The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-28
COALITION DETAIL
IS MADE PUBLIC
Bingham Standard Board Sends
Account of Big Deal to
Stockholders.
ADVANTAGES TO BE
ACQUIRED BY COMPANY
Interesting Facts Given About
Two Big Properties of
Bingham Camp.

The stockholders of the Bingham
Standard Copper company are In receipt
OF notices sent out by the directors
whereby the affairs of that company
and of the Bingham Central company
are To be taken over and directed by
a new company to be known ms the
Bingham Central STANDARD company. In
part, this notice is as follows:
The board OF directors OF your COM
pany have entered into an agreement
with the board of directors OF the Bing-
ham Central Mining company for the con on
soldacion of the Two companies. The
agreed upon Is as follows, A new COM
pany is 10 be incorporated under the laws
as the Bingham Central-Standard COM
pany, 1t is to be capitalized for $1,000
600, the capital stock TO be divided into
100000 shares Of the par value OF 50
each Eight hundred thousand shares Of
the capital stock will be set aside TO be
exchanged for outstanding stock IN the
present companies. the stock to be al
lotted onc-half to the stockholders OF each
Of the present corporations. that is TO
say 100000 shares are to be set apart
for the stockholders OF your company.
and 400 600 TO be set aside for the
stockholders Of the Bingham Central COM
pany,
The 800. 900 shares OF stock thus divided
between thc two companies will be eX-
changed for the present holdings in pro-
portion TO the capitalization OF each COM
pany This company has capitalization
Of 900, 90 shares, OF which 500 600 shares
have been Issued and outstanding There
fore. the 100000 shares of stock in the
new company, TO he allotted 10 the Bing-
ham Standard stockholders. viii he di-
vided among those stockholders desiring
TO exchange: on the basis Of one share
of Bingham CentraI-Standard company
stock r for two shares OF Bingham stock
talized for but 800. 900 shares. OF which
900 remain in the treasury and there
fore the stockholders OF that company will
receive approximately IL shares of new
stock for ono share Of stock in the BiDe-
ham Central company, But each OF the
old companies receive a full one half of
all the stock issued by the holding com
pany, and the Bingham Standard is not
concerned in the Central's organization,
In other words. each company would re-
caive exactly the same stock interest in
the new company whether the Central
company were capitalized for one share
or many and regardless of the number
or names Of the stockholders
The stock now In the treasury of each
Of the old companies is to be transferred
TO the Bingham Central Standard COM
The part OF the holding company to
finance and conduct the future operations
and development OF tho properties Of both
companies. There are 100000 shares OF
stock remaining In the Bingham Central
Mining companys treasury and 200. 600
shares of stock in the Bingham Standard
Copper eompany's treasury, This treas
Dry stock in the present companies. thus
assigned 10 tho holding company. will
remain permanently with the holding
company. as an asset OF the holding com
concern will be applied for the purpose
of carrying on the future operations OF
the present companies.
The Bingham Central Mining company
has a bond issue of $3.50. 900. maturing
April |, 1911, and holds 1aG. 900 shares OF
stock for the redemption OF these bonds,
the bonds into stock thus exchanging the
bond obligation of the company for its
capital stock. Under the plan of CON,
solidation 1876. SGT shares of the stock of
the new concern allotted to the Bingham
Central Mining company will he held and
exchanged by the holding company for
SO many OF the 125 600 shares OF redemp-
tion stock as may be presented 10 the
new concern for such exchange in case
the 125. 900 shares of redemption stock
are exchanged for bonds, Aside from the
Central Mining company has no indebt-
edness. This company, however has a
floating indebtedness which, should the
stockholders approve. will be merged into
bonds. the bond issue TO be Sl25, 900
These bonds are to be turned over TO the
holding company TO be converted by It
outstanding obligations OF your company,
That this plan may be effective. a ma
jority OF the stockholders of each of the
old companies must consent to the eX-
change of stock, and the stockholders OF
your company must consent 10 the bond
Issue above referred to. Notice of stock
holders meeting has been given for March
30 1907.
In speaking of the advantages that
are to arise from this coalition, the
notice states:
a consolidation by actual transfer of
the properties is impraciicabe at this
time on account OF the bond issue OF the
Bingham Central Mining company, and
because 12o,00o shares of stock of that
company must be held for the purpose
OF redeeming bonds. Nevertheless. II has
appeared so desirable to those OF both
companies familiar with conditions. TO
combine the interests OF both corpora
tions that the plan formulated and here
with submitted has been approved and
welcomed by the respective boards of d.
rectoTs. as fair and equitable to the
benefit to the two companies though
the new company owned the property
absolutely. The Bingham Central Min
ing company owns about 100 acres of
very desirable patented ground; has sub
stantial equipment OF buildings and ma
chinery; approximately 5000 feet OF de-
are being opened UP al depth 10 de-
velop the ore bodies from which consid-
erable quantities OF ore were extracted
at shalower depths number of years
ago. Some OF these ore bodies have
been penetrated and considerable quan-
titles OF ore developed. which will be
AFalldple TOT pToHtaDle extraction when
more favorable transportation facilities
are at hand.
The Bingham Standard Copper COM
pany owns about 320 acres OF ground ad-
Joining the Bingham Central properties
on three sides. The patented ground be-
longing to the Standard company lis
about equal In area to that OF the Cen
trail company. The Standard company
has workings in various claims to the
aggregate extent of several thousand
feet. Most OF these workings consist of
shallow tunnels driven several years ago
from which a combined production of
over 100000 is estimated to have been
realized. The properties of these two
companies when combined. 1t is believed
will make one of the greatest producing
mines In Bingham camp. The mining
property thus held will consist Of one sim
gle group OF approximately BIO acres
bounded OH the west by the properties
OF the Bingham and New Haven Copper
and Gold Mining company and the Utah
Consolidated Mining company; on the