The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-04-10
BLACK JACK AND
STAR CON. DEAL
Plan of Merger of Mines IS
Made Public by Star
Con. Company.
SPECIAL MEETING CALLED
MATTER WILL BE SETTLED ON
MAY EIGHTH.

The merger plan Of the Star Console
dated and Black Jack properties at Tintic
and the consolidation of the two COM
panies. is at last made public. 1t ap-
pears in an official call for a special
meeting of the shareholders of the Star
Consolidated company, and is practically
on the lines made public in this deport-
ment several weeks ago and which
everybody but The Herald got busy to
deny Immediately afterward. The spec
ial meeting is to be held ON the Sth OF
the coming month and, for fear that
someone may raise an objection to the
way the proposition might be explained.
the language Of the call is quoted as fol-
lows:
Terms of the Deal.
said meeting is called and will be held
to consider and pass upon proposition
submitted by the Black Jack Mining
company of Utah. to the effect. that for
and in consideration of a good and suf-
iicient deed Of all mining ground, real
estate aud personal property owned 10y
the Star Consolidated Mining COMPANY,
free of liens and debts Of every kind, to
the Black Jack Mining company. said
Black Jack Mining company will amend
It's articles Of Incorporation so as to in
crease its capital stock from 100000
: mares 70 l-ptJtDb SllttIeS oil the par value
of $l00 per share assessable and retain
for its stockholders 100000 shares of SAID
capital stock and issue and deliver to tn
Star Consolidated Mining company. Tor
its stockholders 100000 shares of said
capital stock
THE Black Jack Mining company
agrees to pay off and discharge all of It's
Cebts and liabilities up 10 the time of re-
celVing the property owned by the Star
Consolidated Mining company.
The board of directors believe that rho
treasury stock now held by this company
can be sold for sufficient money to pay
all debts and liabilities. and if this can
De done. the stockholders will receive
share for share on their present hold
ings.'
While the call for the meeting is clear
on the plan Of merger and while il shows
that each property is to go into the
made OF what the Indebtedness of either
company Is and that probably is inmate
rial anyhow. II is understood. however,
that the Black Jack company has some
lining like S20.060 Indebtedness. while the
Star Consolidated has nearly double that
sum
Combine . Desirable One.
That the move il a desirable one. one
that VIII be Of mutual benefit to both
all who know anything of it
ere ready to admit, so there is no Quas-
ton but that the proposition will go
iAiOt5Als a. pliitiEN. Uncle Jesse KNIGHT.
the wizard of Tinic." practically owns
the Black Jack and the management of
the combined properties will undoubtedly
go TO him. The fixed expense of operat-
ng the two properties viii be little if
any greater than the individual cost IF
operating by each company, as it is This
n itself. is enough to make the combine
ion desirable one. but there are many
ether advantages in the scheme worthy
Of consideration.
1t Is understood that the Black lack has
: drlft out TO point already close 10
star Consolidated ground from one of its
-eepest levels and that it would not re-
Iuire great deal of time to connect /
he workings of the two properties This
= ould afford perfect ventilation at a |
great depth and permit of the unre- /
'tricted opening and development of \ /
arge area of rich territory. Then Uncle
Jesse makes the proposition. He is one I
y the most sa sacious operators that ever |
mined in the camp and il may be taken I
or granted that he will make something
II the proposition once he gets hold of t: |
lot that good work has not been done bv /
ne present management of the Star syco l
IN inference would be unjust and untrue.
nut Uncle Jesse has been lucky in the
district and he has a following that IS
eady to back his judgment all the time.