Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-12-31
BINGHAM ! |. {! | | | /: |. TER
ACKNOWLEDGEMENT.
Property Of Bingham ConsoIidat-
ed Mining and Smelling
Goes at Auction.
1T WAS A HEINzE INTEREST.
Bought in ut shcrin's Sale by Former
IIcinze Bank, Mercantile Ma
tfonai of New York City. asa,

4 All the property OF the Bingham
Consolidated Mining and Smelling
1 company In salt Lake county passed
4 into the hands Of the Mercantile Nj
\ tional Bank OF New York City on
I Thursday, Dec. "a through u sheriff's
| deed executed by Deputy Sheriff Il. L.
4 irvine, on an execution issued out OF
| the county clerks Office. The deed
| was filed OF record in the office OF the
county recorder on Tuesday, Although
| the deed means practically the passing
1 OF the Bingham Consolidated smolter
AT Bingham Junction, there is another
mon EFT, The deed is subject 10 q
| S1,D0O,COo mortgage covering all of the
| property OF the company and when
mortgage is held by the Spondnoldets.
4 IheEueeu was MADE on the property
| FOR Judgment and costs amounting 10
| Sia,bop.S4 given by the court OF the
| Third Judicial district on Il promis-
| sorry note.
Suit WAS filed in the district court
on Feb. II, of this year. In the COM
plaintiff was set8up that on May, %.
1907, the defendant company borrowed
of the State Savings Bank OF Butte,
Montana, $4,000, for which it gave
promissory note signed by the ollicers
of the company. The note was, In lact,
"a judgment note that provided for
foreclosure on all the property snould
the company be unable to meet its OBJ
legation.
on the note s4,056.6T was later paid
hy the company, but since then moth
ing more has been paid. The complaint
declared that the company had refused
to pay the note and suit was therefore
started.
BANKRUPTCY PROCEEDINGS.
The defense filed an answer setting
up that many of the creditors had filed
action in involuntary bankruptcy
against the company In the federal
counts at Portland, Maine. Claims
amounting to something like 100000
were filed against the company. This
action Is still pending. The local state
court therefore practically entered
Judgment by default.
An execution was issued on the judg-5.
ment by the county clerk on Noy. 70.
and served upon all the officers and
employees that could be found in Salt
Lake county. On Dec. "a, the property
was sold at auction, the Mercantile
National Bank of New York City buy
ing 1T in at $41.656.S4.
Just what will be the next move is
not known locally. Shortly before the
property commenced to goodoWn F.
Augustus Henze bought heavily and
BIT was the Heinze bank at Butte that
advanced the money. This was later
taken over. by the Mercantile National
|. bank OF New York City, another
+ Heinze interest, the promoter at that
time being the president of the insti-I
tuition.
TAKES IN. SHELTER.
An inventory of the effects of the
ff.,rc ir, ha te.,, ~ the
company at Bingham junction, at least
two score Of patented claims in Bins-
ham canyon, as we'll as other claims
lin the West Mountain Mining district.
The value OF. the property is far IN eS-
cess Of the judgment
The Bingham Consolidated properties
began to fail early in 1907. When the
panic came on q great struggle was
made by the smelter to keep going. 4
41'nentthe smeIter4 was put out of busl-
ness by an injunction suit brought BY
the farmers of the Salt Lake valley to
restrain the issuance of fumes from
the chinneys of the plant.
Since then the snelter has deterior-
ated fast. The corrugated iron roofing
has fallen iii and rust and dust has
been collecting on the machinery at
the plant. 1t is4now badly delapidated
and almost a wreck.
REVIVAL NOT PRoB2AFL
j. ( T. F.. - s ~ ! L {.
From present indications revival
of the company is not probable. With
various cases pending against the
company, n bonded Indebtedness OF
81 900 600 and a probable floating in,
debtetlness OF between s40010o anu
100000 it would appear as If the bond
holders would be the first to make
{, move. One avenue by which the
company; may. bf. revived is by 5eseEln-l
ing M the Indebtedness: Whether this
will be done lies within the pow or, OF.
the company
I AS the company ! 5 still undelr the
ban Of the injunction and it's business
twas mostly confined TO the smelling
copper ores it does not have q bright
prospect. During the panic the Gem
pany lost many of its customers
through the low price of metal s:I Many
of the companies We're obliged to cease
shipping Since then they nave found
Il better market but are still unable to
secure adequate smelling facilities.