt and. last fall.
in order 20 raise funds the company adj
vertsed for bids on the unissHed bonds
held by the company.
In November. 1905. Mr. Dubois had
made IA offer to the company to take It's
bonds at 10 cents on the dollar, provid-
ing he was given a bonus of two shares
of stock for each 81. par of bonds. Hav-
Ing received no other bids the directors
authorized the acceptance OF the old Du-
Bots offer by adopting. on Nov. Is last
resolution reading as follows:
That the proper officers Of this COM
pany are hereby authorized and instructed
to issue out To said John r. Dubois all
of the bonds remaining in the treasury Of
the company. amounting to sl56.7O0, at 10
to be applied on the amount owing said
Dubois as Of Oct II, 1905. by this COM
pany. And the officers Of this company
are also authorized and instructed to
issue out to said John T.. Dubois s313. 400
par value. of the capital stock of this
company. as the bonus on the above men
toned bonds and in conformity with the
aforesaid bid of Nov. Is. 1905"
Minority Will Fight.
At the directors meeting yesterday aft
ernoon NJ. F. Murray and L. y. Morri-
son, of the minority, cndeavOred to have
the former action of the directors in
selling the bonds at the figure named and
rescinded. claiming that the company
would still be hopelessly in debt and with
absolutely no way of getting out without
furthtr bonding the Beaver county mines
1t was cOntended that, with the great
showing that had been made in the Gao
tus property. adjoining. it would be easy
60 sell enough stock 70 pay the companyS
debts and leave il in good shape Failing
directors the minority interests. repre-
sented by Murray and Morrison. stated
last evening that they would take the
matter into the courts AT once.
According to the report Of Secretary
Amsden. all current bills. taxes. etc.
have been paid and the total company in
debtedness now stands as follows:
Bonds outstanding ---.-...--..-.-. S411.5J0 %
Blackbird mortgage ............... al. :,3 SO
John u. DUBOIS ...........-........ 5,629 10
j. w. Russell ACKNOWLEDGEMENTS. 20 90
Note at bank. due March l. 1867. 15.OOO 90
Overdraft at bank ................ 5,S47 q
Total .... ........................$74 5.S79 20
The company owns extensive properties
in the Blackbird district. Lemhi county.
Idaho. and eighty-three patented and
eight unpatented claims adjoining the
Cactus property, in Beaver county, this
state.