The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-22
SILVER KING
DEAL CLOSED
Ten Mines Now in Control OF
Silver King Coalition
Mines Company.
DIVIDENDS COME IN JULY
MINE FORCE INcREASED-MiLL
TO BE ENLARGED.
DIVIDENDS COME IN JULY

The merger of the great Silver King
and nine other properties OF Park city
was perfected here today when officers
and directors were elected for the en-
suing year. The new corporation, which
is TO do business under a charter from
the state Of Nevada, IS named the Silver
King Coalition Mines company. IL Is
capitalized for S6,ss0,OoO, represented Dy
l,2a1,VeJ shares, par value y. DAVID keith
is president; Thomas kearns, vice pfesl-
dent and general manager; w. ;. Me-
COrnick, treasurer; the other directors
beng James IverS. ". V. Rice. John
Bransford, ". Mont Ferry, J. Frank
Judge and AIOylan - Fox Frank J.
WestcOtt was named as secretary. WINE
il has required over two months TO round
out the details OF the transaction, II IS
a fact worthy OF note that not particle
Of diSsension has appeared among the
shareholders Of the Silver King company
from the moment President Keith is
sued his statement telling what was pro-
posed.
Production 10 Be Increased.
we shall get right down to business
at one" said General Manager Kearns
during the afternoon. Before the week
is over We expect TO have increased the
force of miners by fifty men, making the
total number employed something over
100. The Temodeiing and enlargement OF
the Silver King mill will commence at
once. the intention being TO increase the
capacity from 90 to 800 tons per day.
As much of the machinery and equip
ment as may be suitable win he re-
moved from the Kearns-keith mill and
A large compressor. new boilers, etc,
will be installed at the mouth OF the
Alliance tunnel. and a great deal OF work
viii be done in the southern properties
A drift connecting with the 40 level or
the Silver King shaft workings will be
run and. when that is completed, all
the ores from the southern properties
will be landed there and hoisted to the
surface through the King shaft.
Dividends in July.
Yes. the new company starts off with
a good treasury and you may say that
the payment Of regular dividends will
begin in July. The rate to be paid is
something for the directors to determine
when the proper time comes. The out
put of the properties viii be materially
increased at once and when the mill Is
enlarged and things are in shape for
mining extensively in new territory the
earnings viii grow in corresponding ra-
ito NJ. j. Daily viii continue as general
superintendent OF the mines, and every
thing will run along without a ripple OF
disturbance Of any kind other than that
which must result from the enlarged
operations
Large Acreage Owned.
Ten properties are embraced in the
new company's holdings and they cover
approximately something more than 2,O00
acres OF rnineral-bearing ground in
solid group extending along the great
zone for more than four miles. Included
are the properties of the Silver King
company, Kearns-Keith company Mag
nOlia-St. Louis company. Pinyon Ridge
company, Baltimore company, Belmont
company, Odin company, the James Nc
GregOr properties, the Adenda group and
the ten claims that belonged 10 Thomas
Kearns.