The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-21
BINGHAM DEAL
BEING CLOSED
Silver Shield and United Bingham
Properties VIII Be Con-
sohdated.
TERMS OF THE AGREEMENT
NEW COMPANY WILL HAVE $780,
600 IN TREASURY.

For some time past a proposition
looking to the consolidation Of the
properties of the Silver Shield and
properties has been pending, and it
now seems certain that the deal is go
ing through. Secretary z. II. Mead
has been authorized to issue a call for
stockholders meetings to ratify the
agreement that has been made between
the two companies, and they will be
held in the latter part of February.
The Silver Shield company is cap
italized for 300, 900 shares, and the Unit
ed Bingham for 500 900. Under the terms
of the proposed consolidation a COM
pany to be known as the United Bing-
ham Consolidated Mining company.
with a capital of 81, 100000, represented
by 500, 900 shares of the par value of s.
, each, is to be organized. OF this stock
100000 shares is TO be exchanged for
the 100000 shares of the United Bing-
ham company and 10000 shares is to
be exchanged for the SOC, 600 shares of
Silver Shield stock.
It IS further agreed that the property
and property interests of each of the
companies to be absorbed shall cOnsti-
tute full payment for all of the capital
stock Of the United Bingham ConsOh-
dated company; that the 235,000 shares
of stock remaining after settlement has
been made with the old companies shall
constitute the treasury stock of the new
company, which is to be a non-aSsess-
able corporation.
The agreement further provides that
no consolidation shall be effected until
there shall have been subscribed, and
from the treasury stock herein provided
for. a sufficient number of shares TO
place in the treasury of the Console
dated company the sum of s50,000."
AS Manager H s. Joseph has been
working on the proposition in the east
during the past several weeks, the pre-
sumption is that this clause in the
agreement has been fulfilled, otherwise
the stockholders meetings would not
have been authorized. as stated above.
Another clause in the agreement
gives To the party or parties who sub
scribe fo- the first $4,000 worth of stock
the exclusive option on whatever shares
gre still unsold at soc a. share, the Op-
ton TO rur IO~ one year from the date
of rganization of the new company.
The Silver Shield and United Bing-
ham properties adiOin each other and
the long tunnel Of the Silver Shield
company will make II possible to mine
both blocks Of ground advantageOusly
through that avenue With a treasury
holding $50 900. ample means viii be at
hand TO equip the mines with a fine
milling plant. and at the same time
get the mines in first-class condition
for heavy production. 4 great body OF
milling ore and some hrSt-ClaSs have
already been developed in the Silver
Shield, and a milling Dlant at the
mouth of the tunnel. through which
any amount Of water runs ~ supply the
mill. will make il possible to begin
max king LARGE earnings
Consider bic ore has also been deveI-
-, Il h
United Bingham property and there is
every reason to expect that the same
channels will easily he reached below
from the Silver Shield tunnel.