The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-23
Centennial-Eureka Control Passes
Into New Hands.
A MOST NOTABLE EVENT
OLD STOCKHOLDERS RECEIVE
1886, 900 IN CASH.
Received the Money In Sadness and
Parted With Old Associates With
Regret-Mine Has Paid Them
$40 Per Share-original Hold
ings Remained Intact.

There were sorrowful scenes about
the offices of the Centennial treka
Mining company yesterday The deliv-
cry to Treasurer w. w. Chisholm Of the
princely sum of 81, 3S6,060 as the final
payment on the 1900 shares of capital
stock placed in escrow in Mccormick q
Co.'S bank sometime ago, and WhAch
| formed the basis for the late sale OF the
mine to the United States oil crowd OF
Boston, practically ended the associa-
tions of the present directors of that
great mining corporation, which have
been uninterrupted since it's organlza-
ton over twenty three years ago.
The passing of the big Tintic producer
from their control can be likened to the
loss of a faithful friend. Although in
some respects the men wfo have guided
the destiny of the mine so successfully
in the past are glad to be relieved of
the responsibilities they have had to
shoulder since the mine was a mere
prospect, vet it seems to them like the
breaking up of a happy home where
the greatest harmony has always pre-
vailed, and for that reason the receipt
of the big check yesterday was the oc
casion of more sorrow then JOY
A Splendid Record.
There are few mines in the state that
have been conducted on a Sounder bust
ness basis than the Observation-Disclosures
has. The directors of the company
have never engaged in any stock mani
pulationS so tar as that company IS
concerned. The stock which was issued
to each of them at the time of its in
corporation has always remained IN
their names, as the stock books viii
show. Some have added to their hold
inc No q q q nf
stock issued to them. at the beginning
was ever transferred.
The mine has paid in dividends since
its Incorporation 81, 100000, or a trif1e
more than the price the Boston pur-
chaseTs are to pay for the entire prop
erty. These who have been connected
with the mine from its infancy have
realized over $40 a share for their
stock.
Although the present board of direct
ors have received their money and do
not own a share of stock in the COM
pany now they have not resigned. They
will likely do SO today. They are only
awaiting Geographic advices from the
buyers of the mine, who will name the
new officers.
Reorganization Plans.
The plans for the reorganization of
the company have been perfected in the
east, and yesterday the information
was given out that the company would
be incorporated under the laws of the
state of Maine, retaining it's present
name. 1t is understood the capital
stock VIII be increased from 10000
shares to 200, 900 shares, of the par value
of $25 each, making the total capitaliza-
ton s5,000,000
The financial headquarters of the
concern will, of course, be in Boston,
but the company will have local head
quarters in this city. and arrangements
have been made to open up commodious
offices on the sixth floor of the Dooly
block, where Clarence E. Allen, the
present manager of the mine, win con-
tinue to direct its affairs. A. f. Hol-
den, the managing director of the
United States Mining company, will oc-
cupy the same position with the new
Observation-Disclosures company.
Mr.. Holden is expected in the city
within a few days, when he will no
doubt announce the policy to be car
ried out by the company in the future |
and take active steps towards the cree |
ton of the big smelling plant which |
will treat the ores of the United States /
and Centennial Eureka companies in
the future.
The Boston syndicate had until jan
1 next to make the payment made yes
terday, but it was made at this time in
order TO assume the active mana cement (
Of the mine. There were 40 shares of /
the remaining 5000 not deposited in the
bank yesterday noon. AS soon as it 1
comes in probably the last payment on
the 5000 shares viii be made