Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-01-12
COMPANIES ARE IN
FINANCIAL TROUBLE
Plnccr Company and Coal Company
Arc Unable 10 Meet Obligations
They Have Incurred.

Two Utah concern are in bad haan-
ciul straights according to recent re-
ports and there Is n threatened SAFE ol
their ;,rope. ties. The Utch Placer
Mining Irrigation and Exploration
company, which was operated durinS
the past summer on the Green river u
Is snid Is about to pass into the hanuS
of tho sheriff fcc an Indebtedness IN
currod in favor of the bank of Vcrnal.
The other company Is the Sanpete val
ley coal company, which has a flne
piece OF property IL miles from Mount
Pleasant
According to reports that have
reached Salt Lake the placer company s
fine plant was 10 have been offered for
sale by Sheriff Pope to the highest bid
satisfy q debt OF $4,000. The sale was
to include two big steam boilers.
pumping outfit. betting. cable and other
materials. The plant Is said TO have
cost In the ncIghborhood of $4,000.
The last annual report of the COM
pany. issued last April declared that the
company had n balance on hand or
s4.S07.4e. During the year it had re-
allied $22. 900 10 on stock sales and that
1t had loan of s2.500. y later report
in April declared that all the money
had been spent with the exception of
S2.765.57
Tho officials of the company arc Paul
T. Brockmann, president; August c.
Bender. vice president and Bartlett
Burton, secretary.
The Snnpete Valley Coal company
owns valuable property east of Mount
Pleasant. Relative to its financial
trouble the following appeared In the
Mount Pleasant Pyramid:
THE coal company Is unqucstionably
m bad way. IT is All incorporated
organization. governed by the state
laws of Utah and has stockholders all
over north Sanpetc. 1t has a largo
indebtedness which must DO met soon.
and IL has no means by which the
funds required to meet such indebted
ness can be secured. 1t owns n good
mine. to be sure, but the mine. for somc
reason or other. has not been on q
paying basis for couple OF years, and
the company has derived no revenue
from that source nor san it expect to
derive any In time to assist in meeting
the obligations with which 1t is faced,
mt the present time
CANNOT ASSESS.
1T cannot assess its stockholders,
simply because the stock Is non-assess-
able and the law Will not permit such
action. 1t cannot change its constItu-
ton and mako Its stock assessable, bo-
cause such action would require the
consent of every stockholder interested
and that. obviously, cannot be secured
To borrow the money would not be i'd
Visabie. as 1t would be merely post
poning tho Inevitable
$50 the company Is in a bad way. its
creditors will be forced soon, for their
own protection. to stop IN. takc the
mino and dispose of II. all OF which
can be done. and probably will be done,
If the amount duo is not forthcoming
at an early date.
Tho indebtedness is. principally,
note. principal 1920. and interest on
eamc for couple of years. 1t was
given by the conlpanys officers, after
having been duly authorized to act, to
sccurc funds with which to purchase
160 ncrcs OF valuable coal land adjoln-
ing that upon which the mine itself Is
located. Tho noto is held by tho Mt
Pleasant Commercial & Savings bank"