Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-03-14
New Company Worth S6,250,0 1000
To Take Over Big Min
eraI Acreage.
CALL FOR MEETING, APRIL 10.
President David Keith Writes Open
Acttcr to Stockholders Setting Forth
Plans for the Future


litigation and the purchase OF the lat.
ter's holdings and the future plans of
the former are ser forth clearly and
oonciseIy by a letter addressed 10
stockholders OF the Silver King COM
pany by President David Keith. This
calls for stockholders meeting Ola
April 10 and 1t follows in its entirety
AS you are no dOubt aware. the re-
cent litigation between this company
and the 4dugnolia-S1. Louis MINING
company has been settled py the pur-
chase ~ tnls company of all the Tiu-
ln& property OF tne Mag nonast. Louis
Mllllng company tine lsaltmore Mining
company and the Plnyon Eeiuge Mining
company, as We'd as tne personal hoid-
ings OK James McGresor. 10y the pup
chase OF these properties and the set
tletneIt OF tne tnen pending litigation,
the silver klng Mining company has
ADDED 10 It's holdings large number
OF mining cams, AgSregatlDg approx
imAteIy ev5 acres. IL tne propoSeu con-
soiinatipp shall be effected, the aggre-
gaze number of acres owned by the
consolidated company would be APP
pro1imatety l,t6a acres In order TO
eject the consolidation, it is proposed
10 form ana organize, under the laws
of the state OF Nevada, a corporation
TO br called the SILVER KING Amalga-
mated Mines company, wltu capital
stock OF sd,zS0,OVO- divided into I,zou,V0D
Skates OF tine par value of SIS each;
such shares TO be fully paid and nom
assessibie.
PROPOSED ALLOTMENT.
"Of this capitalization it is proposed
10 all0t tine silver Ming Mining COM
pany, Tor its holdings, apart from the
properly KNOWN as the SdcGregor hold
ings, and which We're acquired from
the settlement OF the late pending llti-
CATION, the sutn OF So, o0,0VQ; or, In
other words, to put the lbv,oV0 shares OF
tine silver Ktny company into the new
orga nlzatIpn ON the basis of st5 for
eacn snare OF the present Silver King
stock
ut Us proposed further to allot to the
Kearns-Keith company s1.5oo QUO OF abe
capitalization OF the new company for
its holdings, which would be at the
rate Of $3.50 for the 20V 900 shares OF
outstanding STOCK OF this company
For what is known as the Addena
group, contiguous to the property of
the Silver King and kearns- Keith
companies, 1t Is proposed TO atl0t $685.
900 OF the capitalization Of the new
company. or $4,000 shares. And fol- ~
claims, aggregatlng approximately 1sO
acres now owned by Thomas kearus,
1t Is proposed to allot $4,000 OF the
capitalization of the new company, OF
1900 shares.
1t Is also proposed to allot the So
called McGregor holdings. $500 600 OF
the capitalization OF the new company
This amount to be represented by l0Q.-
000 shares OF the new cofnpany's stock
This l0o 900 shares of the capital stock
OF the new company Il Is proposed to
sell and dispose OF at par in order to
meet al once the deferred payments
upon the purchase price OF the so-called
McGregor holdings
DIVIDENDS PUT OFF.
"As you are aware. 1t lis part OF the
contract with respect to the purchase
of the McGregoT holdings, that no divl-
dends shall be paid by the Silver King
company, or any company succeeding
to Its property rights, until the entire
purchase price for the McGregoi' hold
ings shall have been paid, BY the dis
position OF this 100000 shares OF stock
at par. the entire purchase price for
the holdings will be met and a fund
afforded for ethe. resumption of div-
most advantageous for the reason be-
fore stated that dividends may be re-
stunned without delay,
AFTER making these aIlottnents,
there would remain OF the Capitaliza-
-ion Of the proposed new company
$3.50. 600 OF 1000 shares.
ANY stockholders OF either the Sill
yer klug company. the Kearns- Keith
company or any individual owner OF
amy OF the properties proposed to be
conveyed 10 the new company, has the
right ana privilege to make such ex-
animation as he shall deem III 70 ascer-
tain whether or not the terms OF the
proposed consolidation are just and
pro per. And II Is the wish and desire
Of the officials OF this company that the
stockholders make any such examine
ton as 10 them seems proper. and
make amy suggestions concerning the
proposed consolidation as they may
deem At
II the properties are consolidated,
as outlined above, all litigation. which
Is not only annoying but very eNpen.
slye ana detrimental to tho property.
viii be practically eliminated, as the
conpany's possessions Wall be so large
| and so safeguarded that conflicts would
| seem to be practically impossible
1T is desirable that there be as full
am attendance as possible AT the stock.
| holders meeting. where ALL the fore
| going subjects win be considered and
passed upon, and you are earnestly re.
ouested TO be present. II YOU cannot
be present send your proxy TO some
one In Salt Lake Cit to represent you
Respectfully yours,
n lhfA mt