The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-06-06

and that the sale could not be held legal,
After giving my views returned
home and continued to protest There
were threats of mandamus proceedings
and all that, AS managing director
refused 10 recognize rhe sale and refused
10 transfer the stock when representa-
tiVes OF the eastern concern came here
for that purpose. The grounds | took
were to this effect: That when each and
every stockholder. who had bought OF the
original stock or had come in on the plan
posted his stock with the Commercial
National bank with his own price and
had received compensation, then the
transfer Of stock could be made, and not
before, As far as / know this was done
The stock was placed with the bank and
compensation received. My, stock was
Since then I have not been connected in
any way with the company and it has
been directed from the eastern owners,
whoever they were, There never has
Utah since that time. The 500. 900
which had been paid on the option and
contract also were returned at that
time.
Doesn't Know Holders.
1T has been alleged that the Amer-
can Telephone and Telegraph company
was the concern that bought the con
trolling interest from the Stromberg in
terests: l do not know this TO be fact.
r. L. Day & Co. OF New York were the
supposed purchasers Of the bonds and
one Berger of New Jersey the holder OF
the stock purchased, AT this time. l do
not know the holders OF the bonds or OF
the stock under that purchase.
"As to the bond issue originally the
Stromberg- Carlson company took bonds
at 20 per cent discount 70 the amount OF
81 900: 600. These bonds were sold and
transferred in the 1907 panic, and l do
not know the amount paid for them. If
they were again transferred. which
seems probable. I do not know the price
paid. II would look IKE second trans
fer had been made inasmuch as a rep
resentative of the bondholders was bid
der on the plant TO the extent OF s1.175.-
Monday. AT the time the plant was
placed in operation the Stromberg- Carl
son company. In. cash and equipment,
had put up practically 50, 000, 600,
Success in Montana.
Let me say that the success of the
Montana Independent Telephone com
pany Is due. I believe. 10 the fact that
II was formed by local capital entirely.
There were 5000 Montana stockholders TO
assurance of success. While l cannot
say definitely. l should say local in
vestors own 80 per cent or the stock OF
the Rocky Mountain Bell Telephone com
The Utah Independent company,
scriber, backed entirely by foreign capi-
tai, did not make the progress l had
Personally, have faith IN the Bell
company meeting the demands of the
public in service and cost. 1t will take
some time TO complete the work OF
operating the two plants under one sys-
tenn, but ultimately it no doubt will be
worked out successfully. To the best of
my knowledge. the Bell company has
taken over probably one-half OF the In
dependent companies Of the country in
the last two or three years. Among the
latest territories to be taken over is that
of New York. Recently the Seattle In
dependent company was absorbed"
Mr.. Jones has maintained offices i'm
the Independent compnny's building
since sevcrlne his connections with the
plant at the special request of the man
aging operator OF tho company