The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-08-18
Story From Logan Regarding
West Cache Canal Would
So Indicate.
LOOKS LIKE ATTEMPT
TO DELUDE STOCKHOLDERS
In Effect, 1t Is Another Attempt
to BulldOze the
Farmers.
Special to The Tribune, ,

Special to The Tribune,
TRENTON, Aug. 16.-A story from
Logan is to the effect that the special
committee of ten appointed at the meet
ing Of the West Cache Canal company
that the committee would offer to the
farmers along the canal who had a
great deal of land and but little stock,
| $50, zoo worth of company stock, ana
the story also states that II the farin.
crs fail to purchase the committee VIII
then sell the canal to those parties who
| Will make 100000 improvements on
| the property.
| The nbsurdity of such story is
shown by tho fact that there is but
$4,000 worth of canal stock In the
company treasury. hence it would be
impossible to sell $4,000 worth of stock,
| for such action would bring up stand
| ing in the courts at once the officers and
directors of the company for an over
issue of stock.
At the meeting held here last Satur-
day the question of an increase in the
capital stock of the company was dis
| cussed and the scheme was sat upon
Just as hard as was the one which the
ecclesiasts had endeavored to push
| through of an irrigation district which
would have conhscated the lands OF
many farmers whose property IS under
the ditch.
AS to Sale of Canal
Again, as to the sale Of the canal, The
committee of ten has no authority
whatever to sell the canal. The author
ity conferred upon this committee OF
ten was to devise ways and means by
which the canal might be put an proper
shape and to report the result of their
cnnnlugInnc 10 fbn hoard nf IIrapfnTS
At date not later than Saturday, Au"
gust 81. When this report was re-
ceived the directors, as the meeting held
here on Saturday last adjourned with
out day. will have to issue a call for
Il meeting of the stockholders in the
canal for the purpose of ratifying or
rejecting and plan which tho directors
p,ay form from the report of the conf
mittee of ten.
The story from Logan says that sew
cral local parties, that is Logan par
ties, are considering the purchase Of
the canal in case IT is sold. They ex-
pect thereby to settle the troubles of
the company and to come into posses
sion of valuable piece Of property,
But this talk is all tomrry-rot, for
tho canal has a bonded indebtedness
upon it of 100000 which has to be ta
ken care of. The most likely solution
OF the whole matter IS that the com,
pany will go into the hands of re-
cciver and If 80 that receiver will not
be a Mormon bishop, but some man
in whom the whole people interested an
the canal will have confidence and will
know that there would be no rake off
Who Committee Is.
The committee Of ten consists OF Ed
South. chairman; j. A. Hendrickson, j.
Il. Carbon, second counselor to the pres
ident of Logan stake; William Bing
ham, Charles A. Reese, G. S. Wood, l..
P Peterson, NJ C. Rigley, bishop of
Newton ward; +, r, Miles, Jr.. bishop
of First ward of Smithfield. and Abram
Smith. The mission of this committee
is cited above. They have no power TO
dispose of company stock, sell the ca
nal OF do anything except to formulate
Il plan to rebabilitate the canal and
submit their report to the board of di-
rcctors, Then the directors Will sub
NIT their conclusion to the stockhold-
ers at Il special meeting. it might be
said in this connection that there are
number of stockholders who are also
land holders under the canal in this To-
cality who are keeping pretty close tab
on how things arc going regarding this
valuable property.
1t might also be said that the ONLY
thing, outside Of an advertisement re-
gard1ng sale OF stock for delinquent as.
sessment on canal stock, regarding the
West Cache canal is the following IN
the Logan Journal Of Tuesday. It
reads;
At n meeting held in Trenton on Sat-
urday. majority Of the stockholders OF
the West Cache Canal company voted
down 4 proposition to place Il bond issue
of ee-quarters Of a million dollars on
the canal, 10 be secured by A blanket
mortgage on -, 900 acres of land
All the other meetings have been ig-
nored, possibly because the ecclesiasts
so directed.