Arizona republican., 1912-07-28
The Issue of Payment for Stocks and Bonds and All the Outstanding Debts of the Company Was Begun Yesterday
NO SUDDEN CHANGE
 SERVICE ARRANGED
The Employees of the Over land Enter Service of Mountain States; Plan for Extension and I'm provement of System

The final steps in the sale of the properties of the Overland Telephone and Telegraph company to the Noun tain States Telephone and Telegraph company are being taken by the Phoenix Savings Bank and Trust company, the trustee, under the terms of the contract of sale by the two companies, which has been fully con- sumated by the transfer of all prop critics of the Overland company to it's successor, who is now in possession and control of the same. 1 During the past week Secretary Foster of the Phoenix Savings Bank and Trust company has been busily
 engaged in checking up the stock and i bonds turned in under the agree ment and set over to the Mountain
 States company, and yesterday be- gan to issue in payment of these and
 all debts of the company. The con- 1 tract price of the sale was S432 100000 and of this amount practically all will | be returned to the pockets of the i Arizona investors in the company. The only money going out of the state being comparatively small iamount the balance of outstanding
 claims
 The work of receiving, classifying and accounting for stock, bonds and obligations and arranging for pay ment for the same has been an ardu-
 ous one for the trustee. The Valley bank of Phoenix has also had large share of the work in handling claims for collection and in repre- lsenting stockholders and bondholders. 1 That so large a transaction as this has been handled so quickly and aptly by the banks of Phoenix, is a district compliment to their efficiency and 1 facilities.
 | About S5 per cent of the outstand- ling stock was sent in for transfer to the Mountain States company and 96 per cent of the bonds. Under the terms of the agreement the trustee still holds the funds to take care Of
 all the stock and the few bonds out standing The Mountain States com pany expresses it's willingness to re- deem the same under the contract terms
 MT. H. MI Fennimore; who has rep resented the Mountain States Tele- phone and Telegraph company ex- presses satisfaction that the deal has
 
 that his company will immediately make plans to consolidate the two telephones in all exchanges effected so that efficient, up- to- date and uni versal telephone service will be given in all parts of the state.
 He lays particular emphasis on the lfact that the northern part of the state, which now has limited tele- phone facilities will be taken care of and that the past history of his com !panv in giving efficient service will he maintained under the new order
 of things.
 1 The completion of the transaction Twill relieve the state of the burden of competing telephone systems and
 result in a vast saving to those who
 have found it necessary to maintain two telephones. It is expected that ithe reconstruction work required to consolidate the two systems will re- lieve Phoenix of many of the un- slightly poles that have been standing
 on the streets. particularly in the paved districts.
 The Overland company has com plete system of underground condults
 in Phoenix and these will be utilized
 by the new company so that the leads now on the poles will be re- moved, as fast as possible. Final steps were taken yesterday by the old board of directors of the
 overland Telephone and Telegraph company in closing up all the de- tails of the transaction and the con-
 trol of the company was placed Tn ithe hands of the Mountain States
 people.
 MT Fennimore was not qualified to state as to the definite future plans of the company with reference to the location of it's office in Phoenix ana as to whether the old quarters of ms : company would be utilized or the present quarters of the Overland. He stated. however. that this would be matter to be decided by the engineers of the company.
 For the present no change Tn ser vice arrangements will be effected. 1t
 heinz the aim of these people to glVe . the very best possible service on ooth systems as long as it is necessary to
 maintain them.
 MT w. B. Matheson, who has serV- | ed the Overland company differently as it's secretary and manager for some time past now becomes the as .
 sistant secretary of the Overland com
 nanv in order to wind up its affairs. , las well as entering the employ Of the : mountain states Telephone and Tele- graph company.