The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-07-15
CAPT. De LAMAR HERE
Tells How the Mercur COnSGli-
datiOn Vas Effected.
COHEN AND M'yICHIE
ARE GIVEN CREDIT FOR oRIGI-
MATING THE SCHEME.

Captain Joseph De Lamar, who
has done as much as any other one
man to make the mining industry of
Utah what it is, arrived yesterday af-
ternOon from Paris accompanied by
his little daughter and attendants, and
is quartered at the Knutsford hotel
1t is nearly year since the captain
made his last visit TO Utah, and he
comes back in tn, best of health and
is prepared 20 make quite a prOtracted
stay during which time he will make
a personal examination of all his west
ern mines and thus acquaint himself
more IN detail regarding the workings
or his bonanzas than he has been ac-
custOmed to doing N late years.
The captain will be on hand TO par
tici9ate in the closing scenes of the
consolidation of the two great Mercur
mines. the Golden Gate and the Mer.
cur, which is scheduled TO take place
on the Dist inst. The Mercur stock
holders, or, at least, a majority of
fhem. have already ratified the agree
ment for a consolidation of the two
properties entered into by the captain
and John Dern while in France, the
latter acting for the Mercur company.
II was CAPTAIN De Lamars desire that
the Golden Gate mine be absorbed by
expense of organizing a new corpora
ton, but on account of the Mercur
stockholders not being unanimous ia
Iaufying the first agreement, some OBJ
1ecting 10 the plan, il was found to
avoid any future trouble over any tech
nicality in the law. the only safe plan
was TO organize the new corporation.
then the old ones transfer the holdings
of each by deed to the new
Another reason WhV the cppfaiu ia
Vored an absorption by the Mercur
company was for the reason that the
capitalization of that company is not
excessive. being 100000 shares of a par
value of $25. In that case the number
of shares might have been increased
TO 100000 shares of par value of S.
each.
The new company to be organized
viii probably be known as the ConsoIi-
dated Mercur Gold Mines company and
viii be incorporated under the laws of
New Jersey, which are more liberal,
the captain says, that a great many
other states. It's capitalization will be
1,OOO06G shares of a par value of s..
The captain. in speaking of the new
order of things to be inaugWated at
Mercur, gave all the credit for il to
Hartwig A. Cohen, his general man
ager, and Duncan McVichie, who has
served the Golden Gate as Superintend-
ent for several years
Il mad not given the matter much
thought, Sthe captain said, until they
wrote me about il, and the further 1
investigated the scheme the more IA
vOrably 1 became impressed with the
plan"
The personnel Of the new company
has not been completed. The captain
had the selection of the president, sec
rotary and two directors. For his side
he has decided upon Mr.. Cohen for
president and manager and w. II. Gun
ningham as secretary, but has not de-
cided who the other two directors will
be.
The Mercur side will undoubtedly
present the name of John Dern for
vice president. Fred Dern treasurer and
L. II. Airs or John Heinrich for di-
rector.
The story published by a contempo-
rary a few weeks ago that the April
Fool mine at De Lamar would be con-
solidated with the De Lamar Nevada
mines. and that negotiations were
nearing an end. the captain branded
as false. He declared such a thing has
not been considered by himself. and
that there was absolutely nothing to
the report.
Regarding the rumor circulated that
he would likely resume his option on
the Wall No. group in Bingham. the
captain intimated that nothing has
been done to that end. He is leaving
affairs there entirely to Colonel Wall
who he had understood contemplated
the erection of ia mill. and he thought
the property might justify it,. The
captain owns one-quarter in H'est in
the property.
After looking over his nearby inter
ests Captain De Lamar will go to
California to inspect his interests in
that state, some of which he has never
seen. leaving his daughter here during
his absence