Searles Potash Lands in Re California Trona Companys Patent Applications
Searles Potash Lands in Re California Trona Companys Patent Applications
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In order to obtain capital for development, including the completion of a soda works, the California Trona Com- pany made, on August i, 1908, and November 5, 1908, with the Foreign Mines Development Company of London, Eng- land, contracts providing for a loan of $50, 000 or more, secured by a mortgage on the Searles Lake property. The Foreign Mines Development Company is a subsidiary of the Consolidated Gold Fields of South Africa. As consid- eration for making the loan, the California Trona Co...m- pany gave the Foreign Mines Development Company 100 shares of the capital stock of the former Company and agreed that the Foreign Mines Development Company should receive a percentage of the gross sale value of the products of the property for a certain time.
The soda plant was not successful and much trouble arose between the representatives of the California Trona Company and the Foreign Mines Development Company, involving charges of incompetence, fraud and conspiracy on both sides. On September 7, 1909, the Foreign Mines De- velopment Company began action to sell out the property for the debt.
What to read after Searles Potash Lands in Re California Trona Companys Patent Applications?
You can find similar books in the "Read Also" column, or choose other free books by Victor Barndt to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In order to obtain capital for development, including the completion of a soda works, the California Trona Com- pany made, on August i, 1908, and November 5, 1908, with the Foreign Mines Development Company of London, Eng- land, contracts providing for a loan of $50, 000 or more, secured by a mortgage on the Searles Lake property. The Foreign Mines Development Company is a subsidiary of the Consolidated Gold Fields of South Africa. As consid- eration for making the loan, the California Trona Co...m- pany gave the Foreign Mines Development Company 100 shares of the capital stock of the former Company and agreed that the Foreign Mines Development Company should receive a percentage of the gross sale value of the products of the property for a certain time.
The soda plant was not successful and much trouble arose between the representatives of the California Trona Company and the Foreign Mines Development Company, involving charges of incompetence, fraud and conspiracy on both sides. On September 7, 1909, the Foreign Mines De- velopment Company began action to sell out the property for the debt.
What to read after Searles Potash Lands in Re California Trona Companys Patent Applications?
You can find similar books in the "Read Also" column, or choose other free books by Victor Barndt to read onlineMoreLess
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