The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-10

Not to be baff1ed in his intentions and
endeavOrs, Captain j. r. DeLanar has
again obtained a bond on the great
Mercur mine; and the Mercur COM
pany, noted as it is for square deal
ings with its stockholders, makes haste
to announce the fact, so that it could
not be said that the officers of the
corporation withheld Information in
order that they might benefit thereby.
1t has been the general impression
for some time that there was another
deal on for the Mercur mine, so that
it will be no great surprise TO the ma
jority of the residents of this city when
they learn that this magnificent prop
erty is on the eve of changing hands.
The Herald is authorized by Presi-
dent John Dern, of the Mercur COM
pany, to state that the directors of the
company have given a bond on the
capital stock of the company for $780,,
600, which would be $3.50 a share and
that Captain j. r. DeLamar, to whom
the option was given, has paid the
company 1926, 900, which will apply on
the purchase price if the bond is taken
up, or, in the failure to do so, will be
forfeited to the company. me balance
of the payment will be paid on or be-
fore the END of March of the present
year, which is the limit or life of the
option.
In giving this bond the directors and
officers of the company put up two
thirds of the capital stock of the incor-
poration, or more than a control in the
mine, and The Herald is informed that
the stockholders will be notified at
once, officially, of the transaction, and
informed that if they wish to come into
the deal on the same terms and at the
same figures, they can do so.
In giving this bond on the Mercur
mine the company is not restricted in
any manner and will remain in full
and complete possession of the property
until the bond is either taken up or the
amount advanced forfeited.
As the life of the bond is of such
short duration, which is a pleasing
factor in the proceedings, to the share
holders, at least, the experts of Cap
tain DeLamar began their examination
of the mine last Wednesday and it is
believed that it will take at least two
weeks to carry this through, after
which it will take some time to make
out reports and estimates, which work
will be materially advanced by the fact
that the company has a complete map
showing in detail the workings of the
mine up to date.
The purchase of the Mercur by Cap
tain DeLanar certainly means that
this property is to be consolidated with
the Golden Gate mine, although it is
more than likely that the two mines
will be worked independently of each
other. This consolidation, il it is al
fected, will result in the bringing to-
gether of two of the greatest mines in
the west under one management; and
in the operations of these properties
10, Id
and hundreds of men will be given
employment
The Mercur mine, up to the present
time has paid $575,OOO in dividends,
and yet the mine is not more than SIX
years old. 1t can be safely said that in
its underground workings there is more
ore blocked out than the amount speci
fed in the bond, and it is needless to
say that if the transfer is made that
the mine is in shape so that it can
keep right along in the payment of
dividends for an indefinite period.
In this connection it is no more than
right and just to say that the officers
and directors of the Mercur company
have always given excellent satisfac-
ton in the discharge of their duties;
that the course that they have taken
in this respect has always been honest
and upright, and that on account of
this they have endeared themselves to
the stockholders of the company and
earned the respect and admiration of
the mining men of the west who have
become acquainted with their business
methods.
If the sale is consummated it doubt
less means that capital will flow into
Mercur for investment at a lively rate,
and also that several other valuabl
properties in that camp viii be likely
to make d change in ownership.