The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-04-21
CHANGES AT THE GEYsER.
Company Incorporated and Gisborn,s
Leases Modified,

One of the first acts of the board of
directors of the Geyser Mining com
pany, Incorporated yesterday with a
capital stock of s1,O0O.0O0, as was stated
exclusively on Friday by The Herald
would be the case, was to cancel the
old leases under which Mat Osborn
was operating the properties of the
company, and the authorization OF 4
new set. The new instruments give
Osborn the right to continue the
working of the mines and mill until
the END day Of December, unless in
the event OF certain contingencies aris-
ing; but there are some notifications
to the contract, which will be of bene-
fit to the holders of the second half
interest, and Osborn Also for that
matter. One of the provisions of the
new leases is that in the event of a
sale being made by the company be-
fore the 1st day of August. Osborn is
to surrender and cancel the instru-
ments, upon the payment to him of a
sum aggregating the net profits which
he would have derived from the work
ing of the properties between the date
OF the sale and that of the expiration
of the contract. These changes were
made at a meeting of the board after
the formal Incorporation of the COM
pany yesterday afternoon. Mr.. Gis-
born will now return to Mercur and
personally superintend the operation
of the mines and mill. He says he is
taxing out and treating on an average
OF forty tons of ore daily, the average
value of which is 49, Values are be-
ing saved by the mill up to a high
per cent, he claims. 1t is expressly
provided in the new leases that Gis-
n
royalty for the working of the prop
critics, that being one of the provisions
of the old contract.
AS the readers of The Herald aIreadv
know, the Incorporation of the Geyser
Mining company was the result of a
compromise, which prevented the sale
of Gisborn's half interest in the five
claims which make up the Geyser
group, under the foreclosure of a deed
or trust given to secure the payment
of notes. aggregating the sum of 81. 400.
This sale would have taken place on
Friday had not Messrs Miner and
Boutwell, given their associate an
other chance for his white alley. as it
were. Articles Incorporating the prop
critics under the name of the Geyser
Mining company were filed yesterday
with the county clerk by Matthew T.
Osborn, Glenn r. Boutwell,, Robert E.
M. Hamilton and John G. Gray, all of
whom are residents of Salt Lake city.
The capital stock is placed at $1,000, coo, |
with SIS shares.
Matthew T. Osborn and James NJ |
Hamilton own one share each: Glenn |
r. Boutwell,. as trustee for Matthew T. !
Osborn. hold 99.99S. and 5000 in his |
own right; Robert E. McConaughy, |
!, 900; Stanley B. Miner. 40. 900 and John |
G.. Gray. 10000 Ten thousand shares |
are set aside as working capital. said |
stock being contributed as follows: |
Glenn r. Boutwell,. trustee. 5000 shares;
Stanley B. Miner. 1000: Glenn r. Both
well. 1850: Robert E. McConaughy. so; |
John G. Gray. 1000.
The capital stock is represented by |
i've lode claims in the Camp Floyd /
district. Teoele county. known as the
Seyser Florence No. 3. Front No. 8,
West Geyser and North Geyser.
Glenn r. Boutwell, is president; Mat