The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1912-05-18
Nevada Utah Is In
FAIR WAY TO Make ADJUSTMENT
Of Its Entang|Gnlents

According 10 q message Received
from the east few days ago, tae
reorg anizaticn plan & the NeVaaa-
Utah company contemplates an as
sessment of so cents SHARE stock
holders receiving the amount CT the
assessment in per cent convert
f.a bonds, one share CT new STOCK
to re exchanged for one share OF
the old. The first insta lment OF
thirty cents is to be paid on or be
fore May Is, the balance IN two
equal installments CT ten cents
Gu. May 81 and SEPTEMBER 80. ~
transfer tax Of 20 cents per 100
shares is payable on deposit. Stoek K
holders who have deposited their
stock with the Favey committee Will
be enti led to participate IN TINS
plan by surrenerdg their ceI lficates
OF receipts to Trippe & Co.. 4 ID they
will receive credit Tor whatever they
have paid already.
The New lorA Mining Age says:
The uext sep Will be- 1or the fe"
Ol.llulLdll-A CNAAAASs%N ~ 49,
the properties at receivers sale
to Ee he'd in Utah and the present
committee Is prepared to make this
purchase anu ssS sulI-.p.e ~ oL.Se- -
t. me present creators Gi TIE con-
pany. IL the event Ilal lAe lrol
sr4es should ke bla up 10 Iigufe
beycud what the present committee
believes the proper ties~ TO be worth,
the money obIalned from the present
snaren.uoers GlA We re.uiAeu n.A1s
the expenses OF reorganization. i acre
is very A-I.e iiA-lAoou ~ liAis AetS-
opmo.4t occurring, however, alb tht
largest creditors Of the company have
Already expressed tAeir saisfaet1oA
VITA The terms offerei th~m Ii tnt
settlement CT their claims by the
present committee.
The new company will be known a.
the Consolidated Nevada Utah com
pany, and win be Incorporated fer
100000 shares CT the PAR va.ue OF
SO each, while the issue OF first mort
gage per cent bonds, amounting t.
S900,000 viii be issued In addition.
According to The schedule recent!
submitted Of the company's deDta,
there is due fer taxes IN Maine y 10.
The secured claims amount to sl4V,
900, the largest of these being one fol
$J1 $50 Of l.. Vogelstejn & Co., ant
ore for the Bristol Con. Mining com
pany. The largest CT the unsecured
Gains Claims are: Patterson Nationa
bank. Paterson, ~ j., $500; John "
Crggs, y tterso', N. j., Sh.h0; &. }.
C,uelr,. NV YolG 5 3,a17, and 9th
els bringing the total up to $4t,27S
In addition to these are disputed
claims amounting to $lSO,000, CT
which the largest Is note for
$125,000, held by the Merchants banl
of Salt Lake City. 1t is also
shown that the suDsideraIy compan
les ale indebted t. Others in az
anouni great~r than $4,000. aside
from certain disputed Gains agains
these companies. The schedule q
assets filed shows principally
large amount CT debts due to the Ne
vada Utah company from subsiderar.
companies on open accounts ah'
shown at the face value to b'
worth $307,743
THE plan Of operation is to i'm
mo-iate.y start work at the company
properties at Fioohe, New, and bt
gin making shipments SO that tn
company can be pla ed upon at leas
self-supporting basis and earning
made to pay interest on bonds. In
management CT tbs property is
be CT the NEST economical kind, S
that all the earnings obtained ma
he turned to the benefit OF the con
pany, and the officials who are
become associated with tho propos
t!3n are to serve Fer purely nomin;
compensation, in fact, 1t Is like
that no salaries whatever will /
paid to anyone until substanti
earning basis has been established"