The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-05-31

such sums as the court may fnd have
been wrongfully diverted or misappro-
The other suit is brought by r, Il.
Steigmeyer of Salt Lake against
tho Telluride Power company, the
MSrean'i!s Trust com1pany The CIT II:
George n. Chandler and Wilbur NJ. Bald
win. oil The defendants. except the first.
heins OF Cleveland. o.
Claim Covenant Violated.
This suit grows out Of a question OF
title to property held by the company.
subject 10 certain bond issues. and Is
brought by tho plaintin holder OF
bonds OF the Telluride Power company.
bearing date Of July |. 1903. al which
time trust deed was given by the de-
fendant company 10 secure its issue nt
bonds. This trust deed contains cove
napt that beginning with October l. 1908.
and each year thereafter, the defendant
company should pay to the Mercantile
Trust company Of st, Louis. which Is the
trustee named I'm the trust deed. a sum
Of money sufficient 10 discharge the obli
cation Of seventy-fve bonds of the par
value Of $1,000 each, accrued interest and
4 bonus Of per cent. the total hond
issue OF July ], 1908, amounting TO s., 800
600
This covenant. ii is charged in the
complaint, has not been kept by tho de
fendani company.
]. 1905. the Telluride Power company
executed a deed TO the Citizens Savings
& Trust company and Wilbur NJ. Bald
win: trustee. Ia secure an issue Of
each. a total OF S10. .000. 600.
The plaintff. Steiemeyer, as owner of
bonds OF the first issue. brings this suit
,o enforce specific performance OF the
covenants entered into in the first trust
decd. and he demands foreclosure pro-
ceedinEs IN case the defendants fail 10
fulill The contract
I'm this complaint il is alleged that in
December. 1907. Num- executed deed
purporring 10 convey to the Telluride
Power company various pieces Of prop
erty. including the Bear Lake reservoir.
tho Grace power. plant and tho Battle
Creek and Jordan Narrow plants. and
that the trust deed Of January /, 1908
sets forth that II conveys = first Hen on
the property thus convened by Num- TO
the Telluride company I'm December, 1907.
while in truth tn" trust deed OF 1909
contained a specific provision that all
property subsequently conveyed 10 the
company should Ne subject 10 the lien
OF the trust deed OF 1908 until the cove
nant contained therein was discharged
Demands Foreclosure.
This complaint OF Steismeyer further
sets out that the Bear Lake. the Grace
and the Battle Creek properties were all
paid for with The funds derived from the
funds arising from the sale OF
bonds secured by the trust deed Of 1908,
hence this trust deed, IL is alleged. re-
tains lien upon the property since ac-
quired by the defendant company.
The prayer is for a decree 70 that ef-
feet and for proceedings OF foreclosure TO
enforce the demand.
William Story Of this city and William
Story, .Ir., OF Colorado Springs. Colo. are
solicitors for the plaintiff in the case last
mentioned. while Story e. Story and F. f.
Steigmeyer the plaintiff In this case. are
attorneys in the action brought by Louis
Fusz and VI. i. and c. s. Cummings.
The Telluride Power company was or
saniZcd as q Colorado corporation In 1891
and L. l.. Num- has been its manager
from its inception and holds a large
share Of its stock. enough. II is stated,
TO give him virtually absolute control.
Andrew Sqnires and O. NJ. Stafford, both
Of Cleveland, o., are president and vice
president, respectively, at the present
time.
On Way to Cleveland.
General Manager Num-. at the time of
The service on him Of the papers above
referred TO. was on his way from Salt
the board Of directors
Strong light Is thrown upon the atti-
tude toward Num- Of the plaintiff stock
holders. Fusz and the Cummingses, by a
letter under date OF December Is. 1910,
written by them from ST Louis, Mo, to
the directors of the Telluride Power
company. This letter makes the follow
ing allegations:
That during more than nineteen years
Of the companyS existence no report has
ever been made by the officers of the
TO It's stockholders showing
its physical and financial condition.
That since the organization Of the
in 1891 the board OF directors