The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1920-07-31

Cattle company, tOT Which, W. Il.
Smith of Elko was appointed receiver
yesterday by Judge Harrington, of
the Federal court, amount to $780,
900. 1t developed to-day. says Thurs
days Reno Gazette, of which s1,370,-
900 is secured. Cole III. Harwood, of
HARDWOOD & Tippett, counsel for the
peti.ioning creditor, the First Ma
tional Bank Of San Francisco, said
| to-day there seemed to be no doubt
that all the liabilities of the company.
and of the subsidiary concerns in
which it owns all or a majority of
the stock, will be liquidated in full.
Has Half a Million in Cash
Most of the liabilities of the COM
pany are carried by Chicago, New
York and Boston banks, all of which
made unsecured loans. The secured
Indebtedness consists of a first mort
gage held by the First Federal Trust
Company, on which is due 81. 100000.
and a first mortgage for s350,0Q0,
held by one of the subsidiaries of the
Leland Stanford Jr. University.
The company has OF deposit in var
ious banks in Chicago, Boston, New
York and San Francisco cash amount
ing to approximately 100000. On
this the banks have agreed not to ex-
ercise bankers liens, thus making it
available for the receiver in transact
ing the affairs of the company. The
creditors estimate that, with this
money, the receiver will be able to go
ahead with the business till the end
of 1920, paying all running expenses
Of the various holdings. taxes and
other necessary OUTLAWS.
No Receivers Certificates.
Attorney HARDWOOD said this norm
ing that indications we're the receiver
would not find it necessary to issue
any certificates.
Coming under the control and OPP
Grafton of the receiver will be approx
imately 100000 acres of land, which
also controls water and feed on ap-
proximately 100000 acres of range
land, about 41,000 head of cattle,
from 10000 to $4,000 head of sheep,
many horses and much ranch equip
ment.
Practically all the incorporated
holdings of what is commonly known
as the Humphrey & Moffat interests
are involved, although Attorney Har-
wood says that in the Investigations
of the affairs of the Union Land &
Live Stock Company, no stock inter-
locking transactions have been dis
covered with the Union Wool Com
pany of Nevada. the directorate Of
which is Identical with the the Union
Land & Cattle Company, and which
was placed in the hands of a trustee
a short time ago at Boston.
Attorney Harwood's Statement
The Union Land & Cattle Company
owns all the stock in two of its sub
salaries. the Antelope Land and Cat
| tie Company and the McKissick
Cattle Company. In two other sub
sidiary concerns 1t owns seventy per
cent of the stock.
''The action yesterday in asking
for and securing the appointment OF
a receiver was taken on the initiative
of the bankers" said Attorney Har.
wood. 1.-THE financial condition OF
the company does not look serious
and all interested are very hopeful
and optomistic about the outcome. ]
do not think there Is any doubt but
what all creditors will be satisfied in
full and 1t Is not likely that the re-
ceiver will find 1t necessary to issue
any certificates. This is due to the
fact that the banks have decided not
to establish liens on the 100000
cash the company has on deposit In
banks at Chicago. Boston. New York
and San Francisco. This probably
will carry 1t to the end of 1920. The
company, operating through the 70
ceiver, also will be able to market
and is nov marketing its products
including lambs and cattle. 1t is es
timated that this years proceeds
from lambs and beef cattle will
amount to 100000,
Action Due TO Wool Market
1.-THE situation presented was tha'
the paper given by the company OF
loans was falling due and, owing Il
the unsettled condition of the WOO
market, the holders did not feel JUS
titled In making renewals. So 1t wal
decided that the wisest policy woult
be to operate the affairs Of the com
pany, at least till the wool marke
readjusts itself. through a receiver
This will avoid attachment suit ant
litigation that would be likely to aris'
"The procedure agreed upon Is sat
isfactory to the company. Their
doesn't seem to be a doubt in tn
world but what the company can b
placed on its feet through the man