Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1900-06-02
THE BIG MERCUR
CONSOLIDATION.
Details Have Now Been Agreed to
by the Directors
MERCUR GETS ONE-THIRD.
strike ia the Mammoth Near Betsy
stope-,Ieeting OF Lead Producers
bingham Notes.

The consolidation Of the Mercur and
De Lamar Mercur Mines companies IS
now an accomplished fact Manager
Seorge Il. Dern Of the Mercur company
Issued the following statement relative
to the matter last evening"
"The object Of this consolidation IS
90 work in satisfactory manner the
base ores Of the Mercur mines, and as
the De Lamars Mercur Mines company
has at present Installed a large plant
which IS working perfectly on this class
OF ore We have considered Il for the
best interests Of the stockholders to
avail ourselves OF their facilities with.
out going TO very great expense for
the installation Of a similar plant We
have Investigated the ore bottles OF the
De Lamars Mercur mines, and feel sat.
isned that a combination OF the two
properties will make the consolidated
company a long-lIved, paying institu-
ton.
III Is true that We have uncovered
considerable ore during The last three
or four months Practically an OF this
ore h Of a base character and cannot
be utilized by US with our present
methods. The excess OF ore reserves IN
the DeLamar's MerCur mines. and the
fact they have very large and eX-
pensve plant OF capacity sufficient 10
work all the ores OF both mines, in
duced us To arrive at the basis Of con-
gOlIdation which we have.
In this consolidation all the proper
~ owned by the DeLamar's Mercur
Mines company and j. r. DeLamar per-
eonaly in TOOele county is included.
This includes one-half OF the stock and
management OF the Gold Belt Water
company, a corporation which supplies
the town and The various mills operated
at Mercur. This also includes the De
Lamar electrical power plant, which is
20 be finished by the DeLamar company
at a cost of about S5j 600 and placed
complete In the hands OF the c0nsoli-
dated company The total surface Inn
prOyements on DeLauars Mercur
mines has cost about $4,000.
There will be seven directors no the
company, In which the DeLamar inter-
est viii have four and the Mercur IN
terest three II Is proposed that j. II.
vice president of the recognized COM
pany.'
The consolidation agreement provides
that the capitalization remains the
same as the old Mercur company, viz.
81. coo. 900, though the par value OF each
share is decreased from S2j TO s.. which
means the number Of shares are In
creased to $1,000. O00 OF this amount
100000 shares are 10 be placed In the
treasury, the remaining shares being
divided as follows. Tw0-thirds, or $780,
1854 shares 10 the De Lamar company
and g. or 266. 6661s shares 70 the Mercur
company
The two mines VIII be worked sep
arately until July LIST, al which time
the consolidation viii take effect Be
fore that time a general cleanup will
be made and on the. 25th Inst. the Mer-
cur stockholders will meet 10 ratlfy the
action OF the directors.
AS Captain De Lamar's plant includes
q refinery Il Is likely that the shipping
OF the Mercur cyanide product to the
Kansas city Shelter company Will
shortly cease The Mercur shipments
have been large and the loss Of the COM
pany's patronage will be felt al the To-
cal samplng rooms OF the Con. Kansas
City Shelter company il Is possible
that the samplng rooms may be abol-
ished though this Is hardly probable
in view Of the fact that several new gold
producers will be shipping their cyanide
products within the next few months
unless an signs fail