Weekly Arizona journal-miner., 1908-07-29
NO BIDS RECEIVED FOR
 THE HUMBOLDT SHELTER
Crrom sundnr.s nnllrl

'h' 'ohsoldatcd Arizona Smeltiul Company and the Arizona smel,in. Company which were offered a, bank rupt sale by ]. Kearney Rice. trustee Nc bids were offered either for th, properties in separate pstcels or as , whole and at the conclusion of th, proceedings, Trustee Rice announce, that sealed bids would be received m to G o'clock ai the office of Norris S Ross. When that nour arrived. n, bids had been received. An the par ties connected with the bankruptc, proceedings left last night on the Linn tied for New York.
 Before the hour of sale the court, house lobby and the entrance s,epi were packed with citizens. among then being many of the local attorneys and mining men. Attorney wicks, of th, firm of Crocker & wicks, counsel fo, the trustee, was present, as was als, Attorney Dillingham;, wao represented Muller & Shaw, the New York banker, who advanced money Co the smeltine company when the plant was in oper ation. stenographer was also pres ens to take dowD the proceeding, which opened at II o'clock, when th. court 's order of sale and the condition. and terms of sale were read in refer ence to the Consolidated Arizona Smelling Company.
 Trustee Rice here announced tha, 1900 shares of stock of the Arizona Smelling Company mad been with drawn and would not be offered foI sale. The assets of the corporation were then offered in separate parcel, bu, no bids were received, and they were next offered as a whole, with the same result. Under the conditions of sale no bid would be received less than the upset price, which is 75 per cent of the appraised value. The upset pric, on the Consolidated properties wa, si26,723.
 The same procedure was followed in regard 10 the Arizona Smelling Com pany, the property of which was ofYer ed for sale at lI:30 o'clock, Truste, Rice announcing that certain maehin cry said to be the property of the Treadwell Mining Company had beer withdrawn from the sale.
 At this junction Attorney Leroy An. derson gave written notive that hi. clients, Muller & Shaw, claimed owner ship of the fiuxes, bullion, metals ana metaliiforous products; that the smelt ing company had acted only as bailee that his clients had written agreements to that effect and that they had made cash advances which exceeded in value the property above mentioned.
 Attorney F. E. Clark here gave no tice that there were a large number oi liens, adjudged 10 be valid claims by the district court, and that the sal, must be subject to those liens.
 Attorney Paul Burkes likewise gay, notice that the santa Fe railroad had a claim of ss2.0O0 and that whether it constituted a lien was question now pending before the district court The sale then proceeded but there were no bids, the upset price being $322, 25292.
 Attorney Wicks, of counsel for tho trustee, then announced that no sale having been made, the trustee was pre- pared to receive bids irrespective of the upset price and would offer them to the district court of New Jersey foi consideration. Such bids would be re ceived at the office of Norris & Ross up to C o'clock. When that hour ar rived. no proposition had been received
 As the conditions of the bankruptcy law have been complied with, 1t is now possible to buy the shelter for n price equal to the first and second mortgages aggregating s240,000, plus the value Of the liens. If this is done, the clhim' of all other creditors will be wiped out IL is understood that n deal for th, smelter will be arranged at private sale in New York. In this way th, syndicate which it is understood to b' financing the scheme, will secure tn, property for about half the price whiei would have been necessary to purchase it at the bankrupt sale under the con ditions imposed ny the court.
 Persons who have inside knowledge of the facts. are of the opinion that the plant will soon change hands and that there will be no delay in starting the work of reconstruction.