Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-08-02
Plans for the Future Have Been
Outlined and Are Gradually
Being Worked Out.
The PROPOSED BOND ISSUE.
A Half Million Dollars Will Pat Mines
10 Good Shape Smelter to Blow
In Next January

William b. Mucklow, the former
President of the Majestic Copper Min
ing and Smelling company, was In New
York few days ago and submitted to
an Interview concerning the affairs Of
that corporation In this state To a
Commercial representative he said the
special meeting called for Denver on
the 23rd inst was part Of the plan
which Is being arranged to place the
affairs Of the Majestic on sound basis,
and in keeping with the attitude Of
the Trustees committee of Hartford,
Conn, which recently raised fund of
100000 to pay off the pressing obllga-
lions which had caused temporary
receiver to be appointed TO take charge
OF the property
While the exact amount Of the bond
issue has not yet been determined, it
is believed that the total sum of the
mortgage which il will secure win not
exceed 100000. Mr. Muoklow thought
that II might be less, as $500 600 would
cover all the contingent expenses and
provide funds for working capital. The
bonds win be IN small denominations,
and viii run 10 years, with the option
Of retirement IN three years They
will pay per cent,
Whatever sum the allotment may
represent 100000 will be used to repay
and secure those now holding the sew
eral longtime notes and those mem
bers Of the trustees committee that
have advanced money TO take up all
the small outstanding claims held
agalns the enterprise In Utah, The ball
ance, amounting to 100000 will be dis
posed of to pr<yide additional funds
At the same meeting new board Of
directors viii be elected, and the COM
pany's future policy viii be outlined.
During my recent trip TO the prop
orty,' said Mr.. Mucklow, II paid all
the Utah creditors GO per cent in cash
ON their claims. The balance will he
paid on Nov 1, or, at our option we may
at that date issue notes TO run eight
months, All liens and encumbrances
Of every kind have been removed, the
receiver has been discharged. and the
company Is now In full possession of
the mine. For the next 80 days de-
vel0pment work on a small scale will
be carried out under the management
of u. Prudential. We now expect to
have the smelter against in operation
In January.
Regarding the status Of the Majestic
Copper company which has recently
been organized In Maine Mr.. Mucklow
said that its function would be that Of
a holding company.
"All of the stock of the Majestic
Copper Mining and smelling company"
he continued, that we can secure will
be deposited with the Majestic Copper
company, which Will thus facilitate the
plan OF taking full charge of the mines
unhampered, We figure that we wifi
have more than 100000 shaBes In hand.
For stockholders who prefer TO ex-
change their old Majestic stock for the
new stock an exchange basis Of two
OF the old shares for one of the new
company has been provided. The Ma
Jestlc Copper Mining and Smelling
company viii not lose It's identity, and
the corporation VIII continue to hold
the title to the properties
Concerning the merits of the property
Mr. Mucklow thought that many re-
marks had been made regarding II
with a view of shaking the confidence
or stockholders In the enterprise. The
property has just been examined BY ID.
L. Rohliing OF the Horn Silver and Bull
Don-Beck mines In Utah, and he gave
II as him opinion that there were FIVE
iissures on the Harrington Hickey
group, with considerable ore in sight,
In other parts Of the property.
III these plans materiallze as arrang-
ed, the Majestic will again be ON its
feet. The antagonlsm that has pre-
vailed among certain interests connect
ed with this property is practically at
an end. and the outlook from this
standpoint Is better than 1t has been in