Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1913-07-05
RETRENCHMENTIS
ORDER ON BORAX
SMITH PEOPLE
EXPLAIN THAT $4,000
A MONTH MUST BE
Topped OFF.

Today is the last day under the
postponed arrangement on which the
creditors OF Borax Smith were to
deposit the securities they hold with
the committee. which is endeavoring
to save the financial ventures of the
boraX king from ruin.
John S Drum, spokesman of the
trustees, said last night that authoueh
not all Of the depositors had turned
in their securities, those who mad
failed to do so had filed N ID If
place eloquent and satisfactory prom
Uses to do SO at later date Con
sequently, Drum said, there would be
no further extension of the time
The security holders Of the United
Properties company will learn in /
letter from the Hanford Investment
company that no dividend is to b.
expected from that particular source
of profit at this particular time.
Glen G Barnhart will assume office
tomorrow as general manager Of the
Realty Syndicate company, the pet
corporation of f. NJ Smith, the DO
raX king, with the sole duty of paw.
ing the way for the untangling of
the very much muddled affairs al all
the interests formerly dominated by
the capitalist.
Barnhort expects TO dispose OF ay.
cry foot of land owned by the cor.
poration within the next five wears.
Incidentally with the aid of the five
members of the advisory board of the
Smith affairs, Barnhart expects, he
says, TO pay off every cent Of liza
bility of the syndicate and to pay
in fun every dollar invested by he
stockholders. 1t is estimated that
Smith will lose approximately $4,000.
goo with the wiping out of exist.
ence Of the corporation, Officials of
the syndicate aver that Smith will
be the only loser.
Barnhart will succeed Paul Dins-
more at the head of the syndicate
affairs, Dinsmore is the last of the
adherents of the +. c. Ravens fac
ton, and was one of the very few
Havens men who remained with the
Smith interests after the now historic
split between the two money kings
three gears ago Dinsmore will as.
sumo the office of manager of the
real estate department of the Wick
ham Ravens company tomorrow. OF
ficials of the syndicate state that
Dinsmore does not leave the Smith
interests in anger" but that he has
joined the forces of his former chief
because of better salary inducements
Dinsmore has been manager of the
syndicate for the past eight years
p. w. Morehouse will assist Barn
hart in the administration of the
corporations affairs as secretary
Barnhart has up to this time beer
manager of the certificate department
Of the company.
With the advent of Barnhart a.
the managing head Of the syndicate
every effort of the concern is to b,
concentrated in the selling depart
ment. 1t is hoped every holding o
! the firm viii be sold within the com
ing five years The value of the cor
porations land is placed at $1,000
000 In addition to this, the corpor
alton had assets of stocks and bond
Of subsidiary companies Of Smitl
amounting to $S,OOO,OOO. The asset
of the corporation are valued at SIS
$50, 1S423, it is claimed
In response to the orders of the ad
visory board that the overhead eS
penses of the various Smith inter
ests must be decreased $4,000
month or 100000 a year, policy o
retrenchment has been begun by eacI
of the corporations, which already /
saving the concerns several hur
dred thousand dollars